Is gift relief mandatory

Posted by JennyH PM | on Tue, 01/05/2012 - 15:31 405 2 comments | report

Husband and wife in partnership 50:50. They separate and agree husband takes the business. Wife gifts her share to him.

If the gift takes place in year of separation, it is no gain no loss.

Can you elect for the transfer to be at market value to take advantage of ER?

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JennyH | Wed, 02/05/2012 - 12:45

david5541 | Wed, 02/05/2012 - 12:57