Sec. 406. Simplifying gift tax exclusion for annual gifts
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(1)of section 2503(b) is amended to read as follows: In the case of gifts made to any person by the donor during the calendar year, the first $10,000 of such gifts to such person shall not, for purposes of subsection (a), be included in the total amount of gifts made during such year. The aggregate amount excluded under subparagraph
(A)with respect to all transfers described in clause
(ii)made by the donor during the calendar year shall not exceed twice the dollar amount in effect under such subparagraph for such calendar year. The transfers described in this clause are— a transfer in trust, a transfer of an interest in a passthrough entity, a transfer of an interest subject to a prohibition on sale, and any other transfer of property that, without regard to withdrawal, put, or other such rights in the donee, cannot immediately be liquidated by the donee. . Section 2503 is amended by striking subsection (c). The Secretary of the Treasury, or the Secretary of the Treasury's delegate, may prescribe such regulations or other guidance as may be necessary or appropriate to carry out the amendments made by this section. The amendments made by this section shall apply to any calendar year beginning after the date of the enactment of this Act.