Wednesday, March 26, 2014
Recently, Tax Notes made an IRS email available to tax payers. The guidance that the IRS provides states that a refund of gift taxes is permitted when the gift is properly rescinded and the taxpayer has received funds from the original gift.
See Theodore Waggner, IRS E-Email Correspondence: Guidance on Refund of Gift Taxes in Connection with Rescinded Gifts, Wealth Strategies Journal 2.0, Mar.25, 2014.
Special thanks to Jim Hillhouse (Professional Legal Marketing (PLM, Inc.)) for bringing this article to my attention.