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Taxation-Federal Estate and Gift Commons™
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- Estate planning (2)
- Estate tax (2)
- Income tax (2)
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- Trusts and trustees (2)
- Adequate and full consideration (1)
- Asset protection (1)
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- Discounted partnership interests (1)
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- Non-marketability discount (1)
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Articles 1 - 13 of 13
Full-Text Articles in Taxation-Federal Estate and Gift
Linton Family Llc And The Step Transaction Doctrine, Wendy G. Gerzog
Linton Family Llc And The Step Transaction Doctrine, Wendy G. Gerzog
All Faculty Scholarship
This article discusses Linton, a district court decision about a family limited liability company, indirect gifts, and the step transaction doctrine.
Estate Planning For 2010 And Beyond, Ronald D. Aucutt
Estate Planning For 2010 And Beyond, Ronald D. Aucutt
William & Mary Annual Tax Conference
No abstract provided.
Rudkin Testamentary Trust -- A Response To Prof. Cohen, Douglas A. Kahn
Rudkin Testamentary Trust -- A Response To Prof. Cohen, Douglas A. Kahn
Articles
In the August 3 issue of Tax Notes, Prof. Stephen Cohen wrote an article about Justice Sonia Sotomayor’s opinions in three tax cases. Of those three cases, only the opinion she wrote in William L. Rudkin Testamentary Trust v. Commissioner, 467 F.3d 149 (2d Cir. 2006), Doc 2006- 21522, 2006 TNT 203-4, is worthy of comment. Although the Second Circuit’s decision in that case was affirmed by the Supreme Court under the name Knight v. Commissioner, the construction of the critical statutory language that Justice Sotomayor adopted was rejected and criticized by Chief Justice Roberts, writing for a unanimous court. …
Families For Tax Purposes: What About The Steps, Wendy G. Gerzog
Families For Tax Purposes: What About The Steps, Wendy G. Gerzog
All Faculty Scholarship
At least 4.4 million families in the U.S. are blended ones that include step-children and step-parents. For tax purposes, these steps receive preferential treatment for their status because they are on the one hand included as family members for many income tax benefit sections, but on the other hand excluded as family members for business entity attribution purposes and for gift and estate tax anti-abuse provisions. In the interests of fairness and uniformity, steps should be treated as family members for all tax purposes where steps have in fact voluntarily acted as their biological or adoptive counterparts, both when such …
Negron: Circuits Now Split 2-2, Wendy G. Gerzog
Negron: Circuits Now Split 2-2, Wendy G. Gerzog
All Faculty Scholarship
The article discusses Negron and the circuit split on the issue of whether to value non-assignable lottery payments in a decedent's estate by means of the actuarial tables or whether that value needs to be discounted for non-marketability.
A Malthusian Analysis Of The So-Called Dynasty Trust, William J. Turnier, Jeffrey L. Harrison
A Malthusian Analysis Of The So-Called Dynasty Trust, William J. Turnier, Jeffrey L. Harrison
UF Law Faculty Publications
Select financial institutions and members of the Bar have seized upon the presence of the limited exemption from the generation skipping transfer tax provided under the Internal Revenue Code to promote so-called dynasty trusts as a means whereby individuals can build dynastic wealth for a family forever free from transfer taxes. To realize such benefits, state law that does not impose the Rule Against Perpetuities must govern the trust. The promise of dynastic wealth is unlikely to be realized due to several factors. Administrative and tax costs are likely to reduce the yield on such trusts to a level where …
On Discounted Partnership Interests And Adequate Consideration, Brant J. Hellwig
On Discounted Partnership Interests And Adequate Consideration, Brant J. Hellwig
Scholarly Articles
Early cases involving the government's invocation of section 2036(a) to combat the use of family limited partnerships to intentionally suppress the value of a decedent's gross estate focused on whether the decedent retained the beneficial enjoyment of the partnership property under section 2036(a)(1) or, perhaps, the right to control such beneficial enjoyment under section 2036(a)(2). In recent years, however, the focus of the section 2036(a) inquiry in the family limited partnership context has shifted almost exclusively to the issue of whether the decedent's contribution of property to the entity satisfies the statute's parenthetical exception for a "bona fide sale for …
Cash Businesses And Tax Evasion, Susan C. Morse, Stewart Karlinsky, Joseph Bankman
Cash Businesses And Tax Evasion, Susan C. Morse, Stewart Karlinsky, Joseph Bankman
Faculty Scholarship
No abstract provided.
The Irs's Flawed Solution To The Controversy Over Deductible Claims Against The Estate And The Necessity For A Date-Of-Death Standard, 42 J. Marshall L. Rev. 789 (2009), Lisa K. Johnson
UIC Law Review
No abstract provided.
Using Salience And Influence To Narrow The Tax Gap, Susan C. Morse
Using Salience And Influence To Narrow The Tax Gap, Susan C. Morse
Faculty Scholarship
No abstract provided.
The Estate And Gift Tax Implications Of Self-Settled Domestic Asset Protection Trusts: Can You Really Have Your Cake And Eat It Too?, Phyllis C. Taite
The Estate And Gift Tax Implications Of Self-Settled Domestic Asset Protection Trusts: Can You Really Have Your Cake And Eat It Too?, Phyllis C. Taite
Faculty Articles
Self-settled asset protection trusts are wealth preservation trusts coupled with the spendthrift provisions. This type of trust permits the settler to have the benefit of treating the trust as a separate entity thereby protecting his assets from creditors while maintaining a pecuniary interest, as well as some level of control over what ultimately happens to the trust property. By providing asset protection from potential creditors while still having the ability to maintain a beneficial interest in the trust, the settler can essentially “have his cake and eat it too.” The typical domestic self-settled asset protection trust may not be treated …
Judge Sonia Sotomayor’S Tax Opinions, Stephen B. Cohen
Judge Sonia Sotomayor’S Tax Opinions, Stephen B. Cohen
Georgetown Law Faculty Publications and Other Works
Judge Sonia Sotomayor has written three published opinions on federal taxation, one as a District Court judge and two as a Court of Appeals judge. Two of the opinions deal with routine matters and are unremarkable in the sense that it is difficult to imagine the cases coming out any other way. Her third opinion, however, in William L. Rudkin Testamentary Trust v. Commissioner, 467 F.3d 149 (2d Cir. 2006), aff'd sub nom. Knight v. Commissioner, 552 U.S. 181, 128 S. Ct. 782 (2008), generated a sharp difference of opinion with Chief Justice Roberts. Although Chief Justice Roberts, writing for …
Whom Do You Trust? A Reply To Prof. Kahn, Stephen B. Cohen
Whom Do You Trust? A Reply To Prof. Kahn, Stephen B. Cohen
Georgetown Law Faculty Publications and Other Works
In his 2008 opinion in Knight v. Commissioner, Chief Justice John Roberts harshly criticized then Court of Appeals Judge Sonia Sotomayor, writing that her approach to the Internal Revenue Code “flies in the face of the statute.” In the August 3 issue of Tax Notes, I argued that Roberts’ criticism of Sotomayor was “logically flawed and unwarranted.” In the September 21 issue of Tax Notes, Prof. Douglas Kahn defended Robert’s criticism of Sotomayor as “persuasive and accurate” and attacked Sotomayor’s opinion in the case and my defense of what she wrote. I believe that Prof. Kahn’s arguments in defense of …