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Don’t Leave Home Without It – Estate and Gift Tax Conference

Estate and Gift Tax Returns:

Gift Tax.  The “adequate disclosure” Regs (Regs. §301.6501(c)-1(f)) require the following to toll the statute of limitations (to apprise the IRS of the “nature of the gift and the basis for the value so reported):

  • a detailed description of the method used to determine the value;
  • any financial data utilized in determining the value;
  • any restrictions that were considered in determining the value; and
  • a description of any discounts claimed

Estate Tax. Regs. §301.6501(c)-1(f)(3) can serve as a guide.

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