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SCHOOL BOARD ACTION REPORT DATE: FROM: LEAD STAFF:April 12, 2019, Denise Juneau, Superintendent Fred Modest, Chief Operations Officer 2062520636, fhpodesta@seattleschools.orgFor Introduction: For
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The Bar Smith-Brooks Gift Bar is a form used for reporting gifts made by individuals or entities that exceed certain monetary limits, ensuring compliance with tax regulations.
Individuals or entities that make gifts exceeding the annual exclusion amount set by the IRS are required to file the Bar Smith-Brooks Gift Bar.
To fill out the Bar Smith-Brooks Gift Bar, one must provide detailed information including the donor's information, the recipient's information, a description of the gift, its fair market value, and the date of the gift.
The purpose of the Bar Smith-Brooks Gift Bar is to ensure transparency in gift transactions and to facilitate proper monitoring and taxation of substantial gifts.
The information required includes the names and addresses of the donor and recipient, the nature and value of the gift, and the date the gift was made.
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