Taxation-Federal Estate and Gift Commons^™

The Artist's Tax Dilemma, Wendy J. Gordon

Scholarship Chronologically

An artist's first job is to create. Somewhere down the line, most artists find they have a second job, which is to sell. Many artists resist involvement in the second task (with mixed results), yet beyond it the artist encounters a duty even more dreaded: to pay taxes.

Inherited Excess Mortgage Property: Death And The Inherited Tax Shelter, Louis A. Del Cotto, Kenneth F. Joyce

Journal Articles

No abstract provided.

Special Estate Tax Valuation Of Farmland And The Emergence Of A Landholding Elite Class, Roland L. Hjorth

Washington Law Review

Examines Internal Revenue Code provisions on farmland as an inheritable asset, including those provisions that offer substantial tax savings.

Carryover Basis: An Observation, An Irony, And A Proposal, Alan L. Feld

Faculty Scholarship

Alan L. Feld is a Boston University Law School professor and visiting professor at the University of Pennsylvania Law School. In this article Feld describes the changes in the treatment of capital gains transferred at death that were enacted in the Tax Reform Act of 1976. Feld notes that tax reformers would have preferred to tax capital gains at death but accepted the carryover basis provision as a second-best solution.

He reports that in the case of the very largest estates, the combined, effect of carryover basis and the lower estate tax rates results at most in a total estate …

Income And Gift Tax Implications Of Interest-Free Loans Between Relatives

BYU Law Review

No abstract provided.

An Analysis Of The Marital Deduction In Estate Planning, Ted Tishman

Duquesne Law Review

No abstract provided.

Federal Gift And Estate Tax - Interest-Fre Loans - Intrafamily Interest-Free Loans Are Not Taxable Transfers For Purposes Of I.R.C., Lee H. Stein

Villanova Law Review (1956 - )

No abstract provided.

Tax Consequences For Corporate Divisions Of The Family Farm Corporation, Edwin T. Hood, John D. Shores, Charles S. Triplett

Faculty Works

No abstract provided.

Federal Taxation Of Gifts, Trusts And Estates, John L. Peschel

Michigan Law Review

A Review of Federal Taxation of Gifts, Trusts and Estates by Douglas A. Kahn and Lawrence W. Waggoner

Discharges Of Legal Obligations, Section 2036 And Consideration In Estate And Gift Taxation, Joel E. Newman

Washington and Lee Law Review

No abstract provided.

Virginia Wealth Transfer Tax- Proposed Alternatives, Michael D. Flemming

University of Richmond Law Review

House Resolution 34, which was approved by the House of Delegates during the 1977 session of the Virginia General Assembly, observed that Virginia's inheritance and gift tax laws have remained essentially unchanged for more than 50 years and commissioned a study of those laws "in light of recent developments."' The proponents of House Resolution 34 no doubt had the 1976 amendments to the federal estate and gift tax laws fresh on their minds. But in addition to the federal changes, several of the states have altered their approach to transfer taxation in recent years. These changes expand the options available …

Federal Tax Consequences Of Antenuptial Contracts, Patricia Murray

Washington Law Review

This comment will examine the federal gift, estate, and income tax consequences of antenuptial contracts. Each of these taxes will be discussed separately. Antenuptial contracts which provide for the transfer of property arise more frequently in common law property states, where spouses have inchoate rights in one another's property, than in community property states, where the spouses share the community property equally. In the antenuptial contract setting, federal taxes are imposed upon the transfer of property; when an antenuptial contract provides for a transfer of property, there are no differences in the federal tax consequences between common law property and …

The Generation-Skipping Loophole: Narrowed, But Not Closed, By The Tax Reform Act Of 1976, Ira Mark Bloom

Washington Law Review

It is the purpose of this article to analyze the operation and effect of this important and complex system of taxation, highlighting the areas in which future reform may be advisable.

Federal Estate Tax: A Possible Exception In The Application Of I.R.C. Section 2041 To Testamentary Powers Of Appointment Held By Incompetent Decedents, Cheryl Bailey Preston

BYU Law Review

No abstract provided.

