This article presents comments on the introduction of probabilities and present value calculations into the analysis of gift tax. While the verbal description is formulated in terms of present value, it is actually future value which is calculated. While either of these may be used to choose amongst alternatives, two future values cannot be compared if they are not carried to the same date. The estate tax liability is calculated on the rather strange assumption that the taxpayer will die with certainty when exactly reaching his expected life.

The article presents a case study on the effect of risk on the use of financial statements by investment decision-makers. The results of a study supported the hypothesis of a positive relationship between the declared use of financial reports by investors, as well as an assumed, theoretical, partial ordering of investments according to risk. Broad ranking in terms of major types of investments were found, including the highest degree of use which occurred with securities and loans not guaranteed by the government and not traded on the stock exchange.