IRS proposes new rules for reporting gifts; Statute of limitations welcome, but some proposed requirements difficult

Business Valuation Update
October 26, 2000

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internal revenue service (IRS), internal revenue code (IRC), burden of proof

Summary

Certainly taxpayers welcome the provision of the Taxpayer Relief Act of 1997 that starts a three-year statute of limitations on revaluation when a proper gift tax return is filed, whether any gift tax ...