An Easy Way to Frontload (temporarily exceed) I/EE Bond Annual Limit?

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oneleaf
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An Easy Way to Frontload (temporarily exceed) I/EE Bond Annual Limit?

Post by oneleaf »

I mentioned this in a different thread, but I wanted to make a new thread for this to see if there is something I am missing with this strategy.

In 2020, I already bought $10K of I-Bonds and $10K of EE-Bonds. My wife did the same, so we are both maxed out.

I am considering the following strategy, for the following reasons:
  • Bond yields have collapsed, and I want to preserve more money in US Savings Bonds to hedge the possibility that the rate environment is a very longterm trend (negative real rates).
  • The 0.2% I-Bond could be the best rate we will see in awhile.
  • The 3.5% effective EE-Bond rate (if held for 20 years) could also be the best we will see in awhile, and is WAY better than the 30 year treasury yield. This "deal" may also go away before next year.
The strategy is based on the following rules I have found on TreasuryDirect.gov:
  • TreasuryDirect allows purchasing of gift bonds that do not count toward your annual limit.
  • The bonds count towards the annual limit of the recipient on the year they are delivered.
  • You can hold the bonds in your "Gift Box" for an indefinite amount of time.
  • You can add a co-owner or POD beneficiary after they are delivered.
My strategy:
  • Buy another $10K in I-Bonds and $10K in EE-Bonds as gifts for my wife.
  • Have my wife do the same for me.
  • We keep them in the "Gift Box" for a year.
  • Deliver them to each other in 2021.
  • After delivery, change registration to add the co-owner/POD as we see fit (we would put each other as co-owner).
In the long run, we can still only buy $10K per year of each issue, but this allows us to at least grab a few extra while the rates are still not terrible. This current environment is certainly a time where the discrepancy between Savings Bonds and marketable securities is very wide, regardless of how good the deal is on an absolute term. Usually, I wouldn't try so hard to get 3.5% nominal over 20 years and 0.2% real over 30... but as someone with a bond-heavy portfolio, I think this is one of those rare times where the effort makes sense. Thoughts?
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Re: An Easy Way to Frontload (temporarily exceed) I/EE Bond Annual Limit?

Post by Grt2bOutdoors »

Run it by the folks at the Department of the Treasury, my bet is they will not be so amused! You might find even if you don’t run it by them that they will let you buy them now as gifts but they don’t start earning interest until you actually deliver them! :twisted:
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oneleaf
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Re: An Easy Way to Frontload (temporarily exceed) I/EE Bond Annual Limit?

Post by oneleaf »

Grt2bOutdoors wrote: Sun Mar 08, 2020 11:59 am Run it by the folks at the Department of the Treasury, my bet is they will not be so amused! You might find even if you don’t run it by them that they will let you buy them now as gifts but they don’t start earning interest until you actually deliver them! :twisted:
Gifts can be held indefinitely in a Gift Box, and they do start earning interest right away. I also don't see this as a major loophole because you are still limited to how much you can receive and/or buy a year. It's not exactly a slam dunk.

I get the skepticism, which is why I started a new thread... I'm trying to get some more constructive insights from people who have already done this or has at least read the rules carefully. I know for a fact you can hold gifts indefinitely and they continue to earn interest, so I don't think there are any gotchas here, but I wanted to make sure.

Ah, finally found there are others here who have done this, and it works as I expected:
- One post: viewtopic.php?p=400595#p400595
- Another: viewtopic.php?p=1303498#p1303506
Makefile
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Re: An Easy Way to Frontload (temporarily exceed) I/EE Bond Annual Limit?

Post by Makefile »

I know I've read elsewhere that you can get extra savings bonds by buying them in the name of your living trust. Perhaps you could even find a template online.
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Re: An Easy Way to Frontload (temporarily exceed) I/EE Bond Annual Limit?

Post by Angst »

oneleaf wrote: Sun Mar 08, 2020 12:08 pmAh, finally found there are others here who have done this, and it works as I expected:
- One post: viewtopic.php?p=400595#p400595
- Another: viewtopic.php?p=1303498#p1303506
Well... in your position, I think I might give it a try, and I go with sscritic's take on things anytime I can get it. :D (2nd thread linked) I also agree that next year, when the fixed rate on I Bonds is presumably at (or below?) 0.0% would be a good time to "deliver" your gifts to each other; surely you wouldn't want to wait 30 years to discover we were wrong about all of this!

