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Wow! During 2008 we witnessed $4 a gallon gasoline, a mortgage industry meltdown, the Dow Jones Industrial Average fall from approximately 13,000 to 8,000, and the election of a new president; an African American, no less. And amidst all of these historic firsts, we may be experiencing the best of times for gift tax planning from a valuation perspective, because transfers may be accomplished at lower
Radd L. Riebe
Wow! During 2008 we witnessed $4 a gallon gasoline, a mortgage industry meltdown, the Dow Jones Industrial Average fall from approximately 13,000 to 8,000, and the election of a new president; an African American, no less. And amidst all of these historic firsts, we may be experiencing the best of times for gift tax planning from a valuation perspective, because transfers may be accomplished at lower values.
Taxpayers Win, At Last
First, though, let's note the good news: Discounts are actually holding, at long last. After years of Internal Revenue Code Section 20361 losses by taxpayers, in early 2008, the taxpayer won a significant victory in Estate of Mirowski.2 A limited liability company established with a legitimate and si...
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