The Federal Gift Tax Return Form 709: Tax and Legal Issues

With little Congressional interest in increasing the $1 million lifetime exemption, familiarity with gift tax is important in estate planning. This seminar will first consider legal requirements for a completed gift. Filing requirements will then be reviewed. Gifts exempt from the gift tax, gifts for which a deduction is available, and split gifts will be discussed. Current valuation issues will be examined in connection with determining the value of gifted assets. The importance of expert appraisals and adequate disclosure will be emphasized. Penalties, deficiencies and preparer penalties will be reviewed, as will issues involving compliance, collection and liens. The relationship with the estate tax will be analyzed. Finally, a completed Form 709, illustrating concepts presented, will be studied in detail.

Click here for Gift Tax Outline

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