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2003

Taxation-Federal Estate and Gift

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Articles 1 - 18 of 18

Full-Text Articles in Law

Legislating Morality: The Duty To The Tax System Reconsidered, Watson Dec 2003

Legislating Morality: The Duty To The Tax System Reconsidered, Watson

Scholarly Works

Four years ago, I presented a paper at a symposium on professionalism jointly sponsored by the University of Kansas Law School and the Kansas Bar Association. That paper espoused the view (contrary to what appears to be the popular view among tax scholars) that tax lawyers owe no special duty to the "tax system" other than to abide by the law and the applicable standards of professional conduct. During the four-year interim since my last visit to Kansas, however, we have witnessed the deleterious effect of the IRS Restructuring and Reform Act of 1998 (RRA '98) on IRS enforcement and ...


Estate Planning Topics, W. Birch Douglass Iii, Dee Ann Remo, Michael L. Layman Nov 2003

Estate Planning Topics, W. Birch Douglass Iii, Dee Ann Remo, Michael L. Layman

William & Mary Annual Tax Conference

No abstract provided.


Taxation, Craig D. Bell Nov 2003

Taxation, Craig D. Bell

University of Richmond Law Review

No abstract provided.


The Internal Revenue Code As Sodomy Statute, Anthony C. Infanti Oct 2003

The Internal Revenue Code As Sodomy Statute, Anthony C. Infanti

ExpressO

This essay attempts to bridge the gap between gay and straight understanding of the Internal Revenue Code’s impact on gay and lesbian couples. Through a combination of personal narrative and legal analysis, I try to explain how, from a gay perspective, the Code can be viewed as discriminating against gay and lesbian couples – regardless of whether, on a net basis, they are required to pay more or less tax than similarly-situated straight couples.


Revisiting Byrum, Brant J. Hellwig Oct 2003

Revisiting Byrum, Brant J. Hellwig

Scholarly Articles

In the landmark case of United States v. Byrum, the Supreme Court determined that a majority shareholder's retention of voting rights over stock transferred in trust did not cause the stock to be included in his gross estate under Section 2036(a)(1) or (a)(2). The Court grounded its decision in the fiduciary duty owed by the board of directors and the majority shareholder to exercise their discretion over corporate distributions to promote the best interests of the entity. Despite legislative action quickly reversing the Court's holding in Byrum, the case continued to influence decisions concerning the ...


Level Five Philanthropy: Designing A Plan For Strategic, Effective, Efficient Giving, James Edward Harris Oct 2003

Level Five Philanthropy: Designing A Plan For Strategic, Effective, Efficient Giving, James Edward Harris

University of Arkansas at Little Rock Law Review

No abstract provided.


Spousal Election: Suggested Equitable Reform For The Division Of Property At Death, Angela M. Vallario Apr 2003

Spousal Election: Suggested Equitable Reform For The Division Of Property At Death, Angela M. Vallario

All Faculty Scholarship

Testators have traditionally enjoyed immense discretion in directing the disposition of their wealth upon death; however, when a spouse survives the testator, public policy dictates a limitation on the testator's ability to dispose of property. American jurisdictions impose this limitation through the elective share in common law states and by the nature of property ownership in community property states. Ideally, this limitation should ensure equitable financial protection for the surviving spouse and protect his or her interest in assets that were accumulated with the decedent, yet the current elective share methods fall short of these goals.


Kimbell: Is The Party Over For Family Limited Partnerships, Brant J. Hellwig Mar 2003

Kimbell: Is The Party Over For Family Limited Partnerships, Brant J. Hellwig

Scholarly Articles

Professor Brant J. Hellwig of the University of South Carolina School of Law examines the impact of the recent Kimbell decision on the future use of family limited partnerships for estate planning purposes.


Estate Planning Malpractice: Is Strict Privity Here To Stay?, Angela M. Vallario Mar 2003

Estate Planning Malpractice: Is Strict Privity Here To Stay?, Angela M. Vallario

All Faculty Scholarship

Under Maryland case law, a plaintiff in an estate planning malpractice action must be in strict privity with the attorney who drafted the will. To date, Maryland has not extended the third-party beneficiary exception to the estate planning arena.

Legatees specifically identified in a will by name or class are generally precluded from bringing a cause of action against the attorney for the attorney's alleged negligence, because in Maryland in order to recover for legal malpractice, a plaintiff must:show: "(1) the attorney's employment; (2) his neglect of a reasonable duty; and (3) loss to the client proximately ...


