Beware not allocating the GSTT exemption on a gift tax return – a trap for the unwary. : An article from: The Tax Adviser

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This digital document is an article from The Tax Adviser, published by American Institute of CPA’s on August 1, 1997. The length of the article is 2229 words. The page length shown above is based on a typical 300-word page. The article is delivered in HTML format and is available in your Amazon.com Digital Locker immediately after purchase. You can view it with any web browser.

From the supplier: Allocation of the $1 mil generation-skipping transfer tax (GSTT) exemption on gift tax returns is extremely important in minimizing tax liability. A GSTT exemption allocation on a timely filed return will use property values based on the transfer date, but if the GSTT allocation is not made until after the client’s death, higher taxes will be incurred because the allocation date will become the valuation date. Congress will be considering statutory changes to eliminate this pitfall.

Citation Details
Title: Beware not allocating the GSTT exemption on a gift tax return – a trap for the unwary. (generation-skipping transfer tax)
Author: Eileen Reichenberg Sherr
Publication: The Tax Adviser (Magazine/Journal)
Date: August 1, 1997
Publisher: American Institute of CPA’s
Volume: 28 Issue: n8 Page: 514(3)

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