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Articles 1 - 9 of 9
Full-Text Articles in Taxation-Federal
Koons: Interest Deduction And Flp Valuation Practice Pointers, Wendy G. Gerzog
Koons: Interest Deduction And Flp Valuation Practice Pointers, Wendy G. Gerzog
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The Tax Court's Koons decision explains the rules for allowing an estate to deduct interest payments, and it details how the court arrived at a determination of the value of a family limited liability company interest.
Wimmer Wins Flp Annual Exclusions, Wendy G. Gerzog
Wimmer Wins Flp Annual Exclusions, Wendy G. Gerzog
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In Wimmer, the Tax Court held that the income stream from a taxpayer’s gifts of family limited partnership interests was eligible for the annual exclusion. By comparing the income interest in the partnership’s dividend paying marketable securities to the income interest in a trust, the court made Wimmer a winner. But does the opinion logically lead to that conclusion?
Not All Defined Value Clauses Are Equal, Wendy G. Gerzog
Not All Defined Value Clauses Are Equal, Wendy G. Gerzog
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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 …
Defined Value Clauses And Fair Market Value, Wendy G. Gerzog
Defined Value Clauses And Fair Market Value, Wendy G. Gerzog
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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.
The New Super-Charged Pat (Power Of Appointment Trust), Wendy G. Gerzog
The New Super-Charged Pat (Power Of Appointment Trust), Wendy G. Gerzog
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This article proposes to repeal the QTIP provisions in order to collect revenue now for transfers that are essentially transfers to third parties and not to the decedent's spouse. Because there are advantages of increased flexibility attendant to a QTIP as opposed to a PAT, this article proposes to take those repealed QTIP benefits and attach them to the PAT, which would greatly enhance that marital deduction trust form. A super-charged PAT would thereby be able to preserve the decedent's GST tax exemption (like a reverse QTIP), create a decedent's by-pass trust by allowing a PAT (or a partial PAT) …
Shapiro: Palimony And The Estate Tax, Wendy G. Gerzog
Shapiro: Palimony And The Estate Tax, Wendy G. Gerzog
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In Estate of Shapiro, the Ninth Circuit held that an individual had a valid palimony claim under Nevada state law. However, the issue was whether the decedent’s estate qualified for a deduction for that claim under federal estate tax law.
Linton Reversed: Indirect Gifts And The Step Transaction Doctrine, Wendy G. Gerzog
Linton Reversed: Indirect Gifts And The Step Transaction Doctrine, Wendy G. Gerzog
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The Ninth Circuit recently reversed the district court’s summary judgment in favor of the government in Linton on the issues of indirect gift and the applicability of the step transaction doctrine. The circuit court’s analysis focused on the taxpayers’ donative intent. With that emphasis, the Ninth Circuit remanded the case to the district court to determine the sequence of the relevant transactions.
Check-The-Box Regs And Gift Tax Discounts, Wendy G. Gerzog
Check-The-Box Regs And Gift Tax Discounts, Wendy G. Gerzog
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This article discusses the recent Tax Court decision in Pierre and the effect for gift tax purposes of an entity’s classification made under the check-the-box regulations. The court was split on what those regulations mean when they state that an entity is to be disregarded ‘‘for federal tax purposes.’’
Gerontology And The Law: A Selected Bibliography, 1948-85 Update, Pauline M. Aranas, Mary Jo Brazil, Paul M. George
Gerontology And The Law: A Selected Bibliography, 1948-85 Update, Pauline M. Aranas, Mary Jo Brazil, Paul M. George
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No abstract provided.