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Articles 1 - 5 of 5
Full-Text Articles in Law
Alms To The Rich: The Facade Easement Deduction, Wendy G. Gerzog
Alms To The Rich: The Facade Easement Deduction, Wendy G. Gerzog
All Faculty Scholarship
This article presents the case for repeal of the façade easement deduction. Proponents of this benefit argue that the deduction encourages historic preservation by reimbursing property owners for relinquishing their right to alter the façade of their property in a way inconsistent with that conservation goal; however, this article shows that there are many reasons to urge its repeal: the revenue loss, the small number of beneficiaries, the financial demographics of that group of beneficiaries; the dubious industries that are supported by the deduction; and the continual marked overvaluation and abuse despite Congressional, court, and administrative review and expense.
After …
What's Wrong With A Federal Inheritance Tax?, Wendy G. Gerzog
What's Wrong With A Federal Inheritance Tax?, Wendy G. Gerzog
All Faculty Scholarship
Scholars have proposed a federal inheritance tax as an alternative to the current federal transfer tax, but there are serious flaws with that idea. In existing inheritance tax systems, those problems include: (1) different tax rates and exemptions based on the decedent’s relationship to the beneficiary; (2) the lack of a tax on lifetime gratuitous transfers, including gifts with retained interests or control; and (3) the persistence of most current valuation distortion abuses. In any inheritance tax model, moreover, there would be significantly decreased compliance rates and increased administrative costs because by focusing on the transferees instead of the transferor, …
Van Alen: A Reasonable Consistency, Wendy G. Gerzog
Van Alen: A Reasonable Consistency, Wendy G. Gerzog
All Faculty Scholarship
In Van Alen, the Tax Court held that the duty of consistency required that two of the decedent’s children use the section 2032A basis valuation figures to determine gain on the sale of their interest in the decedent’s ranch, which was left to them in trust. The siblings had argued that their stepmother erroneously completed their father’s estate tax return.
Valuation Lessons From Estate Of Adell, Kerry A. Ryan
Valuation Lessons From Estate Of Adell, Kerry A. Ryan
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In Estate of Adell, the Tax Court determined that the correct value of a decedent’s interest in a closely held corporation was the figure reported on the original estate tax return. The court rejected alternative values as either using the incorrect valuation method or failing to account for the significant value of a key employee’s personal goodwill.
Tax Court Sends Message On Valuation In Richmond, Kerry A. Ryan
Tax Court Sends Message On Valuation In Richmond, Kerry A. Ryan
All Faculty Scholarship
In Estate of Helen P. Richmond, the Tax Court determined the proper value for estate tax purposes of a minority interest in a family-owned corporation holding mostly appreciated securities. The court also sustained an accuracy-related penalty against the estate, finding that it used an unsigned draft report by a noncertified appraiser as the basis for the stock valuation reported on Form 706.