Thursday, December 30, 2004
On December 28, Edward M. Manigault, Vice Chair of the ABA Estate and Gift Tax Committee, sent to the IRS Comments of Individual Members of the ABA, Section of Real Property, Probate and Trust Law, Estate and Gift Tax Committee Concerning Adequate Disclosure of Gifts Reg-106177-98 (also available on the Tax Analysts web site at 2004 TNT 251-37). Here is the Summary:
The Request invited comments on: (a) whether the collection of information is necessary for the proper performance of the functions of the agency, including whether the information shall have practical utility; (b) the accuracy of the estimate of the burden of the collection of information; (c) ways to enhance the quality, utility, and clarity of the information to be collected; (d) ways to minimize the burden of the collection of information on respondents, including through the use of automated collection techniques or other forms of information technology; and (e) estimates of capital or start-up costs and costs of operation, maintenance, and purchase of services to provide information.
Our comments are intended to enhance the quality, utility and clarity of the information to be collected. We also hope that our suggested changes will make Form 709 simpler. Our specific comments relate to the distinction between disclosure of transfers subject to Code § 2701 or Code § 2702 compared to the disclosure required for other gifts.