Manual De Derecho Procesal Civil, Edward Ivan Cueva Feb 2003

Manual De Derecho Procesal Civil, Edward Ivan Cueva

Edward Ivan Cueva

No abstract provided.


When The Endowment Tanks, Jeffrey J. Haas Jan 2003

When The Endowment Tanks, Jeffrey J. Haas

Articles & Chapters

No abstract provided.


When The Endowment Tanks: Some Lessons For Nonprofits, Jeffrey J. Haas Jan 2003

When The Endowment Tanks: Some Lessons For Nonprofits, Jeffrey J. Haas

Other Publications

No abstract provided.


Gifts, Gafts And Gefts: The Income Tax Definition And Treatment Of Private And Charitable 'Gifts' And A Principled Policy Justification For The Exclusion Of Gifts From Income, Douglas A. Kahn, Jeffrey H. Kahn Jan 2003

Gifts, Gafts And Gefts: The Income Tax Definition And Treatment Of Private And Charitable 'Gifts' And A Principled Policy Justification For The Exclusion Of Gifts From Income, Douglas A. Kahn, Jeffrey H. Kahn

Articles

Gifts have been given special treatment by the income tax laws since the first post-16th Amendment tax statute was adopted in 1913. The determination of how the income tax law should treat gifts raises a number of issues. For example: should gifts be given special treatment? If so, what should qualify as a gift? Should gifts to a private party be taxable to the donee? Should gifts to a private party be deductible by the donor? Should the donee's basis in a gift of property be determined by reference to the basis that the donor had, and should any ...


The Rise Of The Perpetual Trust, Jesse Dukeminier, James E. Krier Jan 2003

The Rise Of The Perpetual Trust, Jesse Dukeminier, James E. Krier

Articles

For more than two centuries, the Rule against Perpetuities has served as the chief means of limiting a transferor's power to tie up property by way of successive contingent interests. But recently, at least seventeen jurisdictions in the United States have enacted statutes abolishing the Rule in the case of perpetual (or near-perpetual) trusts. The prime mover behind this important development has been the federal Generation-Skipping Transfer Tax. This Article traces the gradual decline of the common law Rule against Perpetuities, considers the dynamics behind the recent wave of state legislation, examines the problems that might result from the ...


Sample Forms, In Estate Planning Law And Taxation, 4th Ed., Bridget J. Crawford Jan 2003

Sample Forms, In Estate Planning Law And Taxation, 4th Ed., Bridget J. Crawford

Elisabeth Haub School of Law Faculty Publications

Sample estate planning forms.


"Gifts, Gafts And Gefts" – The Income Tax Definition And Treatment Of Private And Charitable "Gifts" And A Principled Policy Justification For The Exclusion Of Gifts From Income, Jeffrey H. Kahn, Douglas A. Kahn Jan 2003

"Gifts, Gafts And Gefts" – The Income Tax Definition And Treatment Of Private And Charitable "Gifts" And A Principled Policy Justification For The Exclusion Of Gifts From Income, Jeffrey H. Kahn, Douglas A. Kahn

Scholarly Publications

No abstract provided.


Incremental Versus Fundamental Tax Reform And The Top One Percent, Deborah A. Geier Jan 2003

Incremental Versus Fundamental Tax Reform And The Top One Percent, Deborah A. Geier

Law Faculty Articles and Essays

This article describes the historical shift from consumption taxation at the federal level to income taxation with the enactment of the 16th amendment (the intent of which was chiefly to tax the capital income of the wealthy) and the incremental shifts since then back toward consumption taxation (which frees capital from tax) through expansion of both the payroll taxes as well as the consumption tax features of our current hybrid income/consumption tax that target the middle class.

It then addresses the issue of whether we ought to expand consumption tax treatment to the very wealthy by reviewing two recently ...


Comment On Tax Consequences On Wealth Accumulation And Transfers Of The Rich, Ray Madoff Dec 2002

Comment On Tax Consequences On Wealth Accumulation And Transfers Of The Rich, Ray Madoff

Ray D. Madoff

Despite the recent downturn in the stock market, the 1990s boom and the shift to defined contribution plans mean that more individuals will have significant wealth upon retirement. How they use that wealth will determine not only their own well-being, but also the living standards of their children, the resources available to philanthropies, and the level of investment capital in the economy.

This volume explores the reasons why people save, how they decide to allocate their wealth once they retire, and how givers select their beneficiaries. It also assesses the extent to which the estate tax and annuitization of retirement ...