§ 3040. Gifts
Oklahoma Statutes AnnotatedTitle 58. Probate ProcedureEffective: November 1, 2021
Effective: November 1, 2021
58 Okl.St.Ann. § 3040
§ 3040. Gifts
A. In this section, a gift “for the benefit of” a person includes a gift to a trust, an account under the Uniform Transfers to Minors Act (1983/1986),1 and a tuition savings account or prepaid tuition plan as defined under Internal Revenue Code Section 529, 26 U.S.C., Section 529, as amended.
1. Make outright to, or for the benefit of, a person, a gift of any of the principal's property, including by the exercise of a presently exercisable general power of appointment held by the principal, in an amount per donee not to exceed the annual dollar limits of the federal gift tax exclusion under Internal Revenue Code Section 2503(b), 26 U.S.C., Section 2503(b), as amended, without regard to whether the federal gift tax exclusion applies to the gift, or if the principal's spouse agrees to consent to a split gift pursuant to Internal Revenue Code Section 2513, 26 U.S.C., Section 2513, as amended, in an amount per donee not to exceed twice the annual federal gift tax exclusion limit; and
Credits
Laws 2021, c. 332, § 40, eff. Nov. 1, 2021.
Footnotes
Title 58, § 1201 et seq.
58 Okl. St. Ann. § 3040, OK ST T. 58 § 3040
Current with emergency effective legislation through Chapter 106 of the Second Regular Session of the 59th Legislature (2024). Some sections may be more current, see credits for details.
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