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Taxation-Federal Estate and Gift Commons™
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Articles 1 - 30 of 30
Full-Text Articles in Taxation-Federal Estate and Gift
Getting Donor-Advised Funds Regulation Right: Closing The Public Support Test Loophole, Benjamin Leff
Getting Donor-Advised Funds Regulation Right: Closing The Public Support Test Loophole, Benjamin Leff
Scholarly Articles in Law Reviews & Journals
Donor-Advised Funds (“DAFs”) have been the subject of vigorous critical scholarship in the past two decades. This Article addresses two timely issues in DAF regulation: the theoretical justifications for extra strict regulation of DAFs, and, in light of those justifications, how to close a major loophole in the regulatory scheme. DAFs have been called “virtual private foundations” because they are similar in some respects to private foundations, but until two decades ago, they were treated for legal purposes as public charities. In 2006, Congress enacted legislation that both formally recognized DAFs for the first time and subjected them to several …
A Historical Examination Of The Constitutionality Of The Federal Estate Tax, Henry Lowenstein, Kathryn Kisska-Schulze
A Historical Examination Of The Constitutionality Of The Federal Estate Tax, Henry Lowenstein, Kathryn Kisska-Schulze
William & Mary Bill of Rights Journal
No abstract provided.
The Case For The Retention Of The State Death Tax Credit In The Federal Transfer Tax Scheme: "Just Say No" To A Deduction, John M. Janiga, Louis S. Harrison
The Case For The Retention Of The State Death Tax Credit In The Federal Transfer Tax Scheme: "Just Say No" To A Deduction, John M. Janiga, Louis S. Harrison
Pepperdine Law Review
No abstract provided.
Legislating Morality: The Duty To The Tax System Reconsidered, Watson
Legislating Morality: The Duty To The Tax System Reconsidered, Watson
Scholarly Works
Four years ago, I presented a paper at a symposium on professionalism jointly sponsored by the University of Kansas Law School and the Kansas Bar Association. That paper espoused the view (contrary to what appears to be the popular view among tax scholars) that tax lawyers owe no special duty to the "tax system" other than to abide by the law and the applicable standards of professional conduct. During the four-year interim since my last visit to Kansas, however, we have witnessed the deleterious effect of the IRS Restructuring and Reform Act of 1998 (RRA '98) on IRS enforcement and …
"Gifts, Gafts And Gefts" – The Income Tax Definition And Treatment Of Private And Charitable "Gifts" And A Principled Policy Justification For The Exclusion Of Gifts From Income, Jeffrey H. Kahn, Douglas A. Kahn
"Gifts, Gafts And Gefts" – The Income Tax Definition And Treatment Of Private And Charitable "Gifts" And A Principled Policy Justification For The Exclusion Of Gifts From Income, Jeffrey H. Kahn, Douglas A. Kahn
Scholarly Publications
No abstract provided.
