Last spring, my parents gave my brother title to some property. At the time, they thought that they didn't need to do anything WRT the gift tax, because the value was ("obviously") less than the 'lifetime exclusion' (I think that's the right phrase). Now, they find that they apparently have to file the form anyway, and (surprise) document the valuation. Can they just get it appraised now (2/07), and use that, or does something have to be done to determine the value as of the date of the transfer? TIA, George
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