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Under the existing Internal Revenue Code guidelines, rules and regulations gifts made to anyone, including relatives and friends are not deductible. However, the grantor (giver of the gift) might have to pay a gift tax if the gift exceed a certain amount (12,000.00) per individual per year. Gifts are generally not deductible to the grantor, nor are they taxable (reported as part of income) to the recepient or beneficiary. Gifts in general are irrevocable (cannot be taken back by the grantor). Respectfully submitted by: CHR Florida Certified Public Accountant April 1, 2007
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Is the internal revenue service connected to a cabinet department?
Yes. Internal Revenue Service is under the Department of Treasury.
What article of the US Constitution establishes the internal revenue service?
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Office of Internal Revenue Service
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What internal revenue code does a tax deferred annuity fall under?
Hello, I recently purchased one and the money you invest is not tax deductible. It is not taxed if it grows in value or generates revenue, within the annuity. When you do start taking money out, it is treated as ordinary taxable income. However you do not pay taxes on the original contribution, just on the gains. This is a simple answer to a complex question-- if you need more details, you need an expert.
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The Internal Revenue Service
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Is the IRS part of Executive Branch or the Judicial Branch?
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Does a deductible have to be paid each time you file a claim under homeowners insurance?
The deductible applies to every individual claim.
Is tax preparation tax deductible?
Yes. Tax Preparation does lies under business investment thus, is tax deductible.