I didn't read entirely through either of the thread links you posted above. Did anyone actually mention spouses having successfully completed this gift exchange in a subsequent year?
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Re: An Easy Way to Frontload (temporarily exceed) I/EE Bond Annual Limit?

Post by absolute zero »

Bumping this old thread to see if anyone has done something similar to what OP has described? Seems like a very effective way to put a significant sum of money into i bonds all at once.
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Re: An Easy Way to Frontload (temporarily exceed) I/EE Bond Annual Limit?

Post by oneleaf »

absolute zero wrote: Fri Nov 12, 2021 8:28 pm Bumping this old thread to see if anyone has done something similar to what OP has described? Seems like a very effective way to put a significant sum of money into i bonds all at once.
I ended up not doing this, but I sorta wish I did. In 2019, fixed rates were 0.5% and then 0.2% in early 2020... I had a feeling those were the best rates we'd see in awhile, so I wanted to front load a few extra years worth. But now at 0%, I'd probably not bother front loading and just buy annually as normal.
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Re: An Easy Way to Frontload (temporarily exceed) I/EE Bond Annual Limit?

Post by ObiQuiet »

Thank you for posting this - I hadn't come across the technique before, but am doing it now. Nice to have an emergency fund that won't lose power.
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Re: An Easy Way to Frontload (temporarily exceed) I/EE Bond Annual Limit?

Post by ivgrivchuck »

A very interesting trick. I wasn't aware of this. I'm considering using this.
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Re: An Easy Way to Frontload (temporarily exceed) I/EE Bond Annual Limit?

Post by langelgjm »

Pretty clever. I don't see a reason it wouldn't work. I considered doing it myself, but I really doubt I bond rules will change in the next 60 days, and for EE bonds I don't want double the amount "maturing" (hitting the guaranteed doubling) in the same year 20 years from now.
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Re: An Easy Way to Frontload (temporarily exceed) I/EE Bond Annual Limit?

Post by oneleaf »

langelgjm wrote: Sun Nov 14, 2021 11:25 am Pretty clever. I don't see a reason it wouldn't work. I considered doing it myself, but I really doubt I bond rules will change in the next 60 days, and for EE bonds I don't want double the amount "maturing" (hitting the guaranteed doubling) in the same year 20 years from now.
Yep, that is why I decided not to do this with the EE bonds. All doubling in the same year and redeemed is a big tax bill.

I think March 2020 was the only obvious time it made sense to do this with I bonds. It was so obvious that rates would be zero in the following month, but we still had a month to front load on stale fixed rates.
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Re: An Easy Way to Frontload (temporarily exceed) I/EE Bond Annual Limit?

Post by ivgrivchuck »

oneleaf wrote: Sun Mar 08, 2020 11:52 am [*]You can hold the bonds in your "Gift Box" for an indefinite amount of time.
So technically one could buy I-bonds for the next 10 years, and then donate them year by year. There is nothing illegal about this, but it might be considered abuse. Hmm...
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Re: An Easy Way to Frontload (temporarily exceed) I/EE Bond Annual Limit?

Post by MrJedi »

ivgrivchuck wrote: Sun Nov 14, 2021 8:30 pm
oneleaf wrote: Sun Mar 08, 2020 11:52 am [*]You can hold the bonds in your "Gift Box" for an indefinite amount of time.
So technically one could buy I-bonds for the next 10 years, and then donate them year by year. There is nothing illegal about this, but it might be considered abuse. Hmm...
You would effectively lock up the funds for all those years until you can get them gifted out.
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Re: An Easy Way to Frontload (temporarily exceed) I/EE Bond Annual Limit?

Post by ivgrivchuck »

MrJedi wrote: Sun Nov 14, 2021 8:59 pm
ivgrivchuck wrote: Sun Nov 14, 2021 8:30 pm
oneleaf wrote: Sun Mar 08, 2020 11:52 am [*]You can hold the bonds in your "Gift Box" for an indefinite amount of time.
So technically one could buy I-bonds for the next 10 years, and then donate them year by year. There is nothing illegal about this, but it might be considered abuse. Hmm...
You would effectively lock up the funds for all those years until you can get them gifted out.
It seems like that it behaves like N year laddered CD that you cannot break, and that you can only create in the name of another person. A super weird thing.
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Re: An Easy Way to Frontload (temporarily exceed) I/EE Bond Annual Limit?

