Elaine Hightower Gagliardi on Proving Estate and Gift Tax Value: Evolving Lessons from Recent Cases (PDF)
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Determination of value can have a substantial impact on the amount of tax ultimately paid and whether the court may assess a penalty for undervaluation. Analysis of recent cases provides a better understanding of trends in proving valuation. This Analysis examines how the burden of proof, and the potential for shifting that burden to the Commissioner, often has little or no impact on the Tax Court's ultimate determination of value.
Elaine Gagliardi is a professor of law at the Alexander Blewett III School of Law at the University of Montana. She has been elected as an academic fellow of both the American College of Tax Counsel and the American College of Trust and Estate Counsel. She authors two treatises: Modern Estate Planning, Second Edition (Lexis Publishing) with Professors Martin Burke and Michael Friel, and How to Save Time and Taxes Handling Estates (Matthew Bender). The author thanks her colleagues Professors Larry Howell and Andrew King-Ries for sharing their litigation expertise and insightful comments.
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