Category Archives: Gift Tax Planning

August Comment: NYS Estate, Gift & Trust Tax Update

I. Introduction A number of important changes to New York estate, trust and gift tax law were recently enacted. Briefly, (i) the New York estate tax exemption will reach parity with the federal exemption by 2019; (ii) the federal estate … Continue reading

Posted in Estate Planning, Gift Tax Planning, Grantor Trusts, Income Taxation of Nongrantor trusts, Income Taxation of Nongrantor trusts, Monthly Comment, NYS DTF Matters, NYS Residency, NYS Tax Litigation, Portability, Tax News & Comment, Trusts | Tagged , , , , , , , , , ,

Tax and Legal Issues Arising in Connection With The Federal Gift Tax Return (2013 Revision)

Posted in Estate Planning, Federal Gift Tax, Gift Tax Planning, Gifts to Minors, Tax & Legal Issues Arising in Connection with the Federal Gift Tax Return (2013 Revision), Treatises | Tagged , , , , , , , , , ,

Portability of Estate Tax Exclusion — Did Congress Guild the Lily?

View in PDF:   Tax News & Comment — February 2013 I.     Introduction As part of the 2010 Tax Act, Congress enacted a statute allowing a surviving spouse to utilize the unused portion of the predeceasing spouse’s lifetime estate tax … Continue reading

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2012 Gift & Estate Tax Decisions of Note

View in PDF:  Tax News & Comment — February 2013 2012 Gift & Estate Tax Decisions of Note I.    Formula Clauses The Tax Court in Wandry v. Com’r, T.C. Memo 2012-88, nonacq., 2012-46 I.R.B. upheld a defined value clause containing … Continue reading

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Gift Planning in 2010

PDF:  Tax News & Comment — March 2010 I.    Introduction   Many taxpayers wish to transfer assets to their children during their lifetimes rather than at their death. Therefore, lifetime transfer planning remains important for reasons wholly independent from the … Continue reading

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Tax and Legal Issues Arising In Connection With the Preparation of the Federal Gift Tax Return, Form 709 — Treatise

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.
The Federal Gift Tax Return Form 709: Tax & Legal Issues

1. Nature of gift tax; filing requirements; extensions; bond 8. Valuing gifts of real estate & closely held companies
2. Whether to file if uncertain as to whether gift complete 9. Valuation discounts and adequate disclosure
3. Statute of limitations on assessment and collection 10. Importance of expert appraisal; preparer penalties
4. Annual exclusion gifts; reciprocal transfers; minors 11. Penalties, interest, liens and transferee liability
5. Exempted transfers: political, educational & medical 12. Assessment, deficiencies & collection; basis issues
6. Gifts to spouses and marital deduction; charitable gifts 13. Relationship with the Estate Tax; “gross up” rule
7. Split gifts: manner and time of consent, liability issues 14. Review of completed Form 709 gift tax return Continue reading

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Requirement of Filing Federal Gift Tax Return

The requirement of filing a federal gift tax return arises when one has made a completed taxable gift. Incomplete gifts do not impose any gift tax filing requirement. Thus, the donor’s gift of a diamond ring would exemplify a completed gift. However, if the donor reserved the power to revest beneficial title in the ring to himself at a later date, the gift would be incomplete.
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