31101

Any transfer made by a person over the age of sixty-five (65) in favor of his/her ancestors, his/her progeny or any other person as a natural demonstration of his/her liberality, shall be deemed to be a gift, unless the taxpayer shows that the transfer thus made involved sufficient consideration in money or its equivalent and that such consideration was derived, whether directly or indirectly, from the acquirer’s income or property. History —Jan. 31, 2011, No. 1, § 2042.11, retroactive to Jan. 1, 2011.