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Taxation-Federal Estate and Gift Commons

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Articles 721 - 750 of 952

Full-Text Articles in Taxation-Federal Estate and Gift

Estate Planning Issues With Intra-Family Loans And Notes, Stephen R. Akers, Philip J. Hayes Sep 2012

Estate Planning Issues With Intra-Family Loans And Notes, Stephen R. Akers, Philip J. Hayes

ACTEC Law Journal

Intra-family loans are quite prevalent, and can present significant estate planning opportunities. Loans among family members may seem simple, but they involve numerous complexities. The article addresses many of the complexities including estate, gift and income tax consequences of loans to both the lenders and borrowers in a wide variety of situations -- from simple cash loans to sophisticated sale transactions.


Anatomy Of An Anomaly: How The Qdot Credit Provisions Defy Logic And The Principles Of The Marital And Charitable Deductions, Edward A. Mccoyd, Jon Perrelle Sep 2012

Anatomy Of An Anomaly: How The Qdot Credit Provisions Defy Logic And The Principles Of The Marital And Charitable Deductions, Edward A. Mccoyd, Jon Perrelle

ACTEC Law Journal

No abstract provided.


Elaine Hightower Gagliardi On Treasury Transforms The Portability Election: Making The Dsue Amount A Reliable Planning Tool, Elaine H. Gagliardi Sep 2012

Elaine Hightower Gagliardi On Treasury Transforms The Portability Election: Making The Dsue Amount A Reliable Planning Tool, Elaine H. Gagliardi

Faculty Journal Articles & Other Writings

With the issuance of temporary regulations, Treasury pulls back the cloak of uncertainty and reveals a portability election that proves to be relatively dependable and a useful planning tool. The temporary portability regulations,1 issued June 15, 2012, remove the “now you see it, now you don’t”2 quality of the deceased spousal unused exclusion (“DSUE”) amount as enacted by Congress. With a sleight of hand, Treasury rewrites the plain wording of the statute to eliminate uncertainty. The temporary regulations provide a clear path for avoiding loss of the DSUE amount on remarriage. The regulations allow donors to make gifts without fear …


Facade Easement: Inexpert Valuation, Wendy G. Gerzog Jul 2012

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.


Elaine Hightower Gagliardi On The Deceased Spousal Unused Exclusion Amount: Now You See It, Now You Don't, Elaine H. Gagliardi Jun 2012

Elaine Hightower Gagliardi On The Deceased Spousal Unused Exclusion Amount: Now You See It, Now You Don't, Elaine H. Gagliardi

Faculty Journal Articles & Other Writings

Spousal portability of the applicable exclusion amount promises estate planning simplicity.70 No longer will a married couple need to make lifetime transfers of assets to ensure that each spouse holds sufficient assets to fully use the unified credit of each regardless of the order of death.71 A couple can also avoid the attendant costs of placing property in a credit shelter trust following the first death.72 Portability achieves these purposes and at the same time aligns with testamentary goals of clients when all the children of the couple are from the marriage, neither spouse anticipates remarriage following the first death, …


Wandering Far Afield With Defined Value Clauses, Wendy G. Gerzog May 2012

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.


The U.S. Tax System: Where Do We Go From Here?, Adele C. Morris Mar 2012

The U.S. Tax System: Where Do We Go From Here?, Adele C. Morris

Brookings Scholar Lecture Series

This talk will explore how the U.S. tax system really works, where revenue comes from, where spending goes, what a tax expenditure is, and discuss deficit prognoses and how the recent political debates could affect our economy. The speaker will highlight some advantages and disadvantages of different budget balancing options.


Defined Value Clauses And Fair Market Value, Wendy G. Gerzog Mar 2012

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.


Front Matter Mar 2012

Front Matter

ACTEC Law Journal

No abstract provided.


Major Reforms Of The Property Restatement And The Uniform Probate Code: Reformation, Harmless Error, And Nonprobate Transfers, John H. Langbein Mar 2012

Major Reforms Of The Property Restatement And The Uniform Probate Code: Reformation, Harmless Error, And Nonprobate Transfers, John H. Langbein

ACTEC Law Journal

In late 2011, the American Law Institute published the third and final volume of the Restatement (Third) of Property: Wills and Other Donative Transfers. In March 2012, the Restatement's two reporters, Professors Lawerence W. Waggoner and John H. Langbein, presented the Joseph Trachtman Memorial Lecture at the annual meeting of the American College of Trust and Estate Counsel in Miami Beach. Introducing the two lecturers, ACTEC President Mary Radford described them as "two icons in our field, [who] have had a hand in every major development in trust and estate law that has occurred over the past three decades..." In …


What's In The Third And Final Volume Of The New Restatement Of Property That Estate Planners Should Know About, Lawrence W. Waggoner Mar 2012

What's In The Third And Final Volume Of The New Restatement Of Property That Estate Planners Should Know About, Lawrence W. Waggoner

ACTEC Law Journal

No abstract provided.


Boomer-Ang Eldercare: Deductible Claim?, Wendy G. Gerzog Jan 2012

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.


Dead Hand Investing: The Enforceability Of Trust Investment Directives, Jeffrey A. Cooper Dec 2011

Dead Hand Investing: The Enforceability Of Trust Investment Directives, Jeffrey A. Cooper

ACTEC Law Journal

No abstract provided.


