Steve Gorin of Thompson Coburn LLP has requested that Treasury exercise its authority to amend language in section 2511(c) to clarify that a gift to a trust will not be characterized as a gift that is incomplete, in whole or in part, unless the trust is treated as wholly owned by the donor or the donor's spouse.
See Tax Notes: "Individual Asks Treasury to Address Gift Tax Treatment of Transfers in Trust," 2009 TNT 248-19 (December 3, 2009)
Posted by Marc Patterson, Managing Associate Editor, Wealth Strategies Journal.
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