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Articles 31 - 60 of 180
Full-Text Articles in Taxation-Federal Estate and Gift
Transactions Subject To The Federal Gift Tax, Douglas A. Kahn
Transactions Subject To The Federal Gift Tax, Douglas A. Kahn
Articles
The federal gift tax was first enacted in 1924, approximately eight years after the adoption of the estate tax. As originally enacted, the tax was largely ineffective because it was computed on an annual basis without regard to gifts made in prior years.
Mandatory Buy-Out Agreements For Stock Of Closely Held Corporations, Douglas A. Kahn
Mandatory Buy-Out Agreements For Stock Of Closely Held Corporations, Douglas A. Kahn
Articles
A buy-out of a shareholder's stock is a sale of his stock holdings in a specific corporation pursuatnt to a pre-existing contract. In recent years such arrangements have, deservedly, become an increasingly popular planning device for shareholders in closely held corporations; they make it possible to limit the class of potential shareholders, provide liquidity for the estate of a deceased shareholder, and establish a value for stock which has no active market. There are two popular categories of buy-out plans. If the prospective purchaser of a decedent's shares is the corporation that issued them, the plan is called an "entity …
Estate Tax--Life Insurance--Section 2035 As A Basis For Including Life Insurance Proceeds In The Gross Estate Of An Insured Who Paid Premiums On A Policy Owned By Another Person, Michigan Law Review
Estate Tax--Life Insurance--Section 2035 As A Basis For Including Life Insurance Proceeds In The Gross Estate Of An Insured Who Paid Premiums On A Policy Owned By Another Person, Michigan Law Review
Michigan Law Review
If a decedent possessed any of the incidents of ownership of a life insurance policy, or if the policy proceeds were payable to his executor, the entire amount of the insurance proceeds is included in his estate for estate tax purposes under section 2042 of the Internal Revenue Code of 1954 (Code). However, if the decedent had transferred ownership of the policy to another person in a transaction that both met the requirements of section 2042 and was not regarded as "in contemplation of death," but continued to pay the insurance premiums until his death, it is unclear whether any …
Joint Tenancies And Tenancies By The Entirety In Michigan—Federal Gift Tax Considerations, Douglas A. Kahn
Joint Tenancies And Tenancies By The Entirety In Michigan—Federal Gift Tax Considerations, Douglas A. Kahn
Articles
The establishment of joint tenancy' ownership of property, or the termination of such a tenancy, may have federal gift tax consequences to the co-owners of the property. Consequently, the gift tax is a factor to be weighed before embarking on either of these ventures. The gift tax consequences are determined by the nature of the property rights enjoyed by the joint tenants under the controlling state property law, and accordingly it is desirable, where Michigan property law is applicable, to consider the Michigan law and the significance of that law to the operation of the gift tax. However, before discussing …
Gift Taxes-Interest-Free Demand Loans Are Not Taxable Gifts-Johnson V. United States, Michigan Law Review
Gift Taxes-Interest-Free Demand Loans Are Not Taxable Gifts-Johnson V. United States, Michigan Law Review
Michigan Law Review
Over a period of several years, taxpayer transferred substantial amounts of money to his adult son as loans that were repayable on demand and did not bear interest. The Commissioner of Internal Revenue assessed and collected gift taxes on the theory that taxpayer had made gifts to his son of the use of the money loaned. The value of the gift was asserted to be 3½ per cent of the average unpaid balance as of the end of each of the taxable years involved. In a suit to recover the gift taxes paid, the Federal District Court for the Northern …
Loopholes And Ambiguities Of Section 2036, James C. Ervin Jr.
Loopholes And Ambiguities Of Section 2036, James C. Ervin Jr.
