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Tax Court Holds Transferees Personally Liable for Estate's Unpaid Taxes
It is plain that Section 2035 requires that all gifts made within 3 years of death be included in the gift-giver's estate. In a recent case the estate failed to include such gifts and the IRS issues a deficiency letter.
After paying $4.7 million in gift taxes attributable to those stock transfers, the estate nearly was insolvent. The IRS pursued the transferees -- children and grandchildren -- for the unpaid taxes.
The tax court ruled that those transferees were personally liable for the unpaid estate taxes.
Source: Investment News, April 3, 2000
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Sponsored by James J. Eccleston, an attorney representing stockbrokers, financial planners and
investors nationwide in arbitration, litigation and regulatory matters, and a shareholder with the law firm
Shaheen, Novoselsky, Staat, Filipowski & Eccleston
P.C.(www.snsfe-law.com). This Web site contains material
of general interest. It is neither intended to, nor constitutes, either legal advice or investment advice.
Always consult an attorney and/or investment advisor when building and protecting your wealth.
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