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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 …
Identification Of Property Subject To The Federal Estate Tax, Charles L.B. Lowndes, Richard B. Stephens
Identification Of Property Subject To The Federal Estate Tax, Charles L.B. Lowndes, Richard B. Stephens
Michigan Law Review
Although the federal estate tax is imposed on the "transfer" of property, the amount of the levy is a specified percentage of the taxable estate. Correct computation of the tax depends, therefore, upon accurate identification of the property included in the taxable estate. However, the determination and application of the rules governing identification are relatively uncharted areas.
Taxation-Federal Estate Tax-Tax Consequences Of A Gift In Contemplation Of Death By A Joint Tenant Or A Tenant By The Entirety, Fredric L. Smith S.Ed.
Taxation-Federal Estate Tax-Tax Consequences Of A Gift In Contemplation Of Death By A Joint Tenant Or A Tenant By The Entirety, Fredric L. Smith S.Ed.
Michigan Law Review
This comment will examine the foregoing problem in light of several recent cases which have cast doubt on the presently conceived relationship between section 2035 and section 2040.
Taxation - Income Tax - Exemption Of Proceeds Of Insurance Policies Payable In The Form Of An Annuity, Wilbur Jacobs
Taxation - Income Tax - Exemption Of Proceeds Of Insurance Policies Payable In The Form Of An Annuity, Wilbur Jacobs
Michigan Law Review
Plaintiff was the beneficiary of a life insurance policy payable in equal installments over a period of twenty years. The deferred payments had been substituted for payment of the face amount of the policy through an option in the policy exercised by the insured a short time before his death. The Commissioner of Internal Revenue included in gross income the amount by which each payment exceeded one-twentieth of the face amount of the policy on the theory that this excess was interest and hence not within the statute exempting insurance from gross income. Plaintiff sued to recover the tax paid. …
Taxation - Income Tax - Inclusion Of Unpaid Dividends In Decedent's Income, Michigan Law Review
Taxation - Income Tax - Inclusion Of Unpaid Dividends In Decedent's Income, Michigan Law Review
Michigan Law Review
Decedent owned stock in a corporation whose board of directors declared a dividend on April 30, 1934, for the fiscal year ending January 31, 1935, payable to stockholders of record at such times and in such installments as the directors might determine. At the time of decedent's death, October 15, 1934, only one-half of the dividend had been paid to him, but the commissioner included in the gross income of the decedent for the taxable period prior to death the entire amount of the dividend declared. The Board of Tax Appeals reduced this amount to the portion of the dividend …
Trusts - Apportionment Of Annual Taxes Between Life Tenant And Remainderman, Charles F. Dugan
Trusts - Apportionment Of Annual Taxes Between Life Tenant And Remainderman, Charles F. Dugan
Michigan Law Review
Annual taxes on real estate in Massachusetts were assessed on January 1 of each year, and were payable on July and October l, The will set up a trust to pay income to the tenant for life, and to pay the principal to the remainderman. The trustees sought to retain sufficient funds out of income to meet the next year's taxes, fearing that the tenant might not live long enough after January 1 to accumulate sufficient income to meet the taxes, and they brought this bill for instructions. The probate court entered a decree sustaining the trustees' contentions. On appeal, …