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Family Estate Trusts, Neil E. Harl 2017 Iowa State University

Family Estate Trusts, Neil E. Harl

Neil E. Harl

The recent attention to revocable living trusts has led to some confusion with a far less useful concept, the trust referred to variously as the "family estate" trust, "pure" trust, and "constitutional" trust. The latest version of these trusts, all of which are valued as substantially less than worthless, is the two-trust off-shore version or the foreign tax haven double trust. The trusts are mostly sold door-to-door through local contacts who tout the trusts as devices to solve all of one's estate-planning problems. The trusts are purportedly irrevocable, generally for a 25-year term.


Cash Reporting, Neil E. Harl 2017 Iowa State University

Cash Reporting, Neil E. Harl

Neil E. Harl

The enactment of tighter reporting rules in 1990, the issuance of amended regulations, and the issuance of temporary regulations have modified the cash reporting requirements sufficiently to affect far more firms than was the case previously. The most significant expansion in scope of the requirement — the change in definition of "cash" — applies to amounts received on or after February 3, 1992.


Handling Commodity Futures Transactions, Neil E. Harl 2017 Iowa State University

Handling Commodity Futures Transactions, Neil E. Harl

Neil E. Harl

In the same manner as other merchants and manufacturers, farm and ranch taxpayers buy and sell commodity futures to hedge against fluctuating prices. Likewise, farm and ranch taxpayers buy and sell commodity futures as speculators. The principal matter of concern from an income tax perspective in the farm and ranch area is the line between hedging and speculation.


Generation Skipping—Planning Principles, Neil E. Harl 2017 Iowa State University

Generation Skipping—Planning Principles, Neil E. Harl

Neil E. Harl

For may farm and ranch families, generation skipping is not part of their estate plans. However, for those wishing to limit the right of one or more succeeding generations to manage the property or the right to dispose of the property, generation skipping may figure into the estate planning effort. For the latter group, several additional guidelines or planning principles should be considered.


Eligibility For Medicaid Benefits, The "Assets" Test, Neil E. Harl 2017 Iowa State University

Eligibility For Medicaid Benefits, The "Assets" Test, Neil E. Harl

Neil E. Harl

Few topics merit the attention now being focused on health care. While there is major concern about the cost of health insurance and health care costs, many older individuals are deeply concerned about nursing home costs and have seen the estates of friends or relatives reduced sharply by such expenses.

Some are tempted to attempt to plan their estates deliberately to qualify for Title XIX Medicaid benefits for health care. This article discusses briefly the rules governing Title XIX eligibility.


Generation Skipping—Transfers Subject To Tax, Neil E. Harl 2017 Iowa State University

Generation Skipping—Transfers Subject To Tax, Neil E. Harl

Neil E. Harl

For centuries, generation skipping has been utilized by wealthy property owners and those lacking confidence in succeeding generations to manage and conserve family wealth, at least to the extent allowed by the rule against perpetuities. Until 1976, the U.S. federal estate and gift tax system did not take particular note of generation skipping as property owners were free to establish generation skipping arrangements with the usual federal estate or gift tax consequences as to the transferor, but with no further transfer tax consequence until gift by or death of the holders of the remainder interest. The Tax Reform Act ...


Generation Skipping—The $1 Million Exemption, Neil E. Harl 2017 Iowa State University

Generation Skipping—The $1 Million Exemption, Neil E. Harl

Neil E. Harl

For most farm and ranch families, the most significant feature of the generation skipping transfer tax (GSTT) is the $1 million exemption per transferor. An exemption of $2 million was available through 1989 for transfers to grandchildren.


Capitalizing Preproductive Period Expenditures, Neil Harl 2017 Iowa State University

Capitalizing Preproductive Period Expenditures, Neil Harl

Neil E. Harl

Few have forgotten the provision in the Tax Reform Act of 1986 requiring the capitalization of preproductive period expenditures for animals or crops having a preproductive period of more than two years. The provision was repealed as to animals in the Technical and Miscellaneous Revenue Act of 1988. However, problems may now be encountered by those who elected out of the provision before 1989.


