...distinction. While one object of the exemption was to permit small tax free gifts, and at the same time "to fix the amount sufficiently large to cover in most cases wedding and Christmas gifts" without the necessity of keeping accounts and reporting the gifts, H. Rept. supra, 29; S. Rept. supra,...

...distinction. While one object of the exemption was to permit small tax free gifts, and at the same time "to fix the amount sufficiently large to cover in most cases wedding and Christmas gifts" without the necessity of keeping accounts and reporting the gifts, H. Rept. supra, 29; S. Rept. supra,...

...obviate the necessity of keeping an account of and reporting numerous small gifts, and, on the other, to fix the amount sufficiently large to cover in most...and occasional gifts of relatively small amounts." There are other necessities for a substantial annual exclusion. Consider the millions of situations...

...obviate the necessity of keeping ar, account of and reporting numerous small gifts, and, on the other, to fix the amount sufficiently large to cover in most cases wedding and Christmas gifta and occasional gifts of relatively small amounts." There are other necessities for a substantial...

...TAX EXCLUSION The annual gift tax exclusion of S3, 000 per donee was set by the Revenue Act of l942. The original purpose of the exclusion was "to obviate...the Staff of the Joint Committee on Taxation (May l, l98l). ** S. Rep. No. 665, 72d Cong., lst Sess. (l932), l939-l Pt. 2 CB 496, 525. l74 exempt from...

...enacted by the Revenue Act of 1942. In establishing the exclusion, the Congress originally intended "to fix the amount sufficiently large to cover in...and occasional gifts of relatively small amounts. . . ." (S. Rept. No. 665, 72d Cong., 1st Sess. (1932)). In view of the substantial increases in price...

...enacted by the Revenue Act of 1942. In establishing the exclusion, the Congress originally intended "to fix the amount sufficiently large to cover in...and occasional gifts of relatively small amounts. . . ." (S. Kept. No. 665, 72d Cong., 1st Sess. (1932)). In view of the substantial increases in price...

...was to "obviate the necessity of keeping an account of and reporting numerous small gifts and * * * to fix the amount sufficiently large to cover in most...and occasional gifts of relatively small amounts." HRRep.No.708, 72nd Cong., 1st Sess. 29 (1932) . The amount of the annual exclusion has varied over...

...obviate the necessity of keeping account of and reporting numerous small gifts, and, on the other, to fix the amount sufficiently large to cover in most...and occasional gifts of relatively small amounts. The exemption does not apply with respect to a gift to any donee to whom is given a future interest....

...obviate the necessity of keeping an account of and reporting numerous small gifts, and, on the other, to fix the amount sufficiently large to cover in most...and occasional gifts of relatively small amounts. The exemption does not apply with respect to a gift to any donee to whom it, given a future interest....