Lynn Nichols covers the week’s update on the latest tax updates

• Proposed regulation in response of legislation from 1997 for donors to dispute the gift valuation in tax court.
• Letter ruling 2008-23012 – termination fee received by prospective acquirer from the prospective acquired firm.
• Tax Court Summary Opinion 2008-65 - Somra Adelle vs Commissioner - complex transactions regarding theft loss deductions
• Announcement 2008-56 Change of reporting of some dividends from some employee stock ownership plans
• And much more