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Articles 1 - 3 of 3
Full-Text Articles in Estates and Trusts
Requiem For Pennsylvania's Rule Against Perpetuities?, Martha Jordan
Requiem For Pennsylvania's Rule Against Perpetuities?, Martha Jordan
Martha W. Jordan
The purpose of this article is not to debate the wisdom of repealing the rule against perpetuities but to highlight two arcane problems created by the repeal. Both of these problems derive from the interaction of the doctrine of relation back with powers of appointments. The doctrine of relation back deems the exercise of a special or a testamentary general power of appointment as the completion of an act begun by the donor when the power was created. Consequently, the perpetuities period for contingent interests created by the exercise of a special or a testamentary general power of appointment begins …
The Impact On The Marital Deduction Of Expenses Chargeable To Post-Mortem Income: Does United States V. Stapf Answer The Question?, Martha W. Jordan
The Impact On The Marital Deduction Of Expenses Chargeable To Post-Mortem Income: Does United States V. Stapf Answer The Question?, Martha W. Jordan
Martha W. Jordan
During the 1996-97 tern, the Supreme Court is scheduled to hear Estate of Hubert v. Commissioner, which concerns issues of extreme importance to estate tax practitioners. The Court granted certiorari in Hubert to resolve a split of authority among the circuits regarding whether administration expenses allocable to post mortem income reduce the marital deduction. Since the tax court first adopted the pro-taxpayer position endorsed by the Eleventh Circuit in Hubert, commentators have been analyzing, supporting and justifying the tax court's position. This article uses the Court's reasoning in United States v. Stapf to predict the Court's resolution of the issues …
Sales Of Remainder Interests: Reconciling Gradow V. United States And Section 2702, Martha W. Jordan
Sales Of Remainder Interests: Reconciling Gradow V. United States And Section 2702, Martha W. Jordan
Martha W. Jordan
This article seeks to answer the question of whether the sale of a remainder interest for its actuarial value is exempt from transfer tax. Generally, when a taxpayer sells property for its fair market value, the taxpayer has been adequately compensated and, therefore, should not be subject to transfer tax. The sale of a remainder interest, however, raises various questions that are not present when property is sold outright. The sale of a remainder interest divides the underlying property into two split-interests: the remainder interest and the retained or present interest. The fair market value of split-interests is commonly determined …