Michigan Law Review
The possibility of divergent tax treatment of economically similar situations has made section 2036 of the Internal Revenue Code' one of the most abused of the federal estate tax provisions. Originally enacted to ensure inclusion within the gross estate of the value of all property ostensibly transferred by the decedent prior to his death and yet beneficially enjoyed by him during his lifetime, the section is being circumvented by an increasing number of tax avoidance patterns. Although some of the confusion can be traced to the erratic approach of the courts to cases involving section 2036, the primary interpretive difficulty …
Estate Tax-"Disallowance Of Double Deductions" In I.R.C. Section 642 (G) Applies Only To "Statutory Deductions"-Estate Of Bray, Michigan Law Review
Estate Tax-"Disallowance Of Double Deductions" In I.R.C. Section 642 (G) Applies Only To "Statutory Deductions"-Estate Of Bray, Michigan Law Review
Michigan Law Review
Petitioners, as executors for a substantial estate, had to sell a large amount of securities in order to pay administration expenses incurred by the estate. The estate received $2,250,000 from this sale, which was $50,000 in excess of the value of the stock at the time of decedent's death and thus as reported on the estate tax return. The brokerage commissions and taxes on the sale, which totaled $23,000, were deducted from the value of the gross estate as administration expenses pursuant to section 2053(a)(2) of the 1954 Internal Revenue Code. The same $23,000 was also subtracted from the $50,000 …
Estate Tax-The Failure Of I.R.C. Section 2039 To Reach Death Benefits Arising Out Of The Employment Relationship-Estate Of Fusz, Michigan Law Review
Estate Tax-The Failure Of I.R.C. Section 2039 To Reach Death Benefits Arising Out Of The Employment Relationship-Estate Of Fusz, Michigan Law Review
Michigan Law Review
Decedent's employment contract provided for a salary payable to him and monthly payments to his widow for life if he died during the term of the contract. No post-retirement benefits were payable to decedent under the contract or pursuant to any other agreement with the employer. After decedent's death during the term of the contract the payments to his widow commenced; their commuted value, however, was not included in the gross estate of decedent. The Commissioner of Internal Revenue, ruling that the payments to the widow constituted an annuity, the commuted value of which was includable in decendent's gross estate …
Federal Estate Taxation Of Community Property Life Insurance, Michigan Law Review
Federal Estate Taxation Of Community Property Life Insurance, Michigan Law Review
Michigan Law Review
Under section 2042 of the Internal Revenue Code of 1954, proceeds of insurance policies on the life of the decedent payable to beneficiaries other than the decedent's executor are included in the gross estate only if the decedent possessed at the time of his death "any of the incidents of ownership [in the insurance policies], exercisable either alone or in conjunction with any other person." To determine the extent of the decedent's "incidents of ownership," the Regulations provide for the application of state property law. The problems inherent in relying upon state law to govern federal estate taxation of the …
Identification Of Property Subject To The Federal Estate Tax, Charles L.B. Lowndes, Richard B. Stephens
Identification Of Property Subject To The Federal Estate Tax, Charles L.B. Lowndes, Richard B. Stephens
Michigan Law Review
Although the federal estate tax is imposed on the "transfer" of property, the amount of the levy is a specified percentage of the taxable estate. Correct computation of the tax depends, therefore, upon accurate identification of the property included in the taxable estate. However, the determination and application of the rules governing identification are relatively uncharted areas.
