Court Rules Against IRS in Defined-Value Transfer Cases; Clear the Way for Optimizing 2010 Tax Act G

Defined-value transfers, a mechanism for gifting hard-to-value assets, has long been a target of the IRS, with the agency often attempting to revalue the assets for a higher amount at a later date. Although previous, successful taxpayer actions have weakened the IRS’ argument, says Attorney Richard Morgan, the latest case—Wandry v. Commissioner (U.S. Tax Court; Docket Nos. 10751-09, 10808-09)—represents a major victory in the effort to protect these gifting strategies. That outcome is particularly beneficial now, given that the 2010 Tax Act, which allows individuals to exclude up to $5.12 mi
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