TRA '97 has broad impact on estate and gift tax provisions

Article Abstract:

The many estate and gift tax provisions in the Taxpayer Relief Act of 1997 are not as beneficial to taxpayers as they could be because of the Act's technical errors and complexity. The long 9-year phase-in of the increased unified credit reduces its tax benefit. A more realistically beneficial provision is one prohibiting the IRS from revaluing properly reported gifts for estate tax purposes.

Estate tax, Estate taxes

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Defined value gifts: does the IRS have it all wrong?

Article Abstract:

The author discusses defined value gifts, and formula gifts in general, in the context of a 2001 IRS advisory and a pending Tax Court case. Topics include the IRS's position of formula gifts, published authority in support of defined value gifts, and the intervening purchase of a charity's partnership interests.

Analysis, Taxation, Tax planning, Charitable contributions, Charitable donations

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Final regs. on disclosure of gifts liberalized, but problems remain

Article Abstract:

The authors discuss IRS final regulations under IRC section 6501 which provide guidance concerning gift disclosure for gift tax purposes.

Tax Law, Public Finance Activities, Tax Administration, Disclosure (Taxation), Information returns

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