February 2010

IRS Issues Guidance on Gift Tax Consequences of Transfers in Trust

From the Journal of Accountancy.

The IRS on Tuesday clarified for taxpayers that despite the provisions of IRC § 2511(c), the gift tax continues to apply to certain transfers to a wholly owned grantor trust (Notice 2010-19). Some taxpayers had interpreted section 2511(c) to exclude from gift tax all transfers in trust where the trust is wholly owned by the donor or the donor’s spouse. The notice says the IRS plans to issue further guidance on this topic.

Real full article.


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This publication is part of Blackman Kallick’s marketing of professional services, and is not written tax advice directed at the specific facts and circumstances of any person and/or entity. Contents of this publication are of a general nature, and you should not act on this information without obtaining professional advice from your business advisor that is appropriately tailored to your individual needs and circumstances. This written advice is not intended or written to be used, and cannot be used by any taxpayer, for the purpose of avoiding penalties that may be imposed under the Internal Revenue Code.