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Estates and Trusts

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Taxation

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Full-Text Articles in Law

What's Wrong With A Federal Inheritance Tax?, Wendy Gerzog Jul 2013

What's Wrong With A Federal Inheritance Tax?, Wendy Gerzog

Wendy Gerzog

Scholars have proposed a federal inheritance tax as an alternative to the current federal transfer tax system, but there are serious flaws with that idea. 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; (3) the persistence of most current valuation distortion abuses; and (4) significantly decreased compliance rates and increased administrative costs inherent in a system that taxes transferees on transactions that may be largely unmonitored.

This article reviews common characteristics of existing inheritance …

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Has Congress Stopped Executives From Raiding The Bank? A Critical Analysis Of I.R.C. §409a, Michael Hussey Dec 2005

Has Congress Stopped Executives From Raiding The Bank? A Critical Analysis Of I.R.C. §409a, Michael Hussey

Michael Hussey

In October 2004 Congress passed the American Jobs Creation Act ("AJCA"). Among other things, the AJCA created Internal Revenue Code §409A to address perceived abuses of nonqualified deferred compensation. Section 409A contains detailed and restrictive provisions relating to nonqualified deferred compensation including rules on when distributions may be made, when the arrangement may be renegotiated, and new penalties applicable if a plan fails to qualify under §409A.

This paper focuses on how §409A began largely as a reaction to the sizeable distributions to Enron executives from their nonqualified deferred compensation accounts shortly before Enron's collapse. The paper discusses how §409A …

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Use Of Life Insurance In Nonqualified Deferred Compensation Planning, Michael Hussey, William Drennan, Michael Goldstein Dec 2001

Use Of Life Insurance In Nonqualified Deferred Compensation Planning, Michael Hussey, William Drennan, Michael Goldstein

Michael Hussey

No abstract provided.

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