Open Access. Powered by Scholars. Published by Universities.®
- Institution
- Keyword
-
- Estate tax (3)
- Gift tax (3)
- Procter (3)
- Charitable deduction (2)
- Estate Planning (2)
-
- FLP (2)
- Family LLC (2)
- Robinette (2)
- Trusts (2)
- 132 S. Ct. 1836 (2012) (1)
- American Bar Endowment (1)
- Beneficiaries (1)
- Bequest (1)
- Burden of proof (1)
- Charitable gift (1)
- Claim against the estate (1)
- Congress (1)
- Deduction (1)
- Defined Value Clauses (1)
- Defined value clause (1)
- Defined value clauses (1)
- Dunlap (1)
- Eldercare (1)
- Estates (1)
- Expert valuation (1)
- Facade easement (1)
- Fair market value (1)
- Finance (1)
- Fiscal policy (1)
- Generation skipping transfer tax (1)
Articles 1 - 13 of 13
Full-Text Articles in Law
Setting The Statute Of Limitations In United States V. Home Concrete & Supply, Llc, 132 S. Ct. 1836 (2012), Joan I. Oppenheimer
Setting The Statute Of Limitations In United States V. Home Concrete & Supply, Llc, 132 S. Ct. 1836 (2012), Joan I. Oppenheimer
William & Mary Annual Tax Conference
No abstract provided.
An Objective View Of Insurance: Advanced Life Insurance Planning Case Studies (Slides), Thomas J. Pauloski
An Objective View Of Insurance: Advanced Life Insurance Planning Case Studies (Slides), Thomas J. Pauloski
William & Mary Annual Tax Conference
No abstract provided.
When Estate Planning Gets Mugged By Reality: A Cautionary Tale Of Our Times (Slides), Neil L. Rose, Edith E. Weiss
When Estate Planning Gets Mugged By Reality: A Cautionary Tale Of Our Times (Slides), Neil L. Rose, Edith E. Weiss
William & Mary Annual Tax Conference
No abstract provided.
Not All Defined Value Clauses Are Equal, Wendy G. Gerzog
Not All Defined Value Clauses Are Equal, Wendy G. Gerzog
All Faculty Scholarship
Defined value clauses used to value nonmarketable family limited partnership (FLP) interests create valuation distortions and other public policy issues. This paper describes these abuses and proposes the employment of restrictions similar to those applied to pecuniary formula marital deduction clauses.
The article explains how pecuniary formula marital deduction provisions created valuation distortions by allowing for undervaluation of the marital share that were remedied by the IRS’s Rev. Proc. 64-19 and the enactment of section 2056(b)(10). The article analyzes recent case law expanding the use of defined value clauses into the FLP area and criticizes the courts for not applying …
Elaine Hightower Gagliardi On Treasury Transforms The Portability Election: Making The Dsue Amount A Reliable Planning Tool, Elaine H. Gagliardi
Elaine Hightower Gagliardi On Treasury Transforms The Portability Election: Making The Dsue Amount A Reliable Planning Tool, Elaine H. Gagliardi
Faculty Journal Articles & Other Writings
With the issuance of temporary regulations, Treasury pulls back the cloak of uncertainty and reveals a portability election that proves to be relatively dependable and a useful planning tool. The temporary portability regulations,1 issued June 15, 2012, remove the “now you see it, now you don’t”2 quality of the deceased spousal unused exclusion (“DSUE”) amount as enacted by Congress. With a sleight of hand, Treasury rewrites the plain wording of the statute to eliminate uncertainty. The temporary regulations provide a clear path for avoiding loss of the DSUE amount on remarriage. The regulations allow donors to make gifts without fear …
Facade Easement: Inexpert Valuation, Wendy G. Gerzog
Facade Easement: Inexpert Valuation, Wendy G. Gerzog
All Faculty Scholarship
The article discusses the recent Dunlap decision, which involved facade easement transfers to the National Architectural Trust, a qualified charity that preserves building easements across the country, although most are in New York City. Although allowing a deduction for their cash contributions to NAT to enforce the easement and not finding any penalties applicable, the Tax Court held that despite two valuation reports written by accepted valuation experts, the taxpayers had not established any value for their easement.
