TaxProf Blog

Editor: Paul L. Caron, Dean
Pepperdine University School of Law

Tuesday, April 27, 2004

SOI 1997 Gift Data

Tuesday, April 27, 2004

In the just-released Statistics of Income Bulletin (Winter 2003-04), Martha Britton Eller reports on Inter Vivos Wealth Transfers, 1997 Gifts. Here is the abstract:

Federal gift tax data provide a glimpse into the economic behavior of predominantly wealthy Americans. Such behavior includes donors’ transfer of money and other assets to gift recipients and the creation and continued funding of trusts, both of which are reported on gift tax returns. The population of donors who gave gifts in 1997 and reported those gifts to IRS in 1998 included 218,008 individuals, and those individuals transferred more than $31.1 billion in total gifts. The reported gift tax liability totaled $3.2 billion. Female donors outnumbered male donors, with 53.3 percent of the donor population comprised of females and 46.7 percent of the population comprised of males.
Donors gave a wide variety of gifts. The largest category of gifts was cash and cash management accounts, which made up more than a third of all gifts. The second and third largest categories of gifts were stock and real estate, respectively. While only a small percentage of donors, 10.1 percent, utilized discounts in the valuation of gifts, the size of total vaulation discounts, $3.4 billion, was rather significant and represented 33.0 percent of the full value of discounted assets.

For a previous study by Ms. Eller, Analysis of the 1998 Gift Tax Penal Study, presented at the 2002 Joint Statistical Meetings of the American Statistical Association, see here.

Over the coming week, TaxProf Blog will summarize the remaining Featured Articles and Data Releases in the latest SOI and provide links to the full reports and accompanying tables and statistics.

Gov't Reports | Permalink

TrackBack URL for this entry:

Listed below are links to weblogs that reference SOI 1997 Gift Data: