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Articles 1 - 4 of 4
Full-Text Articles in Law
Facade Easement: Inexpert Valuation, Wendy G. Gerzog
Facade Easement: Inexpert Valuation, Wendy G. Gerzog
All Faculty Scholarship
The article discusses the recent Dunlap decision, which involved facade easement transfers to the National Architectural Trust, a qualified charity that preserves building easements across the country, although most are in New York City. Although allowing a deduction for their cash contributions to NAT to enforce the easement and not finding any penalties applicable, the Tax Court held that despite two valuation reports written by accepted valuation experts, the taxpayers had not established any value for their easement.
Wandering Far Afield With Defined Value Clauses, Wendy G. Gerzog
Wandering Far Afield With Defined Value Clauses, Wendy G. Gerzog
All Faculty Scholarship
The Wandry decision extends the application of defined value clauses beyond those family limited partnership cases that transfer any excess value to a charity. In Wandry, the Tax Court reads Procter narrowly and ignores the fundamental rationale of Robinette.
Defined Value Clauses And Fair Market Value, Wendy G. Gerzog
Defined Value Clauses And Fair Market Value, Wendy G. Gerzog
All Faculty Scholarship
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.
Boomer-Ang Eldercare: Deductible Claim?, Wendy G. Gerzog
Boomer-Ang Eldercare: Deductible Claim?, Wendy G. Gerzog
All Faculty Scholarship
In this article, Gerzog discusses Estate of Olivo, in which the Tax Court determined the deductibility under section 2053 of a claim against the decedent’s estate for eldercare services provided by a family member.