Irc Section 2503
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2503 c trust is trust with only one beneficiary who must be a minor.
Irc section 2503. A section 2503c trust is a type of minor s trust established for a beneficiary under the age of 21 which allows parents grandparents and other donors to make tax free gifts to the trust up to the annual gift tax exclusion amount and the generation skipping transfer tax. 31 2017 see section 14202 c of pub. 1 so in original.
Section 2503 b shall be applied with respect to gifts which are made by the donor to such spouse and with respect to which a deduction would be allowable under this section but for paragraph 1 by substituting 100 000 for 10 000 and. A gift made by one spouse to any person other than his spouse shall for the purposes of this chapter be considered as made one half by him and one half by his spouse but only if at the time of the gift each spouse is a citizen or resident of the united states. Named after the section of the internal revenue code that sets the requirements for the irrevocable trust the 2503 c minor s trust is utilized to hold gifts in trust for a child until he or she is 21 years old.
Internal revenue code 2503. Code unannotated title 26. Internal revenue code on which it is based.
Section applicable to taxable years beginning after dec. The term taxable gifts means the total amount of gifts made during the calendar year less the deductions provided in subchapter c section 2522 and following. Upon reaching majority the minor has full use and control over the assets.
Such power of appointment is expressly defined in terms of or by reference to the amount of the gift tax exclusion under section 2503 b of the internal revenue code of 1986 formerly i r c. 2503 a general definition the term taxable gifts means the total amount of gifts made during the calendar year less the deductions provided in subchapter c section 2522 and following. This type of trust is named after the section of the u s.
2503 b 1 in general. Internal revenue code section 2503 b taxable gifts a general definition. This trust only has one beneficiary who has to be a minor an individual younger than 21.
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