Gifts, Gafts And Gefts: The Income Tax Definition And Treatment Of Private And Charitable 'Gifts' And A Principled Policy Justification For The Exclusion Of Gifts From Income, Douglas A. Kahn, Jeffrey H. Kahn
Gifts, Gafts And Gefts: The Income Tax Definition And Treatment Of Private And Charitable 'Gifts' And A Principled Policy Justification For The Exclusion Of Gifts From Income, Douglas A. Kahn, Jeffrey H. Kahn
Articles
Gifts have been given special treatment by the income tax laws since the first post-16th Amendment tax statute was adopted in 1913. The determination of how the income tax law should treat gifts raises a number of issues. For example: should gifts be given special treatment? If so, what should qualify as a gift? Should gifts to a private party be taxable to the donee? Should gifts to a private party be deductible by the donor? Should the donee's basis in a gift of property be determined by reference to the basis that the donor had, and should any modifications …
Tax Lawyers, Ethical Obligations, And The Duty To The System, Watson
Tax Lawyers, Ethical Obligations, And The Duty To The System, Watson
Scholarly Works
Perhaps the most elusive area of law is that of legal ethics. While the term itself is easy to define,' the subject all but defies codification because ethics, or morals (the terms are interchangeable), cannot be encapsulated by or in law. This is because law, in general, contains its own standard of validity on which there is usually clear societal consensus. For example, murder, rape, and theft are morally repugnant universally. Hence, punishment for any of these offenses does not impinge upon religious or individual autonomy because there is no ethical freedom to choose whether or not to engage in …
Tax Consequences Of Assigning Life Insurance - Time For Another Look, Douglas A. Kahn, Lawrence W. Waggoner
Tax Consequences Of Assigning Life Insurance - Time For Another Look, Douglas A. Kahn, Lawrence W. Waggoner
Articles
The Taxpayer Relief Act of 1997 furnishes the courts and the Internal Revenue Service an opportunity to close certain loopholes in the federal tax consequences of assigning life insurance. About twenty years ago, we published an article arguing that the tax consequences of assigning life insurance affords taxpayers unwarranted opportunities for tax avoidance. Since then, developments in the case law and Internal Revenue Service rulings have broadened the loopholes. In the update of our article, we show how the new tax law supports our original position.
Integrating Qualified Plan Distributions Into The Overall Financial And Estate Plan, Bruce J. Temkin
Integrating Qualified Plan Distributions Into The Overall Financial And Estate Plan, Bruce J. Temkin
William & Mary Annual Tax Conference
No abstract provided.
Current Issues In Estate Planning Featuring The Replacement Of Section 2036(C), Ronald D. Aucutt
Current Issues In Estate Planning Featuring The Replacement Of Section 2036(C), Ronald D. Aucutt
William & Mary Annual Tax Conference
No abstract provided.
Ird And S Corporations, Gregory V. Gadarian, Jonathan G. Blattmachr
Ird And S Corporations, Gregory V. Gadarian, Jonathan G. Blattmachr
Touro Law Review
No abstract provided.
Donee Payment Of Gift Tax: Crane, Old Colony Trust, And The Need For Congressional Action, Michigan Law Review
Donee Payment Of Gift Tax: Crane, Old Colony Trust, And The Need For Congressional Action, Michigan Law Review
Michigan Law Review
The net gift theory achieves results that comport with congressional policy, but its focus on donative intent finds little support in the Code. The part-sale, part-gift theory undermines Congress' policy toward gifts, but follows logically from the Supreme Court's decision in Old Colony Trust. The Note concludes, therefore, that Congress should amend the Code to make clear that liability for gift taxes is shared by donors and donees. By ensuring that donee payments of gift taxes would riot constitute taxable gain to donors, this amendment would eliminate the inconsistency between Congress' goals and its operative language.
With Strings Attached: Federal Income Tax Consequences To Donors Of Conditional Gifts, Andrew C. Siminerio
With Strings Attached: Federal Income Tax Consequences To Donors Of Conditional Gifts, Andrew C. Siminerio
Duquesne Law Review
Because giving a gift involves tax consequences to the donors, they have made various successful attempts to shift the tax burden to the recipients. The author examines the question whether the amount of gift tax paid by a recipient in this case nonetheless should be considered part of the donor's taxible [sic] income to the extent the tax exceeds the donor's basis in the gift property. After reviewing the basic approaches in the federal courts for answering the question, he suggests an approach he believes best reflects the policies underlying the Internal Revenue Code and existing case law.
