The panel also found that $ 9.87 million Strangi contributed in cash, securities and property to the partnership did not constitute taxable gifts to his four children _ Jean Strangi, Albert T . Strangi, John Strangi and Rosalie Gulig, who is executor of his estate.
12.
For a person dying during 2006, 2007, or 2008, the " applicable exclusion amount " is $ 2, 000, 000, so if the sum of the taxable estate plus the " adjusted taxable gifts " made during lifetime equals $ 2, 000, 000 or less, there is no federal estate tax to pay.
13.
When a taxable gift in the form of cash, stocks, real estate, or other tangible or intangible property is made, the tax is usually imposed on the donor ( the giver ) unless there is a retention of an interest which delays completion of the gift . A transfer is " completely gratuitous " when the donor receives nothing of value in exchange for the given property.
