Discussion:Do gift tax returns get audited?
From TaxAlmanac, A Free Online Resource for Tax Professionals
Note: You are using this website at your own risk, subject to our Disclaimer and Website Use and Contribution Terms.
From TaxAlmanac
(Difference between revisions)
| Revision as of 01:03, 6 November 2009 DaveFogel (Talk | contribs) (Yes, the IRS doe) ← Previous diff |
Revision as of 01:26, 6 November 2009 Dennis (Talk | contribs) Next diff → |
||
| Line 6: | Line 6: | ||
| {{ForumReplyPost|UserID=DaveFogel|Date=6 November 2009|Text=Yes, the IRS does audit gift tax returns, particularly if discounts were taken in arriving at the fair market value of the gifts and if adjustment of the discounts would result in additional gift tax. I have represented a few taxpayers in these audits. | {{ForumReplyPost|UserID=DaveFogel|Date=6 November 2009|Text=Yes, the IRS does audit gift tax returns, particularly if discounts were taken in arriving at the fair market value of the gifts and if adjustment of the discounts would result in additional gift tax. I have represented a few taxpayers in these audits. | ||
| - | The IRS recently issued T.D. 9460 (10/27/09), which revised Treas. Reg. §301.7477-1. This regulation provides that if the IRS’s proposed adjustment to a gift tax return will not result in any additional liability for gift tax, then under certain conditions the IRS can use the declaratory judgment procedure under IRC §7477.}} | + | The IRS recently issued T.D. 9460 (10/27/09), which revised Treas. [[Reg. 301.7477-1]]. This regulation provides that if the IRS’s proposed adjustment to a gift tax return will not result in any additional liability for gift tax, then under certain conditions the IRS can use the declaratory judgment procedure under IRC §7477.}} |
Revision as of 01:26, 6 November 2009
Discussion Forum Index --> Basic Tax Questions --> Do gift tax returns get audited?
Discussion Forum Index --> Tax Questions --> Do gift tax returns get audited?
| 6 November 2009 | |
| An accountant I met today who has been practicing for 30 years or something said he has never had a gift tax return audited. I was pretty surprised to hear this. I don't do taxes, but I do perform business valuations, so I am interested in knowing whether other CPAs have similar experience (not getting audited) with gift tax returns, particularly when valuation discounts are applied to the gift. | |
| 6 November 2009 | |
| Yes, the IRS does audit gift tax returns, particularly if discounts were taken in arriving at the fair market value of the gifts and if adjustment of the discounts would result in additional gift tax. I have represented a few taxpayers in these audits.
The IRS recently issued T.D. 9460 (10/27/09), which revised Treas. Reg. 301.7477-1. This regulation provides that if the IRS’s proposed adjustment to a gift tax return will not result in any additional liability for gift tax, then under certain conditions the IRS can use the declaratory judgment procedure under IRC §7477. | |
