Late 2012 saw an unprecedented amount of gifting, as taxpayers sought to use up their unified credit before it was slated to shrink up in 2013. As a result, the IRS should be swamped with gift tax returns for 2012. Taxpayers...more
In a recent Chief Counsel Advice, a taxpayer made a gift in the prior year, but did not file a gift tax return. The taxpayer later died. On the estate tax return for the taxpayer, the earlier unreported gift was reported....more
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