Post by exodusNH »

oneleaf wrote: Sun Nov 14, 2021 1:45 pm
langelgjm wrote: Sun Nov 14, 2021 11:25 am Pretty clever. I don't see a reason it wouldn't work. I considered doing it myself, but I really doubt I bond rules will change in the next 60 days, and for EE bonds I don't want double the amount "maturing" (hitting the guaranteed doubling) in the same year 20 years from now.
Yep, that is why I decided not to do this with the EE bonds. All doubling in the same year and redeemed is a big tax bill.

I think March 2020 was the only obvious time it made sense to do this with I bonds. It was so obvious that rates would be zero in the following month, but we still had a month to front load on stale fixed rates.
They double at 20, but don't mature until 30. While between 20 and 30 they will only earn whatever interest they were issued at (0.10 right now), you don't have to cash them in at 20.
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Re: An Easy Way to Frontload (temporarily exceed) I/EE Bond Annual Limit?

Post by absolute zero »

ivgrivchuck wrote: Sun Nov 14, 2021 11:05 am A very interesting trick. I wasn't aware of this. I'm considering using this.
I’m interested in this too, but it’s not clear to me
1) whether interest is earned immediately upon purchase vs not until the gift is delivered and
2) whether the 1 year minimum holding period begins when the bond is purchased vs when the gift is delivered
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Re: An Easy Way to Frontload (temporarily exceed) I/EE Bond Annual Limit?

Post by oneleaf »

absolute zero wrote: Tue Nov 16, 2021 8:58 am
ivgrivchuck wrote: Sun Nov 14, 2021 11:05 am A very interesting trick. I wasn't aware of this. I'm considering using this.
I’m interested in this too, but it’s not clear to me
1) whether interest is earned immediately upon purchase vs not until the gift is delivered and
2) whether the 1 year minimum holding period begins when the bond is purchased vs when the gift is delivered
I don't know the exact details about the holding period (item 2)... But regarding the interest (item 1), I know you can hold the bonds until they mature (with all interest and proceeds) and then deliver it... so presumably they start earning interest right away. I couldn't find any more definitive info on the website though.
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Re: An Easy Way to Frontload (temporarily exceed) I/EE Bond Annual Limit?

Post by HueyLD »

Per 31 CFR § 363.96

“What do I need to know if I initially purchase a bond as a gift?

(a) An entity may not purchase a gift savings bond.

(b) The gift bond will be registered in the name of the recipient(s). The registration is irrevocable with regard to the owner named on the gift bond.

(c) You must provide the SSN of the recipient.

(d) You may deliver the bond upon purchase, or you may hold the bond in your TreasuryDirect ® account until you are ready to deliver the bond to the owner named on the gift bond.

(e) If the purchaser dies before delivering a gift bond to the recipient, the bond belongs to the owner named on the gift bond, notwithstanding any testamentary attempts to the contrary by the purchaser, or any state law to the contrary. We will hold the bond until we receive instructions from the owner named on the gift bond.”
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Re: An Easy Way to Frontload (temporarily exceed) I/EE Bond Annual Limit?

Post by ObiQuiet »

This is an easier technique than using the entity account scheme, but two things to be aware of that I noted:

1. You can't register the bonds in two names, as often done to simplify survivorship. Maybe it's possible to change the registration after delivery of the gift, but the bold text in the post above maybe indicates that's not so...

2. Instead of the one-year lock out, the funds can't be redeemed until a year in which the recipient buys or receives less than their max in other I bonds. This could matter to some, if one gets in the habit of serial purchases (perhaps early in the year).

Still works for "front-loading", though.
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Re: An Easy Way to Frontload (temporarily exceed) I/EE Bond Annual Limit?

Post by Index4Life »

What happens if in a single year, you already purchased I-bonds up to your limit ($10,000), and someone else delivers to you a gift of I-bonds (I.e. $10,000) on top of that?
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Re: An Easy Way to Frontload (temporarily exceed) I/EE Bond Annual Limit?

Post by DVA79 »

I did this—no problem. We plan to deliver the gifts to each other on Jan 1 and then buy another 10k in each account at the end of Jan. The language is straight forward. This process merely frontloads bonds and is still within the 10k annual limit.
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Re: An Easy Way to Frontload (temporarily exceed) I/EE Bond Annual Limit?

