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The Haitian Vacation: The Applicability Of Sham Doctrine To Year-End Divorces, Michigan Law Review
The Haitian Vacation: The Applicability Of Sham Doctrine To Year-End Divorces, Michigan Law Review
Michigan Law Review
This Note examines the propriety of applying the sham doctrine to tax-motivated divorces. Section I outlines the evolution of the sham doctrine from its exposition in Gregory v. Helvering through its expression in two different tests for commercial transactions. Section II then studies the relationship between state divorce law and the marital status provisions of the Internal Revenue Code to demonstrate the clear congressional preference for incorporating state law by reference rather than creating an independent federal law of marriage. It also examines the history of the 1969 Tax Reform Act in a vain effort to discern a congressional desire …
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 …
Widow's Succession In Common-Law Property State To Husband's Rights In Her Half Of Community Property Is Taxable And Valued At One-Half Of Entire Community--In Re Kessler's Estate, Michigan Law Review
Widow's Succession In Common-Law Property State To Husband's Rights In Her Half Of Community Property Is Taxable And Valued At One-Half Of Entire Community--In Re Kessler's Estate, Michigan Law Review
Michigan Law Review
While residing with his wife in California, decedent purchased stock, which under California law became community property. The couple later moved to Ohio, a common-law property state, where decedent died. An Ohio probate court approved the executor's determination that the widow's one-half interest in the stock was not subject to the Ohio succession tax. On appeal by the state tax commissioner to the Ohio Supreme Court, held, reversed, three judges dissenting. A wife's succession to her husband's right to manage and control her half of the community property is subject to the Ohio succession tax on joint and survivorship …
Net Operating Loss Sustained By Taxpayer Prior To Marriage Cannot Be Applied Subsequently Against Spouse's Income- Calvin V. United States, Michigan Law Review
Net Operating Loss Sustained By Taxpayer Prior To Marriage Cannot Be Applied Subsequently Against Spouse's Income- Calvin V. United States, Michigan Law Review
Michigan Law Review
Prior to marriage, plaintiff-wife sustained net operating losses which she was entitled to carry over under section 172 of the Internal Revenue Code. For the year 1959, the plaintiffs filed a joint return in which they applied the wife's net operating loss carryover deduction to both of their incomes. The Commissioner allowed the loss carryover to be applied to the wife's but not to the husband's income. In a suit for refund of taxes withheld from the husband's wages, held, judgment for defendant. If a husband and wife elect to file a joint return, net operating losses sustained by …
Marital Deduction Formula Clauses In Estate Planning-Estate And Income Tax Considerations, Alan N. Polasky
Marital Deduction Formula Clauses In Estate Planning-Estate And Income Tax Considerations, Alan N. Polasky
Michigan Law Review
Once upon a time, and not so very long ago, a child was born, much to the delight of its lawyer-parents. As children will, it brought much joy and only occasional moments of dismay and concern during its early, formative years. But one day it entered the terrible teens, and at age sixteen it became, like many teen-agers, baffling, confusing, and frustrating, giving rise to frenzied attempts to cope with and control the complexities of its behavior. Its name? The Federal Estate Tax Marital Deduction.
Some General Aspects Of Michigan Community Property Law, William E. Burby
Some General Aspects Of Michigan Community Property Law, William E. Burby
Michigan Law Review
The common law, in recognition of the fact that one spouse is entitled to some economic security in the property of the other spouse, evolved the interests known as dower and curtesy. These interests, of course, apply only with respect to land. The husband enjoyed an additional economic advantage that came from the management and control of his wife's property. This latter advantage has disappeared with the advent of Married Women's Property Acts that confer upon married women the right to manage their own estates. Statutes have also expanded on the concept of dower and curtesy by providing for a …