Walter Rogers’s article “Valuation for Gift Tax Purposes: It Ain’t Over Till It’s Over” Published by NCBA Periodical
Raleigh, NC (January 6, 2011) - “Valuation for Gift Tax Purposes: It Ain’t Over Till It’s Over” by Walter R. Rogers, Jr., a partner in Smith Anderson’s tax practice group, has been published by the North Carolina Bar Association (NCBA) in The Will & The Way, a periodical of the NCBA’s Estate Planning & Fiduciary Law Section. The article deals with what taxpayers should do to assure that their valuations of gifts will be respected by the IRS and will not be the subject of future gift, estate or generation-skipping transfer tax proceedings. The article discusses the statute of limitation on assessment of gift tax and the interrelationship between gift tax valuation and the calculation of the federal estate tax. The article offers suggestions concerning disclosure in accordance with the IRS’s standards for achieving finality in gift tax valuation.
Mr. Rogers regularly represents a variety of clients in matters involving, federal, state and local taxation and in business transactions with tax implications. He is involved with tax planning for businesses, individuals, trusts and estates, as well as resolving tax controversies and advising tax-exempt organizations in matters of formation and operation. His practice also includes assisting individuals with estate planning and advising executors, trustees and beneficiaries in matters of estate and trust administration. His work in business transactions involves not only acquisitions and dispositions of business enterprises, but also assisting corporations, partnerships and limited liability companies with matters of formation and operation.