Post by Index4Life »

DVA79 wrote: Tue Nov 23, 2021 10:02 am I did this—no problem. We plan to deliver the gifts to each other on Jan 1 and then buy another 10k in each account at the end of Jan. The language is straight forward. This process merely frontloads bonds and is still within the 10k annual limit.
Doesn't this result in exceeding the $10,000 individual limit? Receipt of 10k gift in 2022 + purchase of 10k in 2022 = $20,000.
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Re: An Easy Way to Frontload (temporarily exceed) I/EE Bond Annual Limit?

Post by BrokerageZelda »

Index4Life wrote: Tue Nov 23, 2021 12:35 pm
DVA79 wrote: Tue Nov 23, 2021 10:02 am I did this—no problem. We plan to deliver the gifts to each other on Jan 1 and then buy another 10k in each account at the end of Jan. The language is straight forward. This process merely frontloads bonds and is still within the 10k annual limit.
Doesn't this result in exceeding the $10,000 individual limit? Receipt of 10k gift in 2022 + purchase of 10k in 2022 = $20,000.
This will exceed the limit, because the rules specify that a gift counts against the recipient's purchase limit in the year it is delivered.

You haven't exceeded the limit yet (because the extra 10k hasn't been delivered), but if you deliver the $10k on the first business day in January (watch out for holidays) and then try to buy another $10k in the same year, that's when TD will flag you.
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Re: An Easy Way to Frontload (temporarily exceed) I/EE Bond Annual Limit?

Post by DVA79 »

BrokerageZelda wrote: Tue Nov 23, 2021 12:47 pm
Index4Life wrote: Tue Nov 23, 2021 12:35 pm
DVA79 wrote: Tue Nov 23, 2021 10:02 am I did this—no problem. We plan to deliver the gifts to each other on Jan 1 and then buy another 10k in each account at the end of Jan. The language is straight forward. This process merely frontloads bonds and is still within the 10k annual limit.
Doesn't this result in exceeding the $10,000 individual limit? Receipt of 10k gift in 2022 + purchase of 10k in 2022 = $20,000.
This will exceed the limit, because the rules specify that a gift counts against the recipient's purchase limit in the year it is delivered.

You haven't exceeded the limit yet (because the extra 10k hasn't been delivered), but if you deliver the $10k on the first business day in January (watch out for holidays) and then try to buy another $10k in the same year, that's when TD will flag you.
Sorry let me clarify— I meant to say buy another gift in 2022 to hold until 2023 at which point I will transfer it. I will deliver the gift I purchased this year in Jan ‘22.
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Re: An Easy Way to Frontload (temporarily exceed) I/EE Bond Annual Limit?

Post by ivgrivchuck »

I'm trying this out now...

- My spouse and I bought $10k gifts to each other to be delivered in Jan 22.
- I also bought $10k gift for each of our children to be delivered in Jan 22.

So far so good.

- I'll probably go for one more spousal gift round targeting Jan 23.

Then in Jan 22, it's time to re-evaluate the next steps...
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Re: An Easy Way to Frontload (temporarily exceed) I/EE Bond Annual Limit?

Post by fujiters »

ivgrivchuck wrote: Tue Nov 23, 2021 9:50 pm I'm trying this out now...

- My spouse and I bought $10k gifts to each other to be delivered in Jan 22.
- I also bought $10k gift for each of our children to be delivered in Jan 22.

So far so good.

- I'll probably go for one more spousal gift round targeting Jan 23.

Then in Jan 22, it's time to re-evaluate the next steps...
I'm failing to see the great benefit in the Jan 22 gifts. You can just buy in Jan 22 and get the same rate. The only win I see is starting the savings bond 2 months early. Am I missing something?
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Re: An Easy Way to Frontload (temporarily exceed) I/EE Bond Annual Limit?

Post by ivgrivchuck »

fujiters wrote: Tue Nov 23, 2021 10:10 pm I'm failing to see the great benefit in the Jan 22 gifts. You can just buy in Jan 22 and get the same rate. The only win I see is starting the savings bond 2 months early. Am I missing something?
That's the only benefit, you are correct.