Front Matter Dec 2011

Front Matter

ACTEC Law Journal

No abstract provided.


Presumed Equal: Shares Of Cotenants, John V. Orth Dec 2011

Presumed Equal: Shares Of Cotenants, John V. Orth

ACTEC Law Journal

No abstract provided.


Estate Tax Deductions For Interest Paid On Loans Taken In Order To Pay Estate Taxes, Daniel Baltuch Dec 2011

Estate Tax Deductions For Interest Paid On Loans Taken In Order To Pay Estate Taxes, Daniel Baltuch

ACTEC Law Journal

No abstract provided.


Representing The Fiduciary: To Whom Does The Attorney Owe Duties?, Kennedy Lee Dec 2011

Representing The Fiduciary: To Whom Does The Attorney Owe Duties?, Kennedy Lee

ACTEC Law Journal

No abstract provided.


Flp Loss, But Crummey Win, Wendy G. Gerzog Nov 2011

Flp Loss, But Crummey Win, Wendy G. Gerzog

All Faculty Scholarship

In Turner the Tax Court determined that section 2036 applied to the decedent’s transfers of assets to his family limited partnership but that the insurance premiums he paid indirectly to his insurance trust qualified for the annual exclusion.


The New Super-Charged Pat (Power Of Appointment Trust), Wendy G. Gerzog Oct 2011

The New Super-Charged Pat (Power Of Appointment Trust), Wendy G. Gerzog

All Faculty Scholarship

This article proposes to repeal the QTIP provisions in order to collect revenue now for transfers that are essentially transfers to third parties and not to the decedent's spouse. Because there are advantages of increased flexibility attendant to a QTIP as opposed to a PAT, this article proposes to take those repealed QTIP benefits and attach them to the PAT, which would greatly enhance that marital deduction trust form. A super-charged PAT would thereby be able to preserve the decedent's GST tax exemption (like a reverse QTIP), create a decedent's by-pass trust by allowing a PAT (or a partial PAT) …


Excluding Expert Valuation Testimony, Wendy G. Gerzog Sep 2011

Excluding Expert Valuation Testimony, Wendy G. Gerzog

All Faculty Scholarship

In Boltar, a case in which the Tax Court addressed the valuation of a conservation easement, the court ruled on the admissibility of expert testimony.


When Can An Ira Or Qualified Plan Invest In A Closely Held Business?, Noel C. Ice Sep 2011

When Can An Ira Or Qualified Plan Invest In A Closely Held Business?, Noel C. Ice

ACTEC Law Journal

No abstract provided.


Front Matter Sep 2011

Front Matter

ACTEC Law Journal

No abstract provided.


Remaining Heterogeneity In Trust Investment Law After Twenty-Five Years Of Reform, Trent S. Kiziah Sep 2011

Remaining Heterogeneity In Trust Investment Law After Twenty-Five Years Of Reform, Trent S. Kiziah

ACTEC Law Journal

No abstract provided.


Front Matter (Letter From The Editor, Masthead, Etc.), Tim Kelly Jun 2011

Front Matter (Letter From The Editor, Masthead, Etc.), Tim Kelly

The Contemporary Tax Journal

No abstract provided.


The Gatekeeper Initiative And The Risk-Based Approach To Client Due Diligence: The Imperative For Voluntary Good Practices Guidance For U.S. Lawyers, Kevin L. Shepherd Jun 2011

The Gatekeeper Initiative And The Risk-Based Approach To Client Due Diligence: The Imperative For Voluntary Good Practices Guidance For U.S. Lawyers, Kevin L. Shepherd

ACTEC Law Journal

No abstract provided.


A Short, Practical Private Placement Life Insurance Primer: Or Why Estate Planners Need To Understand Things Like Facultative Reinsurance, Richard Kagan, Jon Gallo Jun 2011

A Short, Practical Private Placement Life Insurance Primer: Or Why Estate Planners Need To Understand Things Like Facultative Reinsurance, Richard Kagan, Jon Gallo

ACTEC Law Journal

No abstract provided.


Front Matter Jun 2011

Front Matter

ACTEC Law Journal

No abstract provided.


Innovative Clat Structures: Providing Economic Efficiencies To A Wealth Transfer Workhorse, Paul S. Lee, Turney P. Berry, Martin Hall Jun 2011

Innovative Clat Structures: Providing Economic Efficiencies To A Wealth Transfer Workhorse, Paul S. Lee, Turney P. Berry, Martin Hall

ACTEC Law Journal

No abstract provided.


The Case Against The Trust Protector, Alexander A. Bove Jr. Jun 2011

The Case Against The Trust Protector, Alexander A. Bove Jr.

ACTEC Law Journal

No abstract provided.


Summaries From The Tei-Sjsu Tax Policy Conference-- The State Of Tax Policy In California, Linda Yung, Tim Kelly, Sylvia Han, Vuong Luong, Brian Ross, Zhi Jun Lim, Victoria Lau Jun 2011

Summaries From The Tei-Sjsu Tax Policy Conference-- The State Of Tax Policy In California, Linda Yung, Tim Kelly, Sylvia Han, Vuong Luong, Brian Ross, Zhi Jun Lim, Victoria Lau

The Contemporary Tax Journal

No abstract provided.