Updated Life Expectancy for Gift Tax / Estate Tax Valuations

IRS has issued new tables for valuing life estates, term interests, remainders and reversions for estate, gift and income tax purposes. The new tables reflect today’s longer life expectancies. For gifts made in May or June 2009, or deaths occurring then, the gift donor or estate executor may choose to use either the old or new tables.

Estate Credited for Additional Charity Deduction

Estate was given credit for additional charitable contributions for portion of settlement payments that were made to charitable beneficiaries and involved stock willed to non-charitable beneficiaries, who were alleged to have manipulated stock/stock's disposition so as to keep decedent from selling it and to preserve it for their benefit. (Estate Of Eugenia F. Williams, et al. v. Commissioner, (2009) TC Memo 2009-5)