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Full-Text Articles in Law
The Funding Of Children's Educational Costs, Douglas A. Kahn
The Funding Of Children's Educational Costs, Douglas A. Kahn
Articles
A plan for reduction of educational costs should take federal transfer taxes into account. The method chosen for reducing income tax liability usually will involve making gifts. To the extent that it is convenient to do so, the transfer tax consequences of making such gifts should be minimized. This article will examine the estate and gift tax consequences of the income tax reduction arrangements described herein and will consider means of structuring the transactions so as to minimize those consequences.
Transactions Subject To Gift Tax, Douglas A. Kahn, Earl M. Colson
Transactions Subject To Gift Tax, Douglas A. Kahn, Earl M. Colson
Articles
The gift tax is imposed on the "transfer of property by gift." The term gift is not expressly defined either in the Code or in the Treasury Regulations. However, section 2512(b), dealing with the valuation of gifts, states that "where property is transferred for less than an adequate and full consideration in money or money's worth," the difference between the value of the property transferred and the consideration received constitutes a gift. Thus, for gift tax purposes, the determination of whether a gift was made does not turn so much on the intent of the transferor as it does on …
Recent Developments In Gift And Estate Taxation, Douglas A. Kahn
Recent Developments In Gift And Estate Taxation, Douglas A. Kahn
Other Publications
A summarization of recent tax cases.
Kahn, Colson, & Craven: Federal Taxation Of Estates, Gifts, And Trusts, Richard D. Hobbet
Kahn, Colson, & Craven: Federal Taxation Of Estates, Gifts, And Trusts, Richard D. Hobbet
Michigan Law Review
A Review of Federal Taxation of Estates, Gifts, and Trusts by Douglas A. Kahn, Earl M. Colson, and George Craven
A Guide To The Estate And Gift Tax Amendments Of 1970, Douglas A. Kahn
A Guide To The Estate And Gift Tax Amendments Of 1970, Douglas A. Kahn
Articles
The Excise, Estate, and Gift Tax Adjustment Act of 1970 [Pub. L. No. 91-614 (Dec. 31, 1970) made a number of amendments to the federal estate and gift tax laws. The estate tax laws were amended to shorten the period of time for filing estate tax returns and for the alternate valuation date and for several related items. In addition, for income tax purposes, the holding period of property that was included in a decedent's gross estate and that was acquired from the decedent was altered; and fiduciaries were granted additional means of obtaining a discharge of their personal liability …
Restructuring Federal Estate And Gift Taxes: Impact Of Proposed Reforms On Estate Planning, Verner F. Chaffin
Restructuring Federal Estate And Gift Taxes: Impact Of Proposed Reforms On Estate Planning, Verner F. Chaffin
Michigan Law Review
It is undeniable that estate and gift taxes, in contrast to income taxes, have not received the legislative attention that they deserve. Congress has largely ignored these important segments of our tax structure for many years, and during that time a host of defects and inequities have become apparent. This congressional indifference in the estate and gift tax field can be attributed to the fact that these taxes, unlike the income tax, affect relatively few people, and that they produce less than two per cent of our total tax revenue. It is understandable, therefore, that while the major thrust of …
Joint Tenancy: The Estate Lawyer's Continuing Burden, John E. Riecker
Joint Tenancy: The Estate Lawyer's Continuing Burden, John E. Riecker
Michigan Law Review
The discussion which follows will be divided into three major parts. First, it will be important to see why so much real and personal property remains in joint tenancy between husband and wife or in entireties tenancy. It has been almost eighteen years since Congress eliminated the necessity of holding property in this form in order to split income therefrom for income tax purposes. Is inertia the only reason for the popularity of joint ownership, or are there other reasons? Second, we shall review the familiar but false assumptions most laymen (and even a few attorneys) commonly make regarding the …
Abstracts, Katherine Kempfer
Abstracts, Katherine Kempfer
Michigan Law Review
The abstracts consist merely of summaries of the facts and holdings of recent cases and are distinguished from the notes by the absence of discussion.