What happens to gifts to heads of state? Must the recipients claim the items as taxable income? Is there a limit to the amount spent? What are the guidelines in the case of the U.S. President? Thank you!
What happens to gifts to heads of state?
There are two kinds of gifts to the head of states. 1. a personal gift to the Presidents or prime ministers, which are considered as personal and can be kept privately. 2. there are gifts which are considered "official" gifts, which is a gift to the country or state. These gifts are considered public property and should be turned over to the state.
Usually, gifts are not taxable income. the amount to be spent are limited, depending on the funds that are available for these purpose. Usually these fund are not divulged except to the state auditor.
hiking shoes rating
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment