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Define That Term #240

Sunday's term was generation skipping, which is defined as:

adj., adv. referring to gifts made through trusts by a grandparent to a grandchild, skipping one's child (the grandchild's parent). Originally intended to avoid or defer federal gift or estate taxes if paid through a "generation skipping trust," it is now subject to a generation skipping tax, and if made directly without a trust, the gift is as taxable as any large gift. In other words, although generation skipping no longer works to avoid taxes, a grandparent can still give or leave gifts under $10,000 a year to a grandchild without a gift tax.

Edward Wiest got it right!

Today's term is:

last antecedent rule.

As always, educated guesses are welcome;  dictionaries are not.


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