Law Commons^™

Recent Developments Concerning The Estate Tax Inclusion Of Transfers To A Family Limited Partnership, Brent B. Nicholson

Akron Tax Journal

After a brief examination of the statutory and regulatory background, this paper will summarize the significant cases prior to Shurtz, the significant cases in the last year, discuss the facts and holdings of Shurtz, and then outline the coordinates that have emerged to guide taxpayers

International Estate Planning 101: A Basic Guide To Estate Planing For Non-Citizen Clients, Robin Rose Stiller

Akron Tax Journal

The United States has often been called the "great melting pot of the world" because of the large numbers of foreign-born individuals that can be found here. In fact, according to the 1990 U.S. Census, 19.8 million people living in the United States were foreign-born, including nearly 260,000, or 2.4%, of Ohioans. Nearly 12 million of those foreign-born and living in the U.S. were not U.S. citizens and in 1996, Ohio alone was home to 113,000 legal permanent resident aliens. In addition to these resident aliens, large numbers of nonresident aliens, such as the more than 19 million alien tourists, …

Rethinking The Progressive Estate And Gift Tax, Barbara Redman

Akron Tax Journal

This article will not review the philosophical arguments about the legitimacy of unearned wealth versus the right of a person to give as she pleases with her own accumulation. Rather, it will focus on a view of the tax not yet explored to any great extent in legal and political circles, but supported by recent economic research, and to argue, if not against the tax itself, at least against the progressive nature of the tax.

Attacking The Tax Gap, Tom Weiksnar, Todd Van Valkenburg

Akron Tax Journal

Today a radio station played something extraordinary, an Internal Revenue Service (IRS) advertisement promoting taxes. "Help someone with their taxes, there is no telling what the returns may be." At last, after five years of American Bar Association (ABA) research, the Tax Reform Act of 1986 (TRA'86), and countless private studies, the IRS seems to be taking an affirmative step in dealing with tax noncompliance. Moreover, the IRS realizes the answer lies in the attitudes of the taxpayers, as well as in the collection system itself. This news is truly exciting.

Specific arenas of taxation like gift and estate tax, …

Family Attribution, Alan Sunukjian

Akron Tax Journal

The concept of attribution (constructive ownership) is one of the most difficult concepts to understand and correctly apply in tax law today. Attribution is the imposition of stock ownership upon an individual or entity from another individual or entity for taxation purposes. This concept is further complicated when the already attributed stock is reattributed to a third individual or entity.

Attribution is premised upon control. It is similar to the incidents of ownership doctrine found throughout the estate and gift tax code. Under this doctrine an insured party is presumed to have control over an insurance policy when he or …

Estate Freezes After The Revenue Act Of 1987, Ronald D. Aucutt

Akron Tax Journal

Last December, while tax professionals were still grappling with the Tax Reform Act of 1986, Congress passed the Revenue Act of 1987. Some Christmas present!

One of the most significant casualties of the 1987 Act was the popular planning tool known as the estate "freeze." For decedents' estates originating after December 31, 1987, any "freeze" completed after December 17, 1987 will be covered by the new law There is no transition rule for transactions in progress.