gift tax n: an excise tax imposed on a donor for gifts of property made during the donor's lifetime see also annual exclusion , gift split gift at gift , unified transfer tax compare death tax , estate tax , generation-skipping transfer tax
Source: Merriam-Webster's Dictionary of Law ©1996. Merriam-Webster, Incorporated. Published under license with Merriam-Webster, Incorporated.
Related Terms from the Tax Law Glossary