Gift tax

Court Holds That Decedent’s Estate Cannot Deduct Gift Taxes Unpaid on Decedent’s Date of Death Where Donees Agreed to Pay Gift Taxes

Topics: Estate planning, Gift tax

Less than three years prior to his passing, decedent transferred artwork to a limited liability company (LLC) and subsequently made gifts of his interest in the LLC to his nieces. The nieces executed gift acceptance agreements in which each of them agreed to pay the gift taxes, if any, relating to the gifts of the…

Federal Gift Taxes Paid Within 3 Years of Death Included in Washington State Taxable Estate

Topics: Estate planning, Estate tax, Gift tax

Washington State’s Supreme Court held that federal gift taxes paid by a decedent within three years of his death were properly included in both his federal and Washington taxable estates. The court determined that the gross estate for Washington’s estate tax purposes is defined to be the same as under federal law and, as gift…

The Tax on Gifts and Bequests from Covered Expatriates.

Topics: Gift tax

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