The main motivation for me is to test the system. If this works as intended, I intend to front-load for '23 and '24 while the rates are still high...
Last edited by ivgrivchuck on Tue Nov 23, 2021 11:17 pm, edited 1 time in total.
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Re: An Easy Way to Frontload (temporarily exceed) I/EE Bond Annual Limit?

Post by ivgrivchuck »

Deleted a duplicate
Last edited by ivgrivchuck on Tue Nov 23, 2021 11:17 pm, edited 1 time in total.
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Re: An Easy Way to Frontload (temporarily exceed) I/EE Bond Annual Limit?

Post by SnowBog »

fujiters wrote: Tue Nov 23, 2021 10:10 pm
ivgrivchuck wrote: Tue Nov 23, 2021 9:50 pm I'm trying this out now...

- My spouse and I bought $10k gifts to each other to be delivered in Jan 22.
- I also bought $10k gift for each of our children to be delivered in Jan 22.

So far so good.

- I'll probably go for one more spousal gift round targeting Jan 23.

Then in Jan 22, it's time to re-evaluate the next steps...
I'm failing to see the great benefit in the Jan 22 gifts. You can just buy in Jan 22 and get the same rate. The only win I see is starting the savings bond 2 months early. Am I missing something?
My read is they are basically buying 1+ years ahead...

So when you/I buy in 2022 - it's our purchase for 2022.

Their 2022 bonds were purchased in 2021 (or earlier), and were delivered in 2022. And any they purchase in 2022 will be "delivered" in a future year.

I can see 3 main reasons for this:
  • You want to "load up" on more than $10k/year at "high" rates, which you'll hold and deliver in the future (in a year you don't buy). This might be particularly interesting if/when we have fixed > 0% again.
  • You have excess money to invest in I Bonds, and want to start getting interest ASAP vs. buying over several years.
  • You want to "pre-fund" several years of Bonds. For example, I had planned to stop buying I/EE Bonds at my "planned" retirement date (while I still have a paycheck). But if we retire even earlier, we could buy the next several years worth in advance.
The obvious downside I see is locking up money even longer than the 1 year. For example, if you buy 5 years of gifts in advance, since you can still only deliver 1 year at a time (and only if that person didn't buy them that year), it will take years to "deliver" the gifts - which is needed before they can be sold.

You'll also need a partner to do the gift exchange with... And presumably that impacts your annual gifting limits...
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Re: An Easy Way to Frontload (temporarily exceed) I/EE Bond Annual Limit?

Post by fujiters »

SnowBog wrote: Tue Nov 23, 2021 10:43 pm
fujiters wrote: Tue Nov 23, 2021 10:10 pm
ivgrivchuck wrote: Tue Nov 23, 2021 9:50 pm I'm trying this out now...

- My spouse and I bought $10k gifts to each other to be delivered in Jan 22.
- I also bought $10k gift for each of our children to be delivered in Jan 22.

So far so good.

- I'll probably go for one more spousal gift round targeting Jan 23.

Then in Jan 22, it's time to re-evaluate the next steps...
I'm failing to see the great benefit in the Jan 22 gifts. You can just buy in Jan 22 and get the same rate. The only win I see is starting the savings bond 2 months early. Am I missing something?
My read is they are basically buying 1+ years ahead...

So when you/I buy in 2022 - it's our purchase for 2022.

Their 2022 bonds were purchased in 2021 (or earlier), and were delivered in 2022. And any they purchase in 2022 will be "delivered" in a future year.

I can see 3 main reasons for this:
  • You want to "load up" on more than $10k/year at "high" rates, which you'll hold and deliver in the future (in a year you don't buy). This might be particularly interesting if/when we have fixed > 0% again.
  • You have excess money to invest in I Bonds, and want to start getting interest ASAP vs. buying over several years.
  • You want to "pre-fund" several years of Bonds. For example, I had planned to stop buying I/EE Bonds at my "planned" retirement date (while I still have a paycheck). But if we retire even earlier, we could buy the next several years worth in advance.
The obvious downside I see is locking up money even longer than the 1 year. For example, if you buy 5 years of gifts in advance, since you can still only deliver 1 year at a time (and only if that person didn't buy them that year), it will take years to "deliver" the gifts - which is needed before they can be sold.

