Child support is a payment specifically designated for the purpose of child support under a divorce or separation agreement. Such payments are neither deductible by the payer nor taxable to the payee.
A deathbed gift, also known as a gift in contemplation of death, refers to a transfer of property or assets by an individual who is facing imminent death. This transfer is made with the understanding that ownership will only take effect upon the death of the donor. It differs significantly from inter vivos gifts made during one's lifetime.
Revocable transfers are property transfers that can be rescinded or revoked by the transferor, resulting in the property being included in the transferor's gross estate upon death.
When no interest or low interest is provided in an installment sale agreement, part of each payment will be treated as interest. The amount treated as interest is referred to as unstated or imputed interest.
