[Code of Federal Regulations]
[Title 26, Volume 14]
[Revised as of April 1, 2004]
From the U.S. Government Printing Office via GPO Access
[CITE: 26CFR25.2503-1]

[Page 526]
 
                       TITLE 26--INTERNAL REVENUE
 
    CHAPTER I--INTERNAL REVENUE SERVICE, DEPARTMENT OF THE TREASURY 
                               (CONTINUED)
 
PART 25_GIFT TAX; GIFTS MADE AFTER DECEMBER 31, 1954--Table of Contents
 
Sec.  25.2503-1  General definitions of ``taxable gifts'' and of ``total amount of gifts.''

    The term taxable gifts means the ``total amount of gifts'' made by 
the donor during the ``calendar period'' (as defined in Sec.  25.2502-
1(c)(1)) less the deductions provided for in sections 2521 (as in effect 
before its repeal by the Tax Reform Act of 1976), 2522, and 2523 
(specific exemption, charitable, etc., gifts and the marital deduction, 
respectively). The term ``total amount of gifts'' means the sum of the 
values of the gifts made during the calendar period less the amounts 
excludable under section 2503(b). See Sec.  25.2503-2. The entire value 
of any gift of a future interest in property must be included in the 
total amount of gifts for the calendar period in which the gift is made. 
See Sec.  25.2503-3.

[T.D. 7910, 48 FR 40373, Sept. 7, 1983]