donee

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donee

(dō-nē′) [L. donare, to give]
One who receives something, such as a blood transfusion, from a donor.
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1990) (annual exclusion denied where donees inexplicably delayed presenting checks for payment for more than 30 days after end of calendar year).
Example 2: If the donee in example 1 is in the 15% marginal income tax bracket, $246 of federal income taxes are saved each year on the annual return received on the property.
establish that the transfer in dispute conferred on the donee an unrestricted and noncontingent right to the immediate use, possession, or enjoyment (1) of property or (2) of income from property, both of which alternatives in turn demand that such immediate use, possession, or enjoyment be of a nature that substantial economic benefit is derived therefrom.
The preamble amplifies this requirement by stating that the substantiation requirement will not apply to contributions made by payroll deduction unless the employer deducts $250 or more from a single paycheck "to a donee organization.
Generally, the new rules require contributions to be recognized as revenues by the donee and expenses by the donor in the period of the contribution.
If properly drafted and implemented through notification to the donee of the withdrawal right, the property subject to the Crummey power is a gift of a present interest and qualifies for the annual exclusion.
The portion of the income flowing to the donees can be readily ascertained.
The measures explicitly prohibit gifts to entities that are not qualified donees.
In March 1996, all the donees entered into a confirmation agreement (CA) that translated the dollar value of the gifts they received into percentages of MIL interests.
The doctrine also applies to situations involving a yearend gift by check to a noncharitable donee, treating the gift as complete in the year of delivery if certain conditions are met.
By building on this infrastructure and expertise, increased support for social enterprise could be prudently funnelled through current qualified donees without major changes to existing rules.
But, if before its execution, one or more of such donees dies or becomes incompetent, such power may be exercised by the survivor or the competent donee, unless such exercise is explicitly barred by the terms of the instrument creating such power.