Tax Court rules on fair market value of taxable gifts

12/16/2013 | Tax Adviser, The

This article discusses a Tax Court ruling on the fair market value of taxable gifts, addressing the concepts of "net gift" and Section 2035(b) liability. Rejecting previous case law, the court found that a donor can take the value of a donee's assumption of Section 2035(b) gift tax liability into account in determining the value of a gift.

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Tax Adviser, The

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