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Can I make a Gift to a for-profit C-Corporation?    Yes.

Consent Statement

By voluntarily donating your gift today, you have read and agree to the below IRS rules and further are encouraged to check with your financial advisors.

Donor reasons for Gifting:

ü  Seeing the donee enjoy and use the gift

ü  Provide for the health, education, support, or financial well-being of the donee

ü Promote and advance the social justice component of ESG.

Definition of the Gift Tax to Ginicoe  [IRS Publication 559]

The gift tax applies to lifetime transfers of property from one person (the single donor) to another person (Ginicoe Corporation). A gift is made if a tangible or intangible property (including money), the use of property, or the right to receive income from property is given WITHOUT EXPECTING TO RECEIVE SOMETHING OF AT LEAST EQUAL VALUE IN RETURN. If something is sold for less than its full value or if a loan is made without interest or with reduced (less than market rate) interest, a gift may have been made.

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If you gift Under $17,000 annually in 2024 - DO NOT file tax

In 2024, generally, gifts valued up to $17,000 per person (single donor) could have been given to any number of people (Ginicoe Corporation), and none of the gifts will be taxable. 

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If you gift Over $18,000 annually in 2024 - YES file tax

The federal gift tax return, Form 709, is filed for every year in which a gift is made. However, a gift tax return generally is not required unless money or property worth more than the annual exclusion for that year is given to someone other than the decedent’s spouse or the gift given is not subject to the annual exclusion. The annual gift exclusion is $18,000 for 2024

Gifts of Property to Corporations

Not all gifts, in the view of the IRS, take the form of a check made out to Ginicoe Corporation. If you give a vehicle to us, for example, the fair market value of that vehicle represents the cash value and counts toward the gift tax. This is true of any asset you either give outright or sell to us at a below-market value.

Gifts in the Proper Context

The phrase "ordinary course of business" applies to gifts given to a corporation. A gift, in the IRS' view, has to be something special. Not as a discount, or price break, or lower estimate. It must be given from the heart WITHOUT EXPECTING TO RECEIVE SOMETHING OF AT LEAST EQUAL VALUE IN RETURN.

What is a Gift?

Although the federal government taxes gifts, it doesn't define exactly what a gift is. However, the law has settled on the definition of a gift as a transference of property without adequate consideration for the donor. According to state law, which federal law uses to determine if the transference is a gift or not, a gift has the following 5 elements:

·       - the donor must be competent;

·    - the donor must have intended to make a gift;

·       - the donee must be capable of receiving and possessing the property;

·    -  there must be actual or constructive delivery of the property to the donee or the donee's representative;

·   - the donee must accept the gift.

A gift does not include the performance of services nor the lending of property for a finite duration.

Another defining attribute of the gift is that the donor must have given up sufficient control over the gift — the donor cannot later revoke, benefit, or change the owner of the gift or otherwise reverse the transference of the gift. If the donor dies without relinquishing control of the property, then it becomes part of his estate. Hence, it will be subject to estate tax but not gift tax. So, for instance, merely naming a beneficiary of an insurance policy does not constitute a gift, since the owner of the policy can change the beneficiary at any time.

The 2024 lifetime estate tax exemption over the Donor’s lifetime, and as of the time of this writing is $13.61 million (double for married couples). (In 2023, it was $12.92 million) combined with the value of your estate, is sheltered from estate and gift tax.

From The Ginicoe Family, 

We hope this information has been helpful to you and your wealth advisor.

You are Truly a Social Justice Warrior!

Thank You Kindly For Your Generous Gift Giving to Us.