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Annual Date of Gift Summary

  • 1.  Annual Date of Gift Summary

    Posted 11-28-2022 05:53 PM
    As Thanksgiving has come and gone, it is time to send my annual date of gift summary.

    That document is attached with nearly no changes other than correcting the poor grammar I previously overlooked.

    I am also resending the IRS document announcing the 2023 QPQ limits - referenced in the paper.

    John

    John H. Taylor
    Principal
    John H. Taylor Consulting, LLC
    2604 Sevier St.
    Durham, NC   27705
    919.816.5903 (cell/text)

    Serving the Advancement Community Since 1987

    Attachment(s)

    pdf
    2023 Benefit Limits - Page 18.pdf   211 KB 1 version
    pdf
    2022 Date of Gift Summary.pdf   163 KB 1 version


  • 2.  RE: Annual Date of Gift Summary

    Posted 11-29-2022 11:45 AM

    Thank you for including this! 

    Can you clarify if section 47 on page 21 refers to organizations or individuals only? 

    47 Notice of Large Gifts Received from Foreign Persons. For taxable years
    beginning in 2023, § 6039F authorizes the Secretary of the Treasury or her delegate to
    require recipients of gifts from certain foreign persons to report these gifts if the
    aggregate value of gifts received in the taxable year exceeds $18,567.



    ------------------------------
    Cameron Alzubi
    Director, Gift Administration
    Illinois Institute of Technology
    calzubi@iit.edu
    giftadmin@iit.edu
    ------------------------------

    Original Message


  • 3.  RE: Annual Date of Gift Summary

    Posted 11-29-2022 12:02 PM
    First, congratulations on reading through the entire Procedure!

    Secondly, I shared the procedure only for the benefits (QPQ) section.  I am not familiar with the entire document.  However, I did look up the section of U.S. Code (6039F) and found the following, suggesting this only applies to person-to-person gift transfers.  That said, you should be seeking an official interpretation from Counsel:

    (a)In general

    If the value of the aggregate foreign gifts received by a United States person (other than an organization described in section 501(c) and exempt from tax under section 501(a)) during any taxable year exceeds $10,000, such United States person shall furnish (at such time and in such manner as the Secretary shall prescribe) such information as the Secretary may prescribe regarding each foreign gift received during such year.

    (b)Foreign gift

    For purposes of this section, the term "foreign gift" means any amount received from a person other than a United States person which the recipient treats as a gift or bequest. Such term shall not include any qualified transfer (within the meaning of section 2503(e)(2)) or any distribution properly disclosed in a return under section 6048(c).

    John H. Taylor
    Principal
    John H. Taylor Consulting, LLC
    2604 Sevier St.
    Durham, NC   27705
    919.816.5903 (cell/text)

    Serving the Advancement Community Since 1987





    Original Message