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Where there is a transfer of property between spouses or a transfer incident to divorce, §1041(b) states that the property will be treated as if the person who receives the property (the transferee) has acquired it by gift. The transferee's basis in the property shall be the adjusted basis of the transferor at the time of the transfer.
The Uniform Transfers To Minors Act (UTMA) is a uniform act drafted and recommended by the National Conference of Commissioners on Uniform State Laws in 1986, and subsequently enacted by all U.S. States, which provides a mechanism under which gifts can be made to a minor without requiring the presence of an appointed guardian for the minor, and which satisfies the Internal Revenue Service ...
The Uniform Gifts to Minors Act (UGMA) is an act in some states of the United States that allows assets such as securities, where the donor has given up all possession and control, to be held in the custodian's name for the benefit of the minor without an attorney needing to set up a special trust fund. This allows a minor in the United States ...
The road to Reno: A history of divorce in the United States (Greenwood Press, 1977) Chused, Richard H. Private acts in public places: A social history of divorce in the formative era of American family law (U of Pennsylvania Press, 1994) Griswold, Robert L. "The Evolution of the Doctrine of Mental Cruelty in Victorian American Divorce, 1790-1900."
When California first enacted divorce laws in 1850, the only grounds for divorce were impotence, extreme cruelty, desertion, neglect, habitual intemperance, fraud, adultery, or conviction of a felony. [29] In 1969-1970, California became the first state to pass a purely no-fault divorce law, i.e., one which did not offer any fault divorce ...
In the decades leading up to the 1970s child custody battles were rare, and in most cases the mother of minor children would receive custody. [5] Since the 1970s, as custody laws have been made gender-neutral, contested custody cases have increased as have cases in which the children are placed in the primary custody of the father.
In economics, a gift tax is the tax on money or property that one living person or corporate entity gives to another. [1] A gift tax is a type of transfer tax that is imposed when someone gives something of value to someone else. The transfer must be gratuitous or the receiving party must pay a lesser amount than the item's full value to be ...
The estate tax is part of the federal unified gift and estate tax in the United States. The other part of the system, the gift tax, applies to transfers of property during a person's life. In addition to the federal government, 12 states tax the estate of the deceased.