Effectively Curbing The Gst Exemption For Perpetual Trusts, Lawrence W. Waggoner
Effectively Curbing The Gst Exemption For Perpetual Trusts, Lawrence W. Waggoner
Articles
In "Effectively Curbing the GST Exemption for Perpetual Trusts," I criticized the Treasury Department’s proposal for dealing with perpetual trusts. My objection is that Treasury’s approach would leave many trusts and much wealth GST-exempt for much longer than Congress originally intended. For perpetual trusts created before enactment, Treasury’s approach would allow them to continue to be unburdened by a durational limit. For perpetual trusts created after the effective date of enactment, Treasury’s approach would still allow them to qualify for the GST exemption, but would have the exemption expire 90 years after the trust was created.
Elaine Hightower Gagliardi On The Deceased Spousal Unused Exclusion Amount: Now You See It, Now You Don't, Elaine H. Gagliardi
Elaine Hightower Gagliardi On The Deceased Spousal Unused Exclusion Amount: Now You See It, Now You Don't, Elaine H. Gagliardi
Faculty Journal Articles & Other Writings
Spousal portability of the applicable exclusion amount promises estate planning simplicity.70 No longer will a married couple need to make lifetime transfers of assets to ensure that each spouse holds sufficient assets to fully use the unified credit of each regardless of the order of death.71 A couple can also avoid the attendant costs of placing property in a credit shelter trust following the first death.72 Portability achieves these purposes and at the same time aligns with testamentary goals of clients when all the children of the couple are from the marriage, neither spouse anticipates remarriage following the first death, …
Wandering Far Afield With Defined Value Clauses, Wendy G. Gerzog
Wandering Far Afield With Defined Value Clauses, Wendy G. Gerzog
All Faculty Scholarship
The Wandry decision extends the application of defined value clauses beyond those family limited partnership cases that transfer any excess value to a charity. In Wandry, the Tax Court reads Procter narrowly and ignores the fundamental rationale of Robinette.
The U.S. Tax System: Where Do We Go From Here?, Adele C. Morris
The U.S. Tax System: Where Do We Go From Here?, Adele C. Morris
Brookings Scholar Lecture Series
This talk will explore how the U.S. tax system really works, where revenue comes from, where spending goes, what a tax expenditure is, and discuss deficit prognoses and how the recent political debates could affect our economy. The speaker will highlight some advantages and disadvantages of different budget balancing options.
Defined Value Clauses And Fair Market Value, Wendy G. Gerzog
Defined Value Clauses And Fair Market Value, Wendy G. Gerzog
All Faculty Scholarship
In Hendrix the Tax Court considered the issues of whether defined value clauses were the result of arm’s-length transactions and whether they were void as against public policy. The underlying dispute was whether the taxpayers’ transfers of the John H. Hendrix Co. stock were valued at fair market value. With a decision favoring the taxpayers, the defined value clauses in both McCord and Hendrix impede the accurate valuation of taxable gifts to family members and of deductible charitable gifts.
Boomer-Ang Eldercare: Deductible Claim?, Wendy G. Gerzog
Boomer-Ang Eldercare: Deductible Claim?, Wendy G. Gerzog
All Faculty Scholarship
In this article, Gerzog discusses Estate of Olivo, in which the Tax Court determined the deductibility under section 2053 of a claim against the decedent’s estate for eldercare services provided by a family member.
Which The Deader Hand - A Counter To The American Law Institute's Proposed Revival Of Dying Perpetuities Rules, 86 Tul. L. Rev. 559 (2012), Scott Andrew Shepard
Which The Deader Hand - A Counter To The American Law Institute's Proposed Revival Of Dying Perpetuities Rules, 86 Tul. L. Rev. 559 (2012), Scott Andrew Shepard
UIC Law Open Access Faculty Scholarship
Encouraged primarily by a fluke in federal estate and gift law, more than half of the states have either effectively or entirely abolished their rules against perpetuities in the past two decades. The American Law Institute, deeply troubled by this development has adopted for its Third Restatement a proposed rule against perpetuities that would essentially prohibit conditional gifts to continue for the benefit of parties born more than two generations after the transferor.
The ALI's efforts are misguided. The rule against perpetuities was the product of a legal, political, and social age very different than our own. It was designed …