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TO MAKE A GIFT TO THE Anthony F. Amos Endowment for Support of the Animal Rehabilitation Keep (ARK) at The University of Texas at Austin Marine Science Institute Port Arkansas, Texas 78373PLEASE COMPLETE
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To make a gift is to transfer ownership of an asset to another person without expecting anything in return.
The person making the gift is required to file for gift tax purposes, if the gift exceeds the annual exclusion amount set by the IRS.
To make a gift, one must fill out a gift tax return (Form 709) and report the value of the gift given to the IRS.
The purpose of making a gift is to transfer assets to others while alive, reducing the taxable estate and potentially avoiding estate taxes upon death.
Information such as the value of the gift, the relationship between the donor and the recipient, and any gift tax exclusions or deductions must be reported on the gift tax return.
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