In his recently updated article, “Defined Value Gifts and Sales Under the Microscope: What’s Possible and What’s Not? – Revisited,” attorney L. Paul Hood analyzes “defined value transactions in isolation of the ‘factual baggage’ that too often has muddied the waters” when the courts and the IRS consider these “difficult” transactions. Hood’s 23-page article, also appearing in the July 2011 Tax Management Estates, Gifts, and Trusts Journal (BNA), notes “What we are (virtually) certain still will not work” as well as “What should still work.”