The Estate Tax Marital Deduction, Harold Dubroff, Douglas A. Kahn
The Estate Tax Marital Deduction, Harold Dubroff, Douglas A. Kahn
Articles
The estate tax marital deduction, section 2056 of the Internal Revenue Code, was enacted in 1948, along with the split-income provisions of the income tax law and the marital deduction and split-gift provisions of the gift tax law. The purpose was to give married residents of common law states approximately the same federal tax advantages that were available to married residents of community property states. Ordinarily, upon the death of a married resident of a community property state, only one-half of the community property is taxed in the decedent's estate. Section 2056 achieves approximately the same result for married residents …
The Changing Meaning Of "Gift": An Analysis Of The Tax Court's Decision In "Carson V. Commissioner", Jeffrey Schoenblum
The Changing Meaning Of "Gift": An Analysis Of The Tax Court's Decision In "Carson V. Commissioner", Jeffrey Schoenblum
Vanderbilt Law School Faculty Publications
The complexity of detail that characterizes the Internal Revenue Code (Code) has been the subject of intense criticism and only faint praise. Yet, one of the more striking anomalies of the Code is that its often suffocating detail coexists with the sparest definitions of many key terms. The term "gift" is a prime example. Although its meaning plays an instrumental role in income and gift taxation, the Code nowhere defines the term. As a result, the task of fleshing out its meaning has largely fallen on the Treasury, through the issuance of regulations and rulings, and on the courts, which …
Federal Taxation Of The Assignment Of Life Insurance, Douglas A. Kahn, Lawrence W. Waggoner
Federal Taxation Of The Assignment Of Life Insurance, Douglas A. Kahn, Lawrence W. Waggoner
Articles
The most litigated estate tax issue concerning life insurance is whether the proceeds should be included in the insured's gross estate. This question usually is governed by section 2042 of the Internal Revenue Code of 1954, the estate tax provision directed specifically at life insurance. While the Tax Reform Act of 1976 wrought enormous changes in many areas of estate taxation, Congress did not change section 2042. Thus the several unresolved questions concerning the interpretation of that section remain unsettled. But the question of the includability of life insurance proceeds in the gross estate of the insured is not always …
Transactions Subject To Gift Tax, Douglas A. Kahn, Earl M. Colson
Transactions Subject To Gift Tax, Douglas A. Kahn, Earl M. Colson
Articles
The gift tax is imposed on the "transfer of property by gift." The term gift is not expressly defined either in the Code or in the Treasury Regulations. However, section 2512(b), dealing with the valuation of gifts, states that "where property is transferred for less than an adequate and full consideration in money or money's worth," the difference between the value of the property transferred and the consideration received constitutes a gift. Thus, for gift tax purposes, the determination of whether a gift was made does not turn so much on the intent of the transferor as it does on …
Federal Estate Taxation - Inter Vivos Gift Between Co-Owners Of United States Savings Bonds Requires Surrender And Reissue
University of Richmond Law Review
At the present time there are approximately 500 million Series E United States Savings Bonds outstanding about 75% of which are registered in the names of co-owners. Until recently there had been no consensus in the federal courts as to whether a registered co-owner of such a bond could remove it from his gross estate by making an inter vivos gift to the other co-owner without having the bond reissued according to Treasury Regulation procedures. This conflict in case law and its attendant confusion has had the effect of preventing uniform application of federal estate tax law concerning savings bonds. …
A Guide To The Estate And Gift Tax Amendments Of 1970, Douglas A. Kahn
A Guide To The Estate And Gift Tax Amendments Of 1970, Douglas A. Kahn
Articles
The Excise, Estate, and Gift Tax Adjustment Act of 1970 [Pub. L. No. 91-614 (Dec. 31, 1970) made a number of amendments to the federal estate and gift tax laws. The estate tax laws were amended to shorten the period of time for filing estate tax returns and for the alternate valuation date and for several related items. In addition, for income tax purposes, the holding period of property that was included in a decedent's gross estate and that was acquired from the decedent was altered; and fiduciaries were granted additional means of obtaining a discharge of their personal liability …
Recent Legislation
University of Richmond Law Review
This is a list of the recent legislation from 1970.
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.
