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Current Problems Facing The Executor Taking The Section 2053 Estate Tax Deduction, Jay D. Christiansen
Current Problems Facing The Executor Taking The Section 2053 Estate Tax Deduction, Jay D. Christiansen
Vanderbilt Law Review
Section 2053 of the Internal Revenue Code allows the executor to deduct from the gross estate amounts attributable to expenses, indebtedness, and taxes. This Note will examine problems currently confronting an executor who is attempting to utilize the 2053 deduction. The first problem examined in this Note is the conflict in the federal courts of appeals regarding the deductibility of expenses incurred as a result of a sale of decedent's property. The statute,cases, and regulations in this area will be examined, and a suggested approach for the executor encountering this problem will be provided. The second problem considered is the …
Foreign Accumulation Trusts And The Tax Reform Act Of 1976, David H. Simmons
Foreign Accumulation Trusts And The Tax Reform Act Of 1976, David H. Simmons
Vanderbilt Journal of Transnational Law
If the foreign trust is not a grantor trust under the Grantor Trust Provisions (sections 671-679), then the new Act creates several new disparities in the tax treatment between it and a corresponding domestic accumulation trust. Domestic accumulation trusts are no longer subjected to a capital gains throw back, while capital gains of foreign trusts are included in DNI, subject to throw back, and then taxed as ordinary income to the beneficiary because of the abolition of the character rules upon accumulation distribution. Foreign trusts are subjected to throw back of accumulation distributions even though the accumulation was during the …