Please recall yesterday I sent out some information about IRS forms and the code designation to such forms. Most of those forms were for Gift and Estate Tax.
Below you will find statutory authority that gives the IRS to produce such forms for you to give, voluntarily.
I wanted to get the legal definition of gift. Therefore, Black's Law dictionary the 6th edition and found on page 688 the following:
"Gift. A voluntary transfer of property to another made gratuitously and without consideration. Bradley v. Bradley, Tex.Civ.App., 540 S.W.2d 504, 511. ...
In tax law, a payment is a gift if it is made without conditions, from detached and disinterested generosity, out of affection, respect, charity or like impulses, and not from the constraining force of any moral or legal duty or from the incentive of anticipated benefits of an economic nature."
31 U.S. Code § 321 - General authority of the Secretary
(d)
(1) The Secretary of the Treasury may accept, hold, administer, and use gifts and bequests of property, both real and personal, for the purpose of aiding or facilitating the work of the Department of the Treasury. Gifts and bequests of money and the proceeds from sales of other property received as gifts or bequests shall be deposited in the Treasury in a separate fund andshall be disbursed on order of the Secretary of the
Treasury. Property accepted under this paragraph, and the proceeds thereof, shall be used as nearly as possible in accordance with the terms of the gift or bequest.
(2) For purposes of the Federal income, estate, and gift taxes, property accepted under paragraph(1) shall be considered as a gift or bequest to or for the use of the United States. (Emphasis mine)
