‘Steinberg’ Provides Road Map for Net Gift Valuation Discounts

September 18, 2015 – In The News
Daily Tax Report

Reproduced with permission from Daily Tax Report, 181 DTR K-4 (Sep. 18, 2015). Copyright 2018 by The Bureau of National Affairs, Inc. (800-372-1033)

Matthew A. Levitsky was quoted in the Daily Tax Report article, “’Steinberg’ Provides Road Map for Net Gift Valuation Discounts.” Full text can be found in the September 18, 2015, issue, but a synopsis is below.

The U.S. Tax Court ruled in Steinberg v. Commissioner that the willing buyer and willing seller test combined with the IRS’ actuarial mortality and interest tables applied to determine the amount of the decrease in value of a gift as the result of the recipient’s potential estate liability.

The case showed “the broad reach of the willing buyer/willing seller standard when valuing a gift,” said Matthew A. Levitsky.

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