"What gifts did you acquire for your birthday this year?" said no one ever.The phrase "purchase limit" is used 23 times on this page already, but actually does not appear in the code linked above § 363.52. Instead, the word "acquire" is used.It seems pretty clear that self purchases+receiving gifts were meant to be limited to 10k a year (but not purchasing gifts). Since TD is a closed system they would obviously know and could block transfers of any gifts into your account after 10k, just like they block self purchases after 10k already. They could also block a self purchase that puts you over the limit due to received gifts, and vice versa. However, they haven't been doing that afaik.Code:
(a) The principal amount of book-entry savings bonds that you may acquire in any calendar year is limited to $10,000 for Series EE savings bonds and $10,000 for Series I savings bonds.(b) Bonds purchased or transferred as gifts will be included in the computation of this limit for the account of the recipient for the year in which the bonds are delivered to the recipient.
So maybe...they are about to start! But they want to give people a grace period to deliver all their gifts now before they roll out the changes.
As I said previously in this topic, I think it's a stretch to interpret the use of "acquire" in § 363.52 (a) to include receiving a gift. To acquire implies active effort, which is not the case when one receives a gift. Particularly not in the context of TD when one has no way to refuse/disclaim a gift.
I struggle to think of any other situation in which one would say that you "acquire" a gift when you mean you have received a gift. To read it this way, you need to stretch the meaning of "acquire", and assume that TD was unwilling or unable to calculate a delivery limit (despite them already having the SSN of the gift recipient on file, and despite them actively warning individuals who exceed the limit through purchases).
In contrast, if you read "acquire" naturally and take TD's exhibited behavior and recent communications at face value, there are no logical, legal, or factual contradictions to resolve.
Dose this defy common sense? Consider the absurd situations creating a limit on gift deliveries would create:
- A gift giver could cause a gift recipient to violate the annual limit without their consent
- Two independent unrelated gift givers each giving less than the annual limit could still cause the gift recipient to violate the annual limit
- Given that annual limits have changed over time, in some cases deliveries that would have been permissible at the time the bond was purchased would no longer be permissible. Or conversely, deliveries that would have been impermissible at the time of purchase would become permissible
Statistics: Posted by langelgjm — Mon Oct 28, 2024 2:33 am — Replies 167 — Views 16567