Valuing undivided interests: a new approach to an old problem

Article Abstract:

The Tax Court's 1997 decision in Estate of Barge substantially adopting the IRS position on valuations of undivided property interests has advantages and disadvantages. Undivided interests have lower values than interests in the entirety or interests in underlying properties. The Tax Court adopted a cost of partition approach to valuing property interests which results in lower discounts than other methods of appraisal but is helpful when determining values in cases where there exists no comparable sales.

Valuation, Real property, Real estate appraisal, Interest (Law)

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What powers can a donor retain over transferred property?

Article Abstract:

Donors can retain substantial control over donated property. Transfers to trusts and revocable transfers are not completed gifts and cannot therefore be claimed for tax purposes. The donor should not serve as a trustee for the property, although the donor can serve as trustee for an irrevocable trust. Income tax provisions will apply if the gift property is included in the donor's gross estate.

SOCIAL SERVICES, Private Social Services, Social Assistance, Methods, Planning, Laws, regulations and rules, Estate planning, Estate tax, Estate taxes, Trusts and trustees, Trustees, Trusts (Law), Gift tax, Charitable contributions, Charitable donations

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