Adequate Disclosure

Caution: To begin the running of the statute of limitations for a gift, the gift must be adequately disclosed on Form 709-NA (or an attached statement) filed for the year of the gift.

• The identity of, and relationship between, the donor and each donee.

• If the property is transferred in trust, the trust's employer identification number (EIN) and a brief description of the terms of the trust (or a copy of the trust instrument in lieu of the description).

• Either a qualified appraisal or a detailed description of the method used to determine the fair market value (FMV) of the gift.

See Regulations sections 301.6501(c)-1(e) and (f) for details, including what constitutes a qualified appraisal, the information required if no appraisal is provided, and the information required for transfers under sections 2701 and 2702.