Gift tax return disclosure.Rev. Proc. 2000-34 provides guidance on disclosing a gift if adequate information was not initially submitted with a gift tax return filed in the year the gift was made. To commence the running of the three-year statute of limitations A type of federal or state law that restricts the time within which legal proceedings may be brought. Statutes of limitations, which date back to early Roman Law, are a fundamental part of European and U.S. law. for such gifts, the donor The party conferring a power. One who makes a gift. One who creates a trust. donor n. a person or entity making a gift or donation. DONOR. He who makes a gift. (q.v.) must file an amended a·mend v. a·mend·ed, a·mend·ing, a·mends v.tr. 1. To change for the better; improve: amended the earlier proposal so as to make it more comprehensive. 2. gift tax return for the calendar year of the gift. The amended return Amended Return A return filed in order to make corrections to a tax return from a previous year. It can be used to correct errors and claim a more advantageous filing. Notes: An amended return is filed using Form 1040X. must identify the transfer and provide the information required by Regs. Sec. 301.6501(c)-1(f) that was not previously submitted. The amended return must be filed with the service center of the originally filed return. [GRAPH OMITTED] |
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