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This page contains a single entry by Associate Editor published on December 22, 2011 9:54 PM.

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The Internal Revenue Service Receives Permission from a California Federal Judge to Pursue Intra-Family Property Transfer

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The Internal Revenue Service (IRS) has recently received permission from a California federal judge to get records related to intra-family property transfers for a nominal fee during the years of 2005 to 2010.  The IRS will acquire the names of such residents from the California State Board of Equalization by filing John Doe summons.  Thereafter, the names will be used to minimize taxpayers' failure to file form 709 for intra-family property transfers higher than the $13,000 annual amount excluded from the $1,000,000 lifetime exemption for gifts made prior to 2010.    

See Janet Novack, "Federal Judge Green Lights IRS Search for California Gift Tax Cheats" www.forbes.com (Dec. 28, 2011).

Posted by EJ Antezana, Associate Editor, Wealth Strategies Journal

 

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