Federal Estate and Gift Taxation: Amended Regulations Change Valuation for Estate
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چکیده
estate and gift taxes are imposed on the value of the property subject to the tax.1 Thus, valuative standards and techniques become critical, valuation being the "key factor in the imposition of estate tax and gift tax."2 Fair market value3 has long been the standard of valuation for the imposition of these taxes, 4 with negotiation and compromise commonplace in agent-taxpayer dealings, although pursuant to no statutory authorization. 5 The delimitation of the relevant market to be used as a frame of reference in valuation has never been precise, however. Prior to 1965, the Treasury Regula-
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