1.106 -Nontaxation of Capital Gains at the Time of Gift

Item DescriptionFY2011 FY2012 FY2013
1.106 Nontaxation of Capital Gains at the Time of Gift
Ordinarily, capital gains are taxed at the time appreciated property is transferred. However, no tax is imposed on a capital gain when appreciated property is transferred by gift. The taxation of appreciation is deferred until the recipient transfers the property. Note: the FY13 estimate reflects the anticipation that capital gains realizations will be higher in tax year 2012 as a result of expiring favorable federal tax rates. FY14 tax loss for this item is likely to be 40% lower than FY13.

Comment: See also item 1.022 above.

Origin:  IRC S. 1001, 1015
Estimate:  $124.0
78.9 78.9 124

Key:

ORIGIN  
IRCFederal Internal Revenue Code (26 U.S.C.)
U.S.C United States Code
M.G.L. Massachusetts General Laws
Rev. Rul.; C.B. Revenue Ruling; Cumulative Bulletin of the U.S. Treasury
ESTIMATES All estimates are in $ millions.