(a) A tax is imposed on the transfer of property by gift by any individual resident or nonresident in an amount equal to ten percent of the amount of the taxable gift.
(b) The donor is liable for payment of the tax. If the gift tax is not paid when due, the donee of any gift is personally liable for the tax to the extent of the value of the gift.
A credit is allowed against the tax imposed under this section equal to $100,000. This credit applies to the cumulative amount of taxable gifts made by the donor during the donor's lifetime.
Taxable gifts exclude the transfer of:
(1) real property located outside of this state;
(2) tangible personal property that was normally kept at a location outside of the state on the date the gift was executed; and
(3) intangible personal property made by an individual who is not a resident at the time the gift was executed.
Official Publication of the State of Minnesota
Revisor of Statutes