IRS Clarifies Gift Tax Regulations

WASHINGTON (CN) – The U.S. Tax Court may hear taxpayer appeals of the Internal Revenue Service’s valuation of gifts, in certain circumstances.     The U.S. Tax Court may hear a petition for a declaratory judgment if it has determined that the donor has exhausted all administrative remedies, including requesting an appeals conference and participating fully in the appeals process. Full participation requires timely submission of all relevant information requested by the IRS.     Click on the document icon for this and other regulations.