Gift Tax

TOPICS / ESTATES

April 1, 2010

IRS Continues Focus on Disallowing Annual Exclusions for Gifts of Partnership Interests

The Tax Court held, in Price, T.C. Memo. 2010-2, that taxpayers were not entitled to annual gift tax exclusions under Sec. 2503(b) for the outright gifts of partnership interests.

April 1, 2010

IRS Issues Guidance on GiftTax Consequences of Transfers in Trust

The IRS clarified for taxpayers that despite the provisions of Sec. 2511(c), the gift tax continues to apply to certain transfers to a wholly owned grantor trust.

December 1, 2009

Gift and Estate Planning After Pierre

The Tax Court ruled that the check-the-box (CTB) regulations do not apply for purposes of valuing the transfer of property held through a single-member limited liability company (LLC) for federal gift tax purposes.

September 1, 2008