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Full-Text Articles in Law
Toward A Reality-Based Estate Tax, Wendy C. Gerzog
Toward A Reality-Based Estate Tax, Wendy C. Gerzog
All Faculty Scholarship
Currently, the estate tax does not accurately value the property and transactions that it is meant to cover. Additionally, the marital and charitable deductions do not reflect actual associated transfers, instead skewing their benefits away from their purported beneficiaries. This Article proposes reforming the estate tax by eliminating these sources of unreality and distortion, and to make the current estate tax a reality-based tax. Through six specific proposals, the Article identifies solutions to the problems associated with testamentary transfers, puts forth alternative methods of valuation to prevent gaming of transfer taxes, and offers significant modifications to two deduction provisions.
Valuing Fractional Interests In Art For Estate Tax Purposes, Wendy G. Gerzog
Valuing Fractional Interests In Art For Estate Tax Purposes, Wendy G. Gerzog
All Faculty Scholarship
It is difficult to value fractional interests in art because there is virtually no market in those interests. Nevertheless, the Tax Court in Estate of Elkins valued the decedent’s fractional interests in multiple artworks, which the decedent and his children highly cherished. First, the court addressed the restricted agreements under section 2703 and then the court determined the value of decedent’s interests in the art.
Negron: Circuits Now Split 2-2, Wendy G. Gerzog
Negron: Circuits Now Split 2-2, Wendy G. Gerzog
All Faculty Scholarship
The article discusses Negron and the circuit split on the issue of whether to value non-assignable lottery payments in a decedent's estate by means of the actuarial tables or whether that value needs to be discounted for non-marketability.
Valuation Discounting Techniques: Terms Gone Awry, Wendy G. Gerzog
Valuation Discounting Techniques: Terms Gone Awry, Wendy G. Gerzog
All Faculty Scholarship
Fair market value is defined in the section 2031 Regulations. For its validity, that definition of fair market value relies on the normal definitions of its significant terms: a seller is someone who is seeking the highest price for her product and a buyer is someone who wants to obtain the lowest price for his purchase. It is only that tension that creates the realistic, and fair, market value of that asset. Indeed, without that conflict, the definition is comprised of hollow words.
In the context of family limited partnerships, terms have been misused. By utilizing the limited partnership shell, …