Determining An Asset's Tax Basis In The Absence Of A Meaningful Transfer Tax Regime,
2018
Duke Law School
Determining An Asset's Tax Basis In The Absence Of A Meaningful Transfer Tax Regime, Jay A. Soled, Richard L. Schmalbeck
Faculty Scholarship
Until recently, in those circumstances where there was a valuation range with respect to a particular asset, executors faced a choice: among estates subject to the estate tax, declaring a high value would increase the estate tax liability; however, due to the Internal Revenue Code's "basis equal to fair market value" rule applicable at death, declaring a low value would expose heirs to a greater capital gains tax on subsequent asset disposition. Because the estate tax rates were higher and that tax was immediate (as opposed to deferred until a later sale by the heir), executors typically minimized asset values, …
Improving Tax Rules By Means-Testing: Bridging Wealth Inequality And “Ability To Pay”,
2018
University of Oklahoma College of Law
Improving Tax Rules By Means-Testing: Bridging Wealth Inequality And “Ability To Pay”, James M. Puckett
Oklahoma Law Review
No abstract provided.
Improving Tax Rules By Means-Testing: Bridging Wealth Inequality And "Ability To Pay",
2018
Penn State Law
Improving Tax Rules By Means-Testing: Bridging Wealth Inequality And "Ability To Pay", James M. Puckett
Faculty Scholarship
The federal income tax can and should do more to address wealth disparities and income inequality. The income tax does not directly count wealth, and the realization rule and basis "step-up" at death exclude substantial amounts of income for the wealthy. The Constitution limits Congress's ability to tax wealth. Despite these serious challenges, this Article considers how to potentially bridge the gap between wealth and the income tax. For example, asset-based phase-outs in the income tax should pass muster without apportionment, although their bite would necessarily be limited. The Article posits that the public would be more receptive to phase-outs …
Family Limited Partnerships And Section 2036: Not Such A Good Fit,
2017
Maurice A. Deane School of Law at Hofstra University
Family Limited Partnerships And Section 2036: Not Such A Good Fit, Mitchell M. Gans, Jonathan G. Blattmachr
ACTEC Law Journal
The IRS has struggled to close down abusive family limited partnerships. At first unreceptive to IRS arguments, the courts eventually embraced section 2036 as an estate-tax tool for attacking such partnerships. Because the section was not designed to apply to partnerships, difficulties have arisen as the courts have struggled with the fit. In its most recent encounter, the Tax Court in Powell grappled with a fit-related issue that implicates the Supreme Court’s landmark decision in Byrum. The Powell court, it will be argued, misread Byrum, conflating the majority opinion with the dissent – and converting the rule-based approach …
Front Matter,
2017
Maurice A. Deane School of Law at Hofstra University
Social Control Of Wealth In Antebellum New York,
2017
Maurice A. Deane School of Law at Hofstra University
Social Control Of Wealth In Antebellum New York, William P. Lapiana
ACTEC Law Journal
No abstract provided.
Democracy And Trusts,
2017
Maurice A. Deane School of Law at Hofstra University
Democracy And Trusts, Carla Spivack
ACTEC Law Journal
Spendthrift trusts which shield assets from creditors have been an ongoing problem for the law since their advent in the nineteenth century. Other, very recent, forms of trust are an even bigger problem: they take the notion of asset protection much farther, allowing settlors to protect not only the beneficiary’s assets, but their own, from creditors; these are called “self-settled asset protection trusts". Moreover, more and more states allow so-called “dynasty trusts” which allow settlors and beneficiaries to maintain assets in trust tax free for generations, overturning long-settled principles of the common law such as the Rule Against Perpetuities. All …
Honoring Probable Intent In Intestacy: An Empirical Assessment Of The Default Rules And The Modern Family,
2017
Maurice A. Deane School of Law at Hofstra University
Honoring Probable Intent In Intestacy: An Empirical Assessment Of The Default Rules And The Modern Family, Danaya C. Wright, Beth Sterner
ACTEC Law Journal
This article provides preliminary analysis of an empirical study of nearly 500 wills probated in Alachua and Escambia Counties in the State of Florida in 2013. The particular focus of the study is to determine if there are noticeable patterns of property distribution preferences among decedents based on their diverse family relationships. Earlier empirical studies of distribution preferences indicated that a majority of married decedents wanted to give all or most of their estates to their surviving spouses. As a result of these studies, most states amended their probate codes to give surviving spouses a sizable percentage of a decedent …
Please Don’T Make Me Pay Taxes: How New Irs Law Helps Art Collectors Avoid Hefty Taxes,
2017
Pepperdine University
Please Don’T Make Me Pay Taxes: How New Irs Law Helps Art Collectors Avoid Hefty Taxes, Stephanie Dunn
Journal of the National Association of Administrative Law Judiciary
No abstract provided.
In Memoriam Dennis Belcher: Lessons I Learned At The Feet Of The Master,
2017
Maurice A. Deane School of Law at Hofstra University
In Memoriam Dennis Belcher: Lessons I Learned At The Feet Of The Master, Dana G. Fitzsimons Jr.
ACTEC Law Journal
No abstract provided.
Larger Than Life,
2017
Maurice A. Deane School of Law at Hofstra University
Remembering Dennis Belcher,
2017
Maurice A. Deane School of Law at Hofstra University
Dennis Belcher's Little Red Book: The Wit And Wisdom Of Dennis Belcher,
2017
Maurice A. Deane School of Law at Hofstra University
Dennis Belcher's Little Red Book: The Wit And Wisdom Of Dennis Belcher, Steve R. Akers
ACTEC Law Journal
No abstract provided.
Memories Of A Partner, Colleague, Servant-Leader, And Friend,
2017
Maurice A. Deane School of Law at Hofstra University
Memories Of A Partner, Colleague, Servant-Leader, And Friend, Ronald D. Aucutt
ACTEC Law Journal
No abstract provided.
A Remarkable Man; An Extraordinary Year,
2017
Maurice A. Deane School of Law at Hofstra University
A Remarkable Man; An Extraordinary Year, Karen M. Moore
ACTEC Law Journal
No abstract provided.
What Made Dennis Special?,
2017
Maurice A. Deane School of Law at Hofstra University
Tribute To Dennis Belcher,
2017
Maurice A. Deane School of Law at Hofstra University
Remembering Dennis Belcher: A Trusted Advisor And Friend,
2017
Maurice A. Deane School of Law at Hofstra University
Remembering Dennis Belcher: A Trusted Advisor And Friend, Tina Portuondo
ACTEC Law Journal
No abstract provided.
Reflections On Dennis I. Belcher: A True Leader,
2017
Maurice A. Deane School of Law at Hofstra University
Reflections On Dennis I. Belcher: A True Leader, Pam H. Schneider
ACTEC Law Journal
No abstract provided.
Dennis Irl Belcher: An Appreciation,
2017
Maurice A. Deane School of Law at Hofstra University
Dennis Irl Belcher: An Appreciation, James H. Walsh
ACTEC Law Journal
No abstract provided.
