P.R. Laws tit. 13, § 31083
2019-02-20 00:00:00+00
(a) General definition. — Taxable gift means the amount of gifts made during a calendar year, minus deductions and exemptions established in §§ 31091—31105 of this title.
(b) Excluded gifts. — For purposes of subsection (a), the first ten thousand dollars ($10,000) given as a gift to each person in each calendar year shall be excluded from the amount of gifts. This exclusion shall not apply if the amount of the gift consists of future interests. For purposes of this section, in the case of married individuals, each spouse shall be entitled to the exclusion provided herein.
History —Jan. 31, 2011, No. 1, § 2041.03, retroactive to Jan. 1, 2011.