Tax Tips

Description

Abstract: This issue’s “Tax Tips” discusses defined-value gifts, which can be used to gift illiquid assets to take advantage of this year’s expiring $5.12 million gift tax exemption, even though it may be too late to obtain an appraisal. Other items show how to make the most of S corporation losses; note a Tax Court clarification of the age-55 exception to the early withdrawal penalty; and warn against overlooking the potential tax implications of company wellness programs.