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MAKE A GIFT
The American Islamic College (AIC) is the only institution in the United States that aspires to offer both a bachelors and masters program
within an Islamic framework and philosophic orientation.
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What is make a gift?
Making a gift refers to the act of transferring ownership of an asset or property to another person without expecting anything in return.
Who is required to file make a gift?
Individuals who make gifts that exceed the annual gift tax exclusion amount are required to file a gift tax return with the IRS.
How to fill out make a gift?
To fill out a gift tax return, individuals must report the value of the gift, any exemptions or exclusions used, and provide identifying information including names and addresses of the donor and recipient.
What is the purpose of make a gift?
The purpose of filing a gift tax return is to monitor and potentially tax large gifts given during a person's lifetime, in order to prevent tax evasion and maintain fairness in the tax system.
What information must be reported on make a gift?
The gift tax return must include information on the value of the gift, any exemptions or exclusions used, as well as identifying information for both the donor and recipient of the gift.
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