share. Abu Dhabi: The UAE pledged to increase oil production to 3.5 million barrels per day to meet energy demand by 2017 as Abu Dhabi International Petroleum Exhibition and Conference (Adipec) got under way in Abu Dhabi on Monday.bdullah Nasser Al Suwaidi, director-general of Adnoc, said that it will increase crude oil production capacity to 3.5 million barrels per day by 2017. âWe reaffirm our commitment to meet growing global demand for energy.â.
Contributions which do not exceed the annual exclusion amount (now $13,000 per donee per year) are not implicated since, even if they are subject to gift tax, they are specifically excluded. However, contributions exceeding $13,000 each year to a social welfare organization may risk a gift tax. If gift tax is imposed on contributions to social welfare organizations which exceed the $13,000 annual exclusion, there may be some potential defenses.
In the United States, the gift tax is governed by Chapter 12, Subtitle B of the Internal Revenue Code. The tax is imposed by section 2501 of the Code. For the purposes of taxable income, courts have defined a gift as the proceeds from a detached and disinterested generosity.. Gifts are often given out of affection, respect, admiration, charity or like impulses.