Federal Estate Tax Burden Borne By A Dissenting Widow, Douglas A. Kahn
Federal Estate Tax Burden Borne By A Dissenting Widow, Douglas A. Kahn
Articles
Renunciation of her deceased husband's will entitles a widow to a specified percentage of the husband's net estate (or a dower interest) in lieu of any benefits she would otherwise have received under the will. The size of the dissenting widow's share differs among the several states, but the normal range is from one third to one half of her husband's net estate. In some jurisdictions the widow's share is determined, in whole or in part, according to the portion to which she would be entitled if her husband had died intestate, but in these jurisdictions the widow's share generally …
Withholding Taxes On Wage Dividends For Pre-Bankruptcy Wages Assigned To Fourth Priority In Distribution Of Bankrupt's Estate-In Re Connecticut Motor Lines, Inc., Michigan Law Review
Withholding Taxes On Wage Dividends For Pre-Bankruptcy Wages Assigned To Fourth Priority In Distribution Of Bankrupt's Estate-In Re Connecticut Motor Lines, Inc., Michigan Law Review
Michigan Law Review
Among claims against a bankrupt estate were those for unpaid wages and vacation pay earned within three months of the bankruptcy of the employer. The referee ordered distribution of the amount of the claims, assigning them second priority, but he refused to authorize deduction of income withholding tax and social security taxes from these payments as requested by the Government. The district court reversed, holding the trustee in bankruptcy liable for the taxes as a first priority administrative expense. On appeal, held, reversed. Taxes based on wage claims accruing prior to bankruptcy but paid during bankruptcy are section 64a(4) …
Widows' Allowances And Marital Deductions-The Date-Of-Death Rule, Michigan Law Review
Widows' Allowances And Marital Deductions-The Date-Of-Death Rule, Michigan Law Review
Michigan Law Review
In every state there are statutes that provide for widows' allowances in an attempt to assure adequate support for widows during the time it takes to settle their husbands' estates. A common feature in most of these state support statutes is that the local probate judge is permitted to order an amount which the court finds to be reasonably necessary for the maintenance of the widow during the period of settlement to be set aside for her from the rest of the estate. The maximum amount permitted, the method of payment, the duration of the allowance, the extent to which …
Marital Deduction Formula Clauses In Estate Planning-Estate And Income Tax Considerations, Alan N. Polasky
Marital Deduction Formula Clauses In Estate Planning-Estate And Income Tax Considerations, Alan N. Polasky
Michigan Law Review
Once upon a time, and not so very long ago, a child was born, much to the delight of its lawyer-parents. As children will, it brought much joy and only occasional moments of dismay and concern during its early, formative years. But one day it entered the terrible teens, and at age sixteen it became, like many teen-agers, baffling, confusing, and frustrating, giving rise to frenzied attempts to cope with and control the complexities of its behavior. Its name? The Federal Estate Tax Marital Deduction.
The Joint And Survivor Account In Michigan-Progress Through Confusion, Richard V. Wellman
The Joint And Survivor Account In Michigan-Progress Through Confusion, Richard V. Wellman
Michigan Law Review
Legal writers have been intrigued for years by the challenge of classifying and identifying the resulting incidents of the joint and survivor bank deposit when an attempt is made to use it as a mode of effectuating a donor depositor's intention to confer benefits on a donee co-depositor. Much in their discussions is useful to one who is concerned with the concept that has evolved in Michigan, where a 1909 statute states that some co-depositors are presumed to be joint tenants. Michigan judges and practitioners must determine, however, whether comment about national trends is applicable here, for in many respects …
Fiduciary Administration-Power Of Court To Authorize Inter Vivos Distribution From Incompetent's Estate, Robert C. Bonges
Fiduciary Administration-Power Of Court To Authorize Inter Vivos Distribution From Incompetent's Estate, Robert C. Bonges
Michigan Law Review
The guardians of an eighty-six-year-old incompetent multi-millionaire petitioned for authorization to give a portion of the ward's assets to his children and grandchildren. It was not suggested that the proposed beneficiaries were currently in need of funds, but rather the sole purpose of the inter vivas distribution was to minimize the impact of federal estate taxes on the ward's estate at his death. It was alleged and proved, however, that the proposed distribution would follow a plan which accorded substantially with the terms of the ward's will, and which the ward presumably would have followed himself, had he remained competent …
Voluntary Payments To Widows Of Corporate Executives: Gifts Or Income?, Paul A. Rothman
Voluntary Payments To Widows Of Corporate Executives: Gifts Or Income?, Paul A. Rothman
Michigan Law Review
The solicitude of hardhearted corporations for the widows of corporate executives has given rise to an abundance of cases involving the question whether payments to these widows constitute gifts or income. In the cases to be considered in this comment, payments are made by the corporation to the decedent's widow on a purely voluntary basis. In the typical situation, the board of directors adopts a resolution eulogizing the decedent and authorizing payments to his widow in recognition of his long and faithful service. In most cases, these payments are measured by the decedent's salary and continue for periods ranging from …
Bosland: Estate Tax Valuation In The Sale Of Merger Of Small Firms, Herman L. Trautman
Bosland: Estate Tax Valuation In The Sale Of Merger Of Small Firms, Herman L. Trautman
Michigan Law Review
A Review of Estate Tax Valuation in the Sale of Merger of Small Firms. By Chelcie C. Bosland.
