In an article for Wealth Management: Trusts & Estates, Private Wealth partner Louis Laski reviewed the historical context and recent case law surrounding disclosures of gift and non-gift transactions on gift tax returns. Specifically, Louis parses through the regulations surrounding disclosures of gift and non-gift transactions pointing out important textual differences in the various provisions comprising the applicable regulation.
As part of the discussion, Louis examines the import of the Schlapfer v. Commissioner decision, which he concludes "has provided some ammunition for practitioners to fight the adequate disclosure battle but if that can be avoided at the outset (by strictly complying with the regulations), one would be prudent to do so."
"Adequate Disclosure: Where Are We Now?," Wealth Management: Trusts & Estates, October 23, 2023; and Trusts & Estates Magazine,* November 2023
*Subscription required for magazine article access.
The content of this article is intended to provide a general guide to the subject matter. Specialist advice should be sought about your specific circumstances.