The U.S. Tax Court has issued a memorandum. In the memorandum, the tax court determines the value of a couple's interests in a vacation home transferred to a qualified personal residence trust, and it agrees with the IRS that the value of the interests should be discounted.
See also Value of Couple's Interests in Home Determined for Gift Tax Purposes, 2010 TNT 90-16, May 11, 2010.
Posted by Neil I. Rumbak, Associate Editor, Wealth
Strategies Journal.

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