The Realization Requirement And Tax Avoidance, E. George Rudolph
The Realization Requirement And Tax Avoidance, E. George Rudolph
Michigan Law Review
Consider, for a moment, the plight of G. E. Hall. During 1947 Hall incurred a gambling debt to the Las Vegas Club variously estimated at between 145,000 and 478,000 dollars. The debt came into the sole ownership of one Binion, a partner in the club, and was eventually settled by Hall transferring to Binion an undivided one-half interest in certain cattle located in Arizona and Montana. Thereafter, Hall and Binion engaged in the ranching business as partners. At this point the Internal Revenue Service came forward with a claim that Hall, in the course of this disastrous chain of events, …
Federal Estate Tax-Determination Of Marital Deduction In Community Property State When Surviving Spouse Elects To Take Under Decedent's Will, Jon E. Denney
Michigan Law Review
Decedent, a Texas resident, provided that if his wife elected to take under his will she would receive one-third of the total community property and one-third of his separate estate. The remaining two-thirds of decedent's total estate was devised in trust for the benefit of his children. The widow elected to take under the will, thereby allowing her interest in the community property to pass as provided in the will. The executors claimed a marital deduction for the one-third separate property passing to the widow. Since she received less under the will than the value of her relinquished community property, …
Taxation-Federal Estate Tax-Tax Consequences Of A Gift In Contemplation Of Death By A Joint Tenant Or A Tenant By The Entirety, Fredric L. Smith S.Ed.
Taxation-Federal Estate Tax-Tax Consequences Of A Gift In Contemplation Of Death By A Joint Tenant Or A Tenant By The Entirety, Fredric L. Smith S.Ed.
Michigan Law Review
This comment will examine the foregoing problem in light of several recent cases which have cast doubt on the presently conceived relationship between section 2035 and section 2040.
Future Interests-Powers Of Disposition-Some Practical Considerations In Using Powers Of Disposition For Testamentary Purpose, Lawrence Ray Bishop S.Ed.
Future Interests-Powers Of Disposition-Some Practical Considerations In Using Powers Of Disposition For Testamentary Purpose, Lawrence Ray Bishop S.Ed.
Michigan Law Review
Testators, in an effort to retain control of their property from beyond the grave, have often developed schemes by which they attempt to alter the normal devolution of title to, and the utilization of, that property by their beneficiaries. One of the primary motives giving rise to such schemes is the desire to give the immediate object of a testator's bounty a great deal of flexibility and control in the use of the testamentary property, while reserving to the testator the possibility of controlling its further disposition upon the death of such person. The most theoretically suitable device by which …
Taxation-Federal Estate Tax-Application Of Section 2039 To Benefits Paid To Survivor Under A Deferred Compensation Plan, T. K. Carroll
Taxation-Federal Estate Tax-Application Of Section 2039 To Benefits Paid To Survivor Under A Deferred Compensation Plan, T. K. Carroll
Michigan Law Review
Upon decedent's death, his former employer made certain payments to the surviving widow under two voluntarily established benefit plans which were unfunded and non-qualified. The first of these arrangements, the death benefit plan, provided for three months' salary to be paid to an employee's widow, if the employee died before becoming eligible for retirement. The second, the deferred compensation plan, provided payment of a certain stated maximum to an employee's widow in sixty equal monthly installments. This was not a retirement program, however, since the employee himself would receive these payments if, and only if, he were ever to become …
Taxation-Federal Income Tax-Divocrce Property Settlement As A Taxable Event, Martin B. Dickinson Jr., S.Ed.
Taxation-Federal Income Tax-Divocrce Property Settlement As A Taxable Event, Martin B. Dickinson Jr., S.Ed.
