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Full-Text Articles in Law

I Dig It, But Congress Shouldn't Let Me: Closing The Idgt Loophole, Daniel L. Ricks Dec 2010

I Dig It, But Congress Shouldn't Let Me: Closing The Idgt Loophole, Daniel L. Ricks

ACTEC Law Journal

By combining three tools that independently are beneficial to taxpayers, clever estate planners have devised a transaction - the installment sale of discounted assets to an intentionally defective grantor trust - that saves their ultra-wealthy clients millions of dollars in estate and gift taxes. This transaction, which is a foundational part of many estate plans, takes advantage of rules that Congress never intended to be used in this way. Becasue the Internal Revenue Service has conceded its inability to challenge the transaction based on current law, any solution lies with Congress. This Article proposes an amendment to § 2036 that …


The Estate Planning Perils Of 2010 And Beyond, Brett T. Bradford Nov 2010

The Estate Planning Perils Of 2010 And Beyond, Brett T. Bradford

Brett T. Bradford

This paper explores the confusion surrounding the repeal of the federal estate tax for the year 2010. The Economic Growth Tax Relief Reconciliation Act gradually scaled down the federal estate tax and eventually repealed the tax in 2010. The Act has a sunset provision that would return the tax to a much higher rate than has been seen in recent times. This paper explores the history, intent and purpose of federal estate taxes; the intent and purpose behind the repeal in EGTRAA; and what attempts congress has made to fix the mess.


The Misuse Of Textualism: A Further Reply To Prof. Kahn, Stephen B. Cohen Jan 2010

The Misuse Of Textualism: A Further Reply To Prof. Kahn, Stephen B. Cohen

Georgetown Law Faculty Publications and Other Works

Because readers have already endured four articles, two by me and two by Prof. Douglas A. Kahn, debating the meaning of section 67(e)(1), I am reluctant to respond to Prof. Kahn’s rejoinder, which appeared in the January 18 issue of Tax Notes. Nevertheless, our disagreement implicates the judicial craft of two U.S. Supreme Court members, Chief Justice John Roberts and Justice Sonia Sotomayor. I therefore feel it important to answer Prof. Kahn’s latest contentions, recognizing my duty to be as brief as possible.


Message To Congress: Halt The Tax Exemption For Perpetual Trusts, Lawrence W. Waggoner Jan 2010

Message To Congress: Halt The Tax Exemption For Perpetual Trusts, Lawrence W. Waggoner

Articles

The federal estate tax is in abeyance this year. The popular press has picked up on the possibility that the estates of billionaires such as the late George Steinbrenner, who owned the New York Yankees, will escape the tax. The House Ways and Means Committee, chaired by Representative Sander Levin of Michigan, and the Senate Finance Committee, chaired by Senator Max Baucus of Montana, are now considering two questions: what the maximum rate and exemption will be when the estate tax returns and whether the tax will be reinstated for this year. Lurking behind the headlines but equally important is …