Section 2503 (c) Of The Internal Revenue Code

Definition of "Section 2503 (c) of the internal revenue code"

Tom Hayes real estate agent

Written by

Tom Hayeselite badge icon

Long & Foster Westminster, MD - Realty

Section of the code that qualifies the establishment of a trust for minors under which income can be accumulated until the minor reaches age 21. At that point, the accumulated income can be disbursed and the $10,000 annual gift tax exclusion for each beneficiary can be utilized.

image of a real estate dictionary page

Have a question or comment?

We're here to help.

*** Your email address will remain confidential.
 

 

Popular Insurance Terms

Largest property and casualty insurance company trade association in the world (international membership)whose objectives include the service of its membership through positive legislation ...

Plan that combines the simplicity and flexibility of the traditional profit-sharing plan with the best features of the defined benefit plan and the target benefit plan. By age-weighing the ...

Coverage that provides two types of benefits, disability income (DI) and medical expenses. Sold by insurance companies whose business objective is the profit motive (as distinct from Blue ...

In the insurance field, we have insurance companies, which is where every individual or company goes to get insurance policies, and then there are reinsurance companies. Now, you might ask ...

Experience as it relates to the annual costs associated with a pension plan. In calculating premiums due under a pension plan, basic assumptions must be made concerning future loss ...

Termination of a contractual obligation for immediate performance. For example, under the homeowners insurance policy, if the insurer refuses to pay a claim, the insured (if not satisfied ...

Coverage for additional buildings on the same property as the principal insured building. Most property insurance contracts such as the homeowners insurance policy cover appurtenant ...

In health insurance, the applicable average rate charged for a semiprivate room in the geographical area in which the charge is incurred. ...

Endorsement to an existing policy or a separate policy covering loss of rental income to the property owner, caused by the damage or destruction of a building, rendering it unrentable. The ...

Popular Insurance Questions