§ 15401.1. When to be Taken.

Source: https://govt.westlaw.com/calregs/Document/IE9A64EE34C8311EC89E5000D3A7C4BC3?viewType=FullText&originationContext=documenttoc&transitionType=CategoryPageItem&contextData=(sc.Default)

The annual exemption must be taken or used in the year for which it is allowed. The exemption permitted for the year 1974, for instance, must be taken or used in respect to gifts made during the calendar year 1974. It cannot be taken or used as to gifts made during the calendar year 1975.

Note: Reference: Section 15401, Revenue and Taxation Code.