Cal. Code Regs. tit. 18 § 15118
Current through Register 2024 Notice Reg. No. 25, June 21, 2024
The term "net gifts," in respect to gifts made by a donor to a particular donee during any calendar year, means the aggregate amount or market value of all gifts made by the donor to the donee during a calendar year after 10 p.m. of June 21, 1939, less the sum of the following:
Although the amount of the specific exemption is a deductible item in determining the sum of net taxable gifts (see Revenue and Taxation Code Section 15204), it is to be observed that it is not deductible in ascertaining the amount of "net gifts."
NOTE: Reference: Section 15118, Revenue and Taxation Code.
Cal. Code Regs. Tit. 18, § 15118