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Taxation-Federal Estate and Gift Commons™
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- Estate planning (4)
- Estate tax (2)
- Family limited partnerships (2)
- Taxation (2)
- Transfer tax (2)
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- Accounting (1)
- Apportionment (1)
- Banking and Finance (1)
- Control (1)
- Discount (1)
- Drafting (1)
- Estate and gift tax (1)
- Estates and Trusts (1)
- FLP (1)
- Family (1)
- Fifth Circuit (1)
- Gift tax (1)
- Income inequality (1)
- Income tax (1)
- Kimbell v. United States (1)
- Law and Economics (1)
- Law reform (1)
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- Malpractice (1)
- Marketability (1)
- Matthew Effect (1)
- Partnership (1)
- Patent ambiguity (1)
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Articles 1 - 13 of 13
Full-Text Articles in Taxation-Federal Estate and Gift
Lucky For Life: A More Realistic And Reasonable Estate Tax Valuation For Nontransferable Lottery Winnings, Kyla C.E. Grogan
Lucky For Life: A More Realistic And Reasonable Estate Tax Valuation For Nontransferable Lottery Winnings, Kyla C.E. Grogan
Washington Law Review
When a lottery winner dies after receiving only a few annuity payments from the state, the winner's estate must pay federal estate tax on the balance of the annuity. If the lottery prize is not legally transferable, the winner's estate cannot sell or pledge the right to future payments in order to generate funds to pay the estate tax. The estate tax value of an annuity is generally based on valuation tables that discount the future payments to present value. However, these valuation tables do not control when they produce an unrealistic and unreasonable result. The United States Courts of …
Estate Tax Repeal And The Budget Process, Karen C. Burke, Grayson M.P. Mccouch
Estate Tax Repeal And The Budget Process, Karen C. Burke, Grayson M.P. Mccouch
University of San Diego Law and Economics Research Paper Series
This article examines the Bush Administration’s proposal, as part of its proposed fiscal year 2005 budget, to extend permanently the repeal of the federal estate tax. The article considers the budgetary impact of permanent estate tax repeal and discusses procedural impediments to use of the reconciliation process for permanent tax cuts. The article also notes the possibility of a durable compromise solution involving retention of the estate tax with lower rates and a higher exemption.
The Matthew Effect And Federal Taxation, Martin J. Mcmahon Jr.
The Matthew Effect And Federal Taxation, Martin J. Mcmahon Jr.
UF Law Faculty Publications
The “Matthew Effect” is a synonym for the well-known colloquialism, “the rich get richer and the poor get poorer.” This Article is about the Matthew Effect in the distribution of incomes in the United States and the failure of the federal tax system to address the problem. There has been a strong Matthew Effect in incomes in the United States over the past few decades, with an increasing concentration of income and wealth in the top one percent. Nevertheless, there has been a continuing trend of enacting disproportionately large tax cuts for those at the top of the income pyramid. …
Kimbell V. United States: The Rise And Apparent Fall Of The Section 2036 Argument Against Flps, Brant J. Hellwig
Kimbell V. United States: The Rise And Apparent Fall Of The Section 2036 Argument Against Flps, Brant J. Hellwig
Scholarly Articles
In this report, Professor Hellwig examines the application of section 2036 to family limited partnerships in the context of the Fifth Circuit's recent opinion in Kimbell v. United States. After describing how the government developed section 2036 into an effective tool in combating the use of family limited partnerships to generate transfer tax savings, the report details how the Fifth Circuit's interpretation of the adequate and full consideration exception to section 2036 in Kimbell severely curtails the government's position. The report concludes with criticisms of the Kimbell decision, namely that the court failed to properly follow its own precedent in …
Pslra, Slusa, And Variable Annuities: Overlooked Side Effects Of A Potent Legislative Medicine, Michael J. Borden
Pslra, Slusa, And Variable Annuities: Overlooked Side Effects Of A Potent Legislative Medicine, Michael J. Borden
Mercer Law Review
This Article highlights a harmful and far-reaching unintended consequence of two major pieces of securities litigation reform legislation1 that were passed as part of the Republican party's Contract with America in the mid-1990s. These reforms were justified, in part, on the grounds that they would benefit investors by improving disclosure of financial information by corporations. However, for many aggrieved investors, the effect of the legislation was just the opposite. Because of inadequate and misleading disclosures made by life insurance companies and their registered representatives, consumers were induced to purchase inappropriate investments carrying excessive fees that reduced the value of their …
Practical Planning Ideas For Distibutions From Iras And Qualified Plans, 37 J. Marshall L. Rev. 807 (2004), Steven R. Lifson
Practical Planning Ideas For Distibutions From Iras And Qualified Plans, 37 J. Marshall L. Rev. 807 (2004), Steven R. Lifson
UIC Law Review
No abstract provided.