Michigan Law Review
Respondent taxpayer transferred stock to his former wife pursuant to a voluntary property settlement agreement incorporated in their divorce decree. As consideration for the securities conveyed, his wife released her rights to alimony, dower, and intestate succession under Delaware law. The Commissioner of Internal Revenue assessed as taxable gain the difference between the taxpayer's basis for the stock and its market value at the time of the transfer, but the Court of Claims ruled that the taxpayer realized no taxable gain from the transfer. On certiorari, held, reversed. The exchange was a taxable event in which the taxpayer received …
Taxation-Federal Estate Tax-The Construction Of Section 2036, William S. Bach S .Ed.
Taxation-Federal Estate Tax-The Construction Of Section 2036, William S. Bach S .Ed.
Michigan Law Review
This comment will explore two problems: first, an analysis of the legislative history of the present section 2036 in an effort to discover exactly which property relationships Congress intended to reach by this provision; second, an examination of the treatment which several specific arrangements have been given by the courts to determine whether there is any degree of certainty or predictability in the application of section 2036.
Taxation-Federal Estate Tax-Inference Of Retained Life Interest Under Section 2036(A), Donald E. Vacin
Taxation-Federal Estate Tax-Inference Of Retained Life Interest Under Section 2036(A), Donald E. Vacin
Michigan Law Review
In 1936 decedent established an irrevocable trust naming herself and relatives as beneficiaries. The corporate trustees were directed to pay the trust income, in the exercise of their absolute discretion, either to the settlor or to the other beneficiaries. In filing her 1936 federal gift tax return settlor attempted unsuccessfully to exclude the value of a life estate in the trust income, allegedly retained by her. At her death, the value of the trust corpus was not included in her estate tax return. The Commissioner assessed a deficiency contending that decedent-settlor had retained for her life the "possession or enjoyment" …
Taxation - Federal Income Tax - Severance Damages To Real Property Are A Component Of Charitable Deduction, Michael M. Hughes
Taxation - Federal Income Tax - Severance Damages To Real Property Are A Component Of Charitable Deduction, Michael M. Hughes
Michigan Law Review
The United States selected part of petitioners' estate for construction of a Nike missile base and began condemnation proceedings and negotiations for sale of the premises in lieu of condemnation. Upon failure of the parties to agree on a sale price, petitioners made a gift of the site and certain easements in adjoining land to the United States for so long as the site was used as a missile base. In their 1955 return petitioners claimed a charitable deduction of $69,782 as the fair market value, including severance damages to the remaining portion of their estate, of the property conveyed. …
Federal Estate Tax - Marital Deduction - Annuity For Life With Guaranteed Certain Payments Not Divided Into Two Properties By Insurer's Accounting Treatment, William S. Bach
Michigan Law Review
Plaintiff, executor of decedent's estate, brought suit to recover an overpayment of federal estate tax. Decedent had purchased a life insurance policy and had elected an option under which proceeds would be paid to his wife in monthly payments for her life; however, the option also guaranteed a minimum of 240 payments. In the event the wife died before 240 payments were made, payments were to continue to decedent's daughter, or on the death of both wife and daughter, the commuted value of the remaining guaranteed payments would be paid in lump sum to the estate of the survivor. The …
Taxation-Federal Income Tax-Strike Benefits May Be Gifts, Christopher Cobb
Taxation-Federal Income Tax-Strike Benefits May Be Gifts, Christopher Cobb
Michigan Law Review
Taxpayer received assistance from a labor union while he was participating in a strike called by the union. The area in which he lived had become a distressed area as a consequence of the strike, and the union had established a general program of aid for strikers with no other source of income. Both before and after he joined the union payments were made to taxpayer under this program. Taxpayer sued for a refund of the income tax he payed on the value of the assistance so received, and the jury returned a verdict in his favor, finding the payments …
Property - Powers - State Powers Statutes Protecting Creditors And Requiring Formal Execution, Robert A. Smith S. Ed.
Property - Powers - State Powers Statutes Protecting Creditors And Requiring Formal Execution, Robert A. Smith S. Ed.
Michigan Law Review
The first part of the comment considers the elevation sections of the statute-sections that change the donee's interest in the appointive or dispositive property to a fee for the benefit of creditors. The second part considers the execution sections of the statute-sections that subject the execution of powers to conveyancing requirements. These sections are of the utmost significance to estate planners.