Estate and Gift Tax Returns:
Gift Tax. The “adequate disclosure” Regs (Regs. §301.6501(c)-1(f)) require the following to toll the statute of limitations (to apprise the IRS of the “nature of the gift and the basis for the value so reported):
- a detailed description of the method used to determine the value;
- any financial data utilized in determining the value;
- any restrictions that were considered in determining the value; and
- a description of any discounts claimed
Estate Tax. Regs. §301.6501(c)-1(f)(3) can serve as a guide.
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