GIFT TAX

Rev. Rul. 98–21, page 7. Transfer of nonstatutory stock option. This ruling provides guidance on the time that a completed gift occurs when a nonstatutory stock option is transferred without consideration by the optionee to a family member.

Rev. Proc. 98–34, page 15. Valuation of compensatory stock options. This procedure sets forth a methodology to value certain compensatory stock options for gift, estate, and generation-skipping transfer tax purposes.