Overheard at a recent BV conference in Colorado: At least one estate and gift tax attorney reports that he’s seen audits—previously flagged for an IRS audit—suddenly and “magically” withdrawn. “The word on the street is that this administration is going to try and gut the estate tax by eliminating IRS staff, from the low[est] all the way to the highest level,” he says. “If they minimize audits, then the estate tax will ‘repeal itself.’”

Certainly, reports over the summer that the IRS has cut half of its E&G staff (see BVWire #46-3) seem to support the buzz. But will the recent mid-term elections bring the tax auditors back? Stay tuned…