Reconsidering Private Foundation Investment Limitations, Richard L. Schmalbeck
Reconsidering Private Foundation Investment Limitations, Richard L. Schmalbeck
Faculty Scholarship
No abstract provided.
Family Limited Partnerships: Discounts, Options, And Disappearing Value, Karen C. Burke, Grayson M.P. Mccouch
Family Limited Partnerships: Discounts, Options, And Disappearing Value, Karen C. Burke, Grayson M.P. Mccouch
UF Law Faculty Publications
Family partnerships have been become increasingly popular as a means of avoiding estate and gift taxes. As other estate freezing techniques have been closed off by statutory anti-abuse rules, estate planners have increasingly resorted to partnerships as a vehicle for transferring assets within a family at deeply discounted values. Discounts ranging from one-third to over one-half of the value of the underlying assets are routinely claimed, and often allowed, based on lack of marketability and lack of control, even where these disabilities have no lasting or ascertainable economic effect. Nevertheless, the use of family partnerships to suppress value for transfer …
Abandoning Principles: Qualified Tuition Programs And Wealth Transfer Taxation Doctrine, Wayne M. Gazur
Abandoning Principles: Qualified Tuition Programs And Wealth Transfer Taxation Doctrine, Wayne M. Gazur
Publications
In 1996 Congress gave its imprimatur to a modest qualified tuition program provision. Over the course of the next five years the provision was expanded, providing additional wealth transfer taxation and income taxation benefits. This essay proposes that unless limited, such benefits are inconsistent with established taxation principles and also have the potential to undermine the integrity of the wealth transfer tax structure and the progressive nature of the income tax.
Investing Trust Assets: Prudence Redefined, Mark R. Gillett
Investing Trust Assets: Prudence Redefined, Mark R. Gillett
Faculty Articles
No abstract provided.
The Magic Of Disappearing Wealth Revisited: Using Family Limited Partnerships To Reduce Estate And Gift Tax, Ronald H. Jensen
The Magic Of Disappearing Wealth Revisited: Using Family Limited Partnerships To Reduce Estate And Gift Tax, Ronald H. Jensen
Elisabeth Haub School of Law Faculty Publications
Part I of this article will describe the techniques for using FLPs to reduce gift and estate taxes. Part II will discuss the economic validity of the discounts that are allowed under current law. Part III will examine the current status of the law regarding FLPs. Finally, Part IV will discuss the need for reform and will analyze and evaluate the various proposals for reform put forth to date. Part IV will conclude with a new recommendation for curtailing the abusive use of FLPs.
The 2003 Revised Uniform Estate Tax Apportionment Act, Douglas A. Kahn
The 2003 Revised Uniform Estate Tax Apportionment Act, Douglas A. Kahn
Articles
Editors' Synopsis: This Article describes the significant sections of the 2003 Uniform Estate Tax Apportionment Act (the "2003 Uniform Act'). The Article explains the purpose and operation of the 2003 Uniform Act's various sections and notes some of the differences between the 2003 Uniform Act and its prior version.
Shape Up Or Ship Out: Accountability To Third Parties For Patent Ambiguities In Testamentary Documents, Angela M. Vallario
Shape Up Or Ship Out: Accountability To Third Parties For Patent Ambiguities In Testamentary Documents, Angela M. Vallario
All Faculty Scholarship
The attorney's preparation of a testamentary document (hereinafter sometimes referred to as a will or revocable trust) should clearly and accurately reflect the client's last wishes. Although these testamentary documents should reflect the client's intent, they often fall short of accomplishing that goal. There are numerous examples of will and trust construction cases that exhaust tremendous resources in an effort to ascertain the client's wishes or intent. Many of these cases involve the construction of patent and/or latent ambiguities which should have been resolved by appropriate drafting. This article's scope is limited to patent ambiguities caused by the attorney's negligence …