You'll also need a partner to do the gift exchange with... And presumably that impacts your annual gifting limits...
Yes, I see the benefit in doing it for many months out. It was the planning to deliver the gifted bonds after 2 months (and at a time one could still obtain the same rate as was available during the initial purchase) that threw me. It sounds like it's more a test run to make sure the delayed delivery plan will work as expected. I'm considering buying gifts in Jan 22 to stock up for future years; it didn't occur to me to essentially make the Jan 2022 purchase now via gifting though.
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Re: An Easy Way to Frontload (temporarily exceed) I/EE Bond Annual Limit?

Post by Dioremius »

As the bond sits in the gift box, its value increases. Does the $10k bond apply to the bond's face value, or to its value at the time when it's transferred to the recipient?

(I would guess it's face value, merely because that's simpler for Treasury to implement... But I don't see anything saying that.)

Anyway, keeping savings bonds (frontloaded or otherwise) in the TreasuryDirect gift box looks like a very interesting techniques for making bond gifts to one's children. By keeping control on when to transfer them (up to 30 years), you mitigate some bad scenarios involving money airdrops and bad life choices. You can also get the 20-years clock ticking on EE bonds so that they double just when the kid really needs a little push up the hill (starter home etc.), without dangling the temptation of premature cash-out.

Any idea what's the gift tax treatment? Does the bond count against the gift tax exclusion in the year when the savings bond are purchased and put in the gift box (because "the registration is irrevocable"), or in the year when the bond is transferred to the recipient's account (because until then the purchaser still has some control over it)?
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Re: An Easy Way to Frontload (temporarily exceed) I/EE Bond Annual Limit?

Post by bogleyboo »

SnowBog wrote: Tue Nov 23, 2021 10:43 pm You'll also need a partner to do the gift exchange with... And presumably that impacts your annual gifting limits...
Anyone know if an entity account (eg: living trust) qualifies for receiving a gift? I've read that you can't send a gift from an entity account, but can you send a gift to an entity account? Has anyone tried it?
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Re: An Easy Way to Frontload (temporarily exceed) I/EE Bond Annual Limit?

Post by BabaWawa »

bogleyboo wrote: Wed Nov 24, 2021 7:38 pm
SnowBog wrote: Tue Nov 23, 2021 10:43 pm You'll also need a partner to do the gift exchange with... And presumably that impacts your annual gifting limits...
Anyone know if an entity account (eg: living trust) qualifies for receiving a gift? I've read that you can't send a gift from an entity account, but can you send a gift to an entity account? Has anyone tried it?
I just tried to fill out a registrant for a gift and doesn't look like you will be able to list an entity such as a trust. It specifically asks for first middle and last name, no place for trust names.
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Re: An Easy Way to Frontload (temporarily exceed) I/EE Bond Annual Limit?

Post by BrokerageZelda »

bogleyboo wrote: Wed Nov 24, 2021 7:38 pm
SnowBog wrote: Tue Nov 23, 2021 10:43 pm You'll also need a partner to do the gift exchange with... And presumably that impacts your annual gifting limits...
Anyone know if an entity account (eg: living trust) qualifies for receiving a gift? I've read that you can't send a gift from an entity account, but can you send a gift to an entity account? Has anyone tried it?
It is not allowed.

https://www.treasurydirect.gov/indiv/he ... rnmore.htm
An entity is not permitted to:
  • Have more than one registration per account
  • Open a minor linked account
  • Purchase securities as gifts for others or receive gift securities
  • Name a secondary owner or beneficiary in its registration
  • Grant View or Transact rights
  • Fund the account using the Payroll Savings Plan
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Dioremius
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Joined: Tue Jun 11, 2019 4:16 pm

Re: An Easy Way to Frontload (temporarily exceed) I/EE Bond Annual Limit?

Post by Dioremius »

Answering my question above:
Dioremius wrote: Wed Nov 24, 2021 7:36 pm As the bond sits in the gift box, its value increases. Does the $10k bond apply to the bond's face value, or to its value at the time when it's transferred to the recipient?
The $10k limit applies to the principal of the savings bonds. Reference: 31 CFR § 363.52 (https://www.law.cornell.edu/cfr/text/31/363.52).

So it seems you can buy a $10k savings bond as gift, let it sit in the "gift box" and accrue interest for several years (or even reach EE doubling), and then transfer it to the pre-designated recipient. This stays within the $10k-of-principal limit (assuming that the limit or rules aren't meanwhile changed).


Still can't find an answer to my other question, about gift tax treatment.
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