Tax Insights: Year-End Gift Tax Opportunities

  • Tax strategies
  • 12/22/2020
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Learn about the opportunities available for year-end gifting and valuations.

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Amid political change and market volatility, you need solid estate planning strategies that are flexible enough to weather changing conditions. While 2020 may have been a year of uncertainty, it could still be a good time for year-end gifting.

In 2012, the U.S. Tax Court ruled in Wandry v. Commissioner that the worth of hard-to-value assets can be determined later (after the sale). But in June 2020, the court ruled in the favor of the IRS in Nelson v. Commissioner when the taxpayer incorrectly attempted to use a defined value provision. It’s critical that you understand the importance of having a qualified appraisal to support the value of your gift, and that any formula clause used in gifting is properly drafted.

Paul Neiffer interviews Mike Prinzo and Sahan Totagamuwa to learn more about opportunities with gifting and valuations.


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