IRC Section 2801- 40% Tax on “Covered Gifts” or “Bequests” from “Covered Expatriates”
https://www.youtube.com/watch?v=GqDXTTqIGpM Understanding Covered Gifts and Bequests No. The final regulations explicitly prevent double taxation by excluding from the value of a covered bequest any portion of property previously taxed as a covered gift (Reg. §1.2801-3(c)(3)). This ensures that the same asset is not taxed more than once under §2801. The rule applies regardless of whether […]
IRC Section 2801- 40% Tax on “Covered Gifts” or “Bequests” from “Covered Expatriates” Read More »