@macuser_22 wrote:
However, you can get a "credit" for the amount of the gift tax that is applied to the lifetime exemption (not exclusion - only the first $15,000 is excluded) §2505 and other related sections. You get the credit by filing the 709 form that applies the taxable gift to the credit.
Filing the 709 late to get the credit can result in a penalty based on the tax imposed by §2001.
I cannot find any language in the Code or Regs that state a taxpayer loses the credit provided for in Section 2010(c) (or incurs a penalty) simply by failing to file Form 709.
To put it another way, I cannot find any language stating that filing Form 709 is required to secure the credit against tax provided in the Code.
Can you find such language in the Code or Regs? If you cannot, then any such penalty does not exist and you are arguing based upon your beliefs rather than actual statutory language.
