16 CFR 802.71 – Acquisitions by gift, intestate succession or devise, or by irrevocable trust
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Acquisitions resulting from a gift, intestate succession, testamentary disposition or transfer by a settlor to an irrevocable trust shall be exempt from the requirements of the act.
Terms Used In 16 CFR 802.71
- Gift: A voluntary transfer or conveyance of property without consideration, or for less than full and adequate consideration based on fair market value.
- Intestate: Dying without leaving a will.
- Irrevocable trust: A trust arrangement that cannot be revoked, rescinded, or repealed by the grantor.