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Deemed transfers: amendments include transfers to son's wife and minor child and treat book-entry gifts as taxable. Amendments broaden deemed-transfer rules in section 4 by treating assets transferred 'directly or indirectly' by an individual, and by expressly including transfers to a son's wife and to a son's minor child made otherwise than for adequate consideration as transfers by the individual. Converted property received by a spouse or minor child on partition is deemed an indirect transfer by the individual and falls under subsection (1). A new rule treats money gifts recorded as book entries as part of the donor's net wealth unless the donor proves actual delivery. The Explanation clarifies that 'child' includes step child and adopted child.
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Deemed transfers: amendments include transfers to son's wife and minor child and treat book-entry gifts as taxable.
Amendments broaden deemed-transfer rules in section 4 by treating assets transferred "directly or indirectly" by an individual, and by expressly including transfers to a son's wife and to a son's minor child made otherwise than for adequate consideration as transfers by the individual. Converted property received by a spouse or minor child on partition is deemed an indirect transfer by the individual and falls under subsection (1). A new rule treats money gifts recorded as book entries as part of the donor's net wealth unless the donor proves actual delivery. The Explanation clarifies that "child" includes step child and adopted child.
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