Monday, May 4, 2009

So what it Cash Gifting?

Private cash gifting is a concept embraced by private groups of individuals and has been in existence for many years. Our private activity does not involve network marketing, multi-level marketing, or a business or commercial activity. There are no business transactions, investments and/or securities involved in this activity.

The concept of private gifting is based upon the fact that both American and Canadian citizens as well as other countries, have the Constitutional right to gift property, cash and other assets, and are subject to the rules and regulations established by the laws. The U.S. gifting rules are found in the IRS Tax Code, Title 26, Sections 2501-2504 and 2511.

The law states that one or more individuals can give a gift to another individual of up to $11,000 each per calendar year without any tax liability to either the giver or receiver of the gift, because the tax on the gift has already been paid. These gifts are not included in the gross income of the recipient.

See more details at www.thecashavalanche.com about the exciting opportunity with Abundant Living System.

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