Divisive Corporate Reorganizations, Neil E. Harl 2017 Iowa State University

Divisive Corporate Reorganizations, Neil E. Harl

Neil E. Harl

Repeal of the more favorable corporate liquidation options in 1986 and the expiration of the phase-out for small corporations at the end of 1988 have narrowed the range of workable choices for dealing with corporations that have outlived their usefulness. One possibility, for those motivated by a desire to separate shareholders who prefer not to be associated together any longer in the same corporation, is a divisive, type D, corporate reorganization.


Cash Accounting For Farm And Ranch Corporations, Neil E. Harl 2017 Iowa State University

Cash Accounting For Farm And Ranch Corporations, Neil E. Harl

Neil E. Harl

As a new taxpayer, a farm or ranch corporation may elect the cash or accrual methods of accounting if the corporate books are so kept and the method clearly reflects income. Indeed, IRS has ruled that a corporation may report on the cash method of accounting even though books are kept on the accrual method if the corporation maintains work papers reconciling accrual method book income to cash method taxable income. The method of accounting should be elected clearly on the initial corporate income tax return.


Cautionary Note On Scin's, Neil Harl 2017 Iowa State University

Cautionary Note On Scin's, Neil Harl

Neil E. Harl

The concept of self-cancelling installment notes or SCIN's grew out of a 1980 Tax Court decision holding that an arrangement involving the cancellation at the death of the seller of the remaining payments due on an installment obligation would not be treated as a transfer with a retained life estate. The publication in 1986 of Rev. Rul. 86-723 essentially validated the concept and provided guidelines for classifying arrangements as private annuities, SCIN's or conventional installment sales. Since 1986, SCIN's have come to be viewed as a useful planning device in some settings. In particular, many view SCIN ...


Funding Revocable Living Trusts, Neil E. Harl 2017 Iowa State University

Funding Revocable Living Trusts, Neil E. Harl

Neil E. Harl

Without much doubt, the transfer of assets to the trust is the most critical part of the formation of a revocable living trust. Inasmuch as all of the grantor's property should be conveyed to the trust, the obvious question is whether the transfer triggers adverse consequences to the grantor. In general, conveyance of property to a revocable inter vivos trust can be accomplished without negative consequences but the property inventory should be subjected to an itemby- item review before the actual transfer occurs. Here are the major points to consider.


Forgiving Principal In A Purchase Price Reduction, Neil E. Harl 2017 Iowa State University

Forgiving Principal In A Purchase Price Reduction, Neil E. Harl

Neil E. Harl

For purchasers of property unable to make payments as required by the obligation, a purchase price reduction may be a possible solution. If the debt of an original purchaser of property is reduced by the original seller of the property, the adjustment is treated as a purchase price adjustment and not as a discharge of indebtedness if the debtor is solvent.


Avoiding Self-Employment Tax, Neil Harl 2017 Iowa State University

Avoiding Self-Employment Tax, Neil Harl

Neil E. Harl

Two recent private letter rulings issued about a month apart in late 1991 have provided additional guidance on the IRS national office position on two of the strategies used to avoid self-employment tax. In both rulings, the IRS position was adverse to the taxpayers.


Claiming Motor Vehicle Deductions, Neil Harl 2017 Iowa State University

Claiming Motor Vehicle Deductions, Neil Harl

Neil E. Harl

A taxpayer may, on a yearly basis, deduct an amount equal to either (1) the business standard mileage rate (at 28 cents per mile for all business miles for 1992) times the number of business miles traveled or (2) the actual costs (both operating and fixed) paid or incurred by the taxpayer allocable to business miles.


