What are gifts made during life, which are either in excess of a donor's annual exemption or are not a present interest?

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Taxable gifts are gifts made during life, which are either in excess of a donor's annual exemption or are not a present interest. To the extent that tax is due, the taxpayer must utilize available unified credit. To the extent that unified credit is not available, the taxpayer must pay the tax by April 15 of the year following the year of the gift, to avoid penalties and interest. Any gift tax actually paid within three years of death will be included in the decedent's taxable estate. This equalizes the difference between "tax inclusive" and "tax exclusive" transfers.

What Are Gifts Made During Life, Which Are Either in Excess