Should Section 2512(b) be viewed as a part of the definition of gift or as...
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Accounting
Should Section 2512(b) be viewed as a part of the definition of gift or as a measuring rod for transfers otherwise identified as gifts? For example, for several months C negotiated with a parents sibling T for the purchase of 100 acres of Ts ranch. T finally sells the property to C for $1,900,000. If the Commissioner asserts, and it cannot be disproved, that the property was worth $2 million:
A) Has T made a gift? See Reg Section 25.2512-8
B) Is Ts intent, donative or otherwise entirely irrelevant?
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