Conference Of Soviet And American Jurists On The Law Of The Sea And The Protection Of The Marine Environment, Milton Katz, Richard R. Baxter, O. V. Bogdanov, William E. Butler, Thomas M. Franck, Richard Frank, P. P. Gureev, John L. Hargrove, L. A. Ivanaschenko, Y. Kasmin, V. A. Kiselev, B. M. Klimenko, H. G. Knight, O. S. Kolbasov, A. L. Kolodkin, V. M. Koretsky, F. N. Kovalev, V. N. Kudrjavtsev, B. A. Kuvshinnikov, M. I. Lazarev, A. L. Makovsky, Charles W. Maynes, P. A. Moiseev, John N. Moore, A. P. Movchan, T. M. Starzhina, Robert E. Stein, Grigory I. Tunkin, E. T. Usenko, A. F. Vysotsky, A. K. Zhudro 2017 Harvard University

Conference Of Soviet And American Jurists On The Law Of The Sea And The Protection Of The Marine Environment, Milton Katz, Richard R. Baxter, O. V. Bogdanov, William E. Butler, Thomas M. Franck, Richard Frank, P. P. Gureev, John L. Hargrove, L. A. Ivanaschenko, Y. Kasmin, V. A. Kiselev, B. M. Klimenko, H. G. Knight, O. S. Kolbasov, A. L. Kolodkin, V. M. Koretsky, F. N. Kovalev, V. N. Kudrjavtsev, B. A. Kuvshinnikov, M. I. Lazarev, A. L. Makovsky, Charles W. Maynes, P. A. Moiseev, John N. Moore, A. P. Movchan, T. M. Starzhina, Robert E. Stein, Grigory I. Tunkin, E. T. Usenko, A. F. Vysotsky, A. K. Zhudro

Georgia Journal of International & Comparative Law

Included in the papers for the Conference of Soviet and American Jurists on the Law of the Sea and the Protection of the Marine Environment:

Introduction by Milton Katz and Richard R. Baxter, p. 1

Freedom of Scientific Research in the World Ocean by A.F. Vysotsky, p. 7

The International Law of Scientific Research in the Oceans by Richard R. Baxter, p. 27

Responsibility and Liability for Harm to the Marine Environment by Robert E. Stein, p. 41

Liability for Marine Environment Pollution Damage in Contemporary International Sea Law by A. L. Makovsky, p. 59

Protection of the Marine ...


3d-Printed Food, Jasper L. Tran 2017 George Mason University

3d-Printed Food, Jasper L. Tran

Jasper L. Tran

No abstract provided.


Shooting Stars And Dancing Fish: A Walk To The World We Want, Tony Oposa 2017 School of the SEA, Bantayan, Cebu, Philippines

Shooting Stars And Dancing Fish: A Walk To The World We Want, Tony Oposa

Environmental Law Program Publications @ Haub Law

From the foreword by Durwood Zaelke, President, Institute for Governance & Sustainable Development, Washington, DC.

“Since the beginning of time, human knowledge and culture have been passed down through stories. Short stories, songs, prayers, poems, even paintings can stick in your mind forever. These have always been the most powerful ways we learn and remember.

Tony is not only one of the world’s greatest lawyers, he is also one of the world’s greatest storytellers.

This book, in which he generously shares his experiences, his scars, and most importantly his humanity, is Tony’s gift to generations to come.

But ...


An Ghaoth A Chriofidh An Eorna: The Moral Economy Of Ireland's Whiteboys, 1761-1787., Connor Bartlett McDermott 2017 Bard College

An Ghaoth A Chriofidh An Eorna: The Moral Economy Of Ireland's Whiteboys, 1761-1787., Connor Bartlett Mcdermott

Senior Projects Spring 2017

In 1761, the peasantry of Ireland rose in insurrection against enclosure and tithes. The initial wave of protesters were known as 'Whiteboys,' and their insurrection came to be a model for subsequent Irish agrarian redresser movements throughout the eighteenth and nineteenth century. Applying E.P. Thompson’s theory of moral economy to the practice of Whiteboyism reveals the sophisticated motives which lay behind the Whiteboy’s 18th century protests against enclosure, tithes, and middlemen in rural Ireland. Senior Project submitted to The Division of Social Studies of Bard College.


Blood Biofuels, Nadia B. Ahmad 2017 Barry University

Blood Biofuels, Nadia B. Ahmad

Faculty Scholarship

No abstract provided.


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