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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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