incomplete gift

(3) Exceptions (A) In general This subsection shall not apply to any transfer— (i) if such transfer is an incomplete gift, (ii) if such transfer involves the transfer of an interest in trust all the property in which consists of a residence to be used as a personal residence by persons holding term interests in such trust, or (iii) to the extent that regulations provide that such transfer is not inconsistent with the purposes of this section. (B) Incomplete gift For purposes of subparagraph (A), the term “incomplete gift” means any transfer which would not be treated as a gift whether or not consideration was received for such transfer.

Source

26 USC § 2702(a)(3)

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Scoping language

None identified, default scope is assumed to be the parent (chapter 14) of this section.

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