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 …
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) …
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 Estate Tax - Effect Of Presidential Freezing Orders On The Creation Of Excludable Bank Deposits For Nonresident Aliens, William Y. Webb
Taxation - Federal Estate Tax - Effect Of Presidential Freezing Orders On The Creation Of Excludable Bank Deposits For Nonresident Aliens, William Y. Webb
Michigan Law Review
Decedent, a citizen and resident of France, was the sole income beneficiary of a trust fund held in New York by the plaintiff as trustee. An executive order, issued pursuant to the Trading with the Enemy Act, prohibited remittance of trust income to the decedent from 1940 to the time of her death in 1946. As this income accrued, the plaintiff's trust department transferred it to the plaintiff's general banking department in its own name as trustee and subject to its order out of current banking funds. In an action by the executor of the decedent-beneficiary's estate to recover an …
Taxation - Federal Estate Tax - Deductibility Of Contingent Bequests To Charity, Jack G. Armstrong S.Ed.
Taxation - Federal Estate Tax - Deductibility Of Contingent Bequests To Charity, Jack G. Armstrong S.Ed.
Michigan Law Review
Testator bequeathed a remainder interest to charitable organizations which was contingent upon her sister, age eighty-two, predeceasing two other women, ages sixty-seven and sixty-eight. The Commissioner disallowed a deduction for this bequest on the ground that it was not certain that charity would receive any benefit. In the district court the parties stipulated that there was an eleven to one chance that charity would receive the bequest. On the basis of this stipulation the district court found for the taxpayer. On appeal, held, reversed. In order for a deduction to be allowed the possibility that charity will not take …
Taxation-Federal Estate Tax-Transfers Of Life Insurance In Contemplation Of Death, Ralph E. Hunt S. Ed.
Taxation-Federal Estate Tax-Transfers Of Life Insurance In Contemplation Of Death, Ralph E. Hunt S. Ed.
Michigan Law Review
Insurance policies on the life of a decedent are ordinarily included in his gross estate according to the provisions of section 811 (g) of the Internal Revenue Code. Where the policy is payable to a beneficiary other than the executor, it is taxable under section 811(g)(2): (1) if the decedent paid premiums on the policy, in proportion to the amount of premiums paid by him in relation to the total premiums paid, or (2) if the decedent possessed at his death any of the incidents of ownership. However, these provisions are not exclusive; even though section 811 (g) is inapplicable, …
Taxation-Estate Tax-Reservation Of Power To Amend Trust, Samuel N. Greenspoon S.Ed.
Taxation-Estate Tax-Reservation Of Power To Amend Trust, Samuel N. Greenspoon S.Ed.
Michigan Law Review
Settlor executed a trust indenture in 1915 whereby a trust was established for the benefit of his three minor children. Income was to be accumulated for the benefit of the three children until they respectively attained majority, and provision was made for the death of any child under 21 without surviving issue. The settlor then reserved "the power from time to time by an instrument in writing signed by me to amend this trust instrument so that it will more clearly express my actual intentions if I shall consider such amendments advisable, as to which I shall be the sole …
The Revenue Act Of 1942: Federal Estate And Gift Taxation, Paul G. Kauper
The Revenue Act Of 1942: Federal Estate And Gift Taxation, Paul G. Kauper
Michigan Law Review
The Revenue Act of 1942 marks important changes in the substantive law. Most of these changes have been obscured by the publicity accorded the higher rates and other features that distinguish it as the first great taxing measure borne out of the travail of the present conflict. Yet it is remarkable that despite the urgency of the need for war revenues, time and effort should have been expended by Congressional committees and Treasury officials in working out with care and thought revisions that constitute a notable contribution to the clarification and restatement of the substantive law of federal taxation. Important …
Paul's Studies In Federal Taxation, Third Series -A Review, Josiah Willard
Paul's Studies In Federal Taxation, Third Series -A Review, Josiah Willard
Michigan Law Review
This Third Series of Mr. Paul's Studies in Federal Taxation is a welcome addition to the literature on the subject. Too few members of the tax bar reduce their views on the subject to writing, and many of those who do apparently feel that they must never concede any merit to a contention of the treasury on any doubtful point, for fear that such a concession will be used against them by some treasury attorney in the future. On the other hand, many academic writers on the subject tend to assume that every decision in favor of the taxpayer represents …