Basis Of Property Transferred At Death Under The Tax Reform Act Of 1976, Jefferson D. Collins

Mercer Law Review

One of the more important provisions of the Tax Reform Act of 1976 and one that will tend to grow in importance with each passing day is §2005(a), which provided for the virtual replacement after December 31, 1976, of §1014 by §1023. Section 1014 provides that the basis of property acquired from a decedent is its fair market value at the applicable estate tax valuation date. Section 1014 could produce a decrease in the basis of property which had declined in value. As property has generally tended to appreciate over time, however, and as people have tended to make sure …

The Optimum Marital Deduction Survives The Tax Reform Act, J. Rodney Johnson

Law Faculty Publications

Several years ago an article appeared in the pages of this journal which suggested that those attorneys who regularly focused on obtaining the maximum marital deduction in the wills they were drafting for their clients might be suffering from a form of estate planner's myopia. That is, they were losing sight of their ultimate goal of minimizing the total estate tax burden imposed on the husband's assets as they pass from him, through the wife, on to the ultimate beneficiaries. The danger foreseen was that, as an attorney employed one of the various formula clauses designed to obtain every possible …

The Family Farm And Use Valuation-Section 2032a Of The Internal Revenue Code, James C. Swindler

BYU Law Review

No abstract provided.

Carryover Basis Rules For Inherited Property, Robert S. Hightower

Florida State University Law Review

No abstract provided.

Taxation Of Distributions From Accumulation Trusts: The Impact Of The Tax Reform Act Of 1976, David T. Link, Michael J. Wahoske

Journal Articles

The complex rules governing the taxation of income from trusts and estates have at times been described as incomprehensible. Perhaps the most confusing of these are the accumulation distribution throwback rules. In an effort to alleviate some of this confusion, Congress included accumulation trusts within the purview of the Tax Reform Act of 1976. Though Congress claimed that the rules are now "considerably simplified," it is not without some effort that one is able to translate the statutory language into a form useful to the practitioner.

Given the complexity of the rules, it is necessary to begin with a caveat. …

The Estate And Gift Tax Revisions Of The Tax Reform Act Of 1976, Howard Zaritsky

Washington and Lee Law Review

No abstract provided.

Inter Vivos Giving In Estate Planning Under The Tax Reform Act Of 1976, John E. Donaldson

William & Mary Law Review

No abstract provided.

Close Corporations In Estate Planning After The Tax Reform Act Of 1976, Edwin T. Hood

Faculty Works

No abstract provided.

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 …

An Attack On The Optimum Marital Deduction: Revenue Ruling 76-176, J. Rodney Johnson

Law Faculty Publications

A recent development in the field of estate and gift taxation-the issuance of Revenue Ruling 76-156 may be an indication of a policy decision on the part of the Internal Revenue Service to clamp down on the increasing utilization of the estate planner's most flexible tool in the ·area of post-mortem estate planning-the disclaimer. Due to the potential importance of this ruling, it seems desirable ( 1 ) to deal with the ruling, itself, in some detail, ( 2) to see how the ruling might affect an estate planning concept suggested in these pages last year, and ( 3) to …

Estate Taxation Of Life Insurance Under §2042: Recent Decisions Defining Incidents Of Ownership

Washington and Lee Law Review

No abstract provided.

Joint And Survivor Annuities Under Erisa -- The Gamble On Survival, John W. Lee

Faculty Publications

No abstract provided.

Estate Of Smith - Deductibility Of Administration Expenses Under The Internal Revenue Code And Under The Teasury Regulations: Resolving The Conflict

William & Mary Law Review

No abstract provided.

Irrevocable Term Life Insurance Trusts And Gifts In Contemplation Of Death Under § 2035, Edward S. Graves, Stephen M. Finley

Washington and Lee Law Review

No abstract provided.

Survey Of 1974 Federal Estate And Gift Tax Developments

Washington and Lee Law Review

No abstract provided.

I. Valuation Of Property In The Gross Estate

Washington and Lee Law Review

No abstract provided.