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  ALI-ABA Estate Planning Course Materials Journal
  Volume 11, Number 3, June 2005
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  • Estate And Gift Tax Procedure (Part 1)
        Martin E. Basson
        p.7                                                                                          +cite        
        This outline gives the tax practitioner a general overview when he/she is involved with the filing of a United States Estate (and Generation-Skipping Transfer) Tax Return. Also discussed are various procedural matters concerning the United States Gift (and Generation-Skipping Transfer) Tax Return, or Form 709. Although the IRS Estate and Gift Tax Program is monitored at a National level, the actual procedures can, and do, vary from office to office, and this outline points out particular issues where variations can be important and must be identified by practitioners. Updated from the ALI-ABA Course of Study Post-Mortem Planning and Estate Administration, October 28-30, 2004.
  • The Statute Of Limitations And Disclosure Rules For Gifts (With Checklist)
        Ronald D. Aucutt
        p.31                                                                                        +cite        
        Following continued expressions of dissatisfaction on the part of commentators and practitioners, Congress in the Taxpayer Relief Act of 1997 added a new section 2001(f) to deny revaluation for estate tax purposes of all gifts adequately disclosed on a gift tax return once the gift tax statute of limitations has run. The Act also amended section 2504(c) to drop the requirement that a current gift tax must have been paid to achieve this finality of valuation, thus extending the finality of valuation provided by that statute to gifts that merely use some or all of the donor's unified credit. This outline reviews how these disclosure rules for gifts work, and offers suggestions on how to make the best use of them. Updated from the ALI-ABA Course of Study Planning Techniques for Large Estates, April 18-22, 2005.