1.A donation of $1 million has been presented to the sufferers by a wealthy lady.
2.A gift is a present transfer of property by one person to another without any consideration or compensation.
3.A gift to “my child” that does not set out the children’s name is a class gift.
4.Capacity of donor is one of the essential requisites of “gift”.
5.In the case of a gift the thing itself passes to the donee.
6.Only a complete gift is taxable under the gift tax.
7.payment of gift tax is the obligation of the donor, not the recipient.
8.The gift is subject to the federal unified transfer tax.
9.The gift must be made with a view to the donor’s present illness or peril.
10.The gift was made subject to certain conditions imposed on the recipient.