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.
There is no amount at which you would either have to pay a gift tax or report he money as income to the IRS. Gift tax is paid by the giver and is 46% not a mere 3.5% as one answer says. if it was 3.5% there would be a lot less estate planning attorneys out there. Bona fide gifts are never taxable to the recipient. Therefore there is no limit as to how much you can receive. The recipient NEVER needs to report the gift to the IRS under ANY circumstances. Although the lifetime exclusion is $1,000,000 that is cumulative, NOT per recipient as stated by another respondent.