Taxation-Federal Estate and Gift Commons^™

Contractual Wills: Misplaced Marital Loyalties: Eunsuing Litigation: Increased Federal Estate Taxes, Addison E. Dewey

Akron Law Review

A MYSTIFYING PLETHORA OF RECENT CASES indicates that husbands and and wives seem to be placing much more euphoric confidence in the judicial enforcement of their contractual wills than they do in unbargained-for assurances by the spouse that the provisions of such will never be changed. Many cases indicate that married couples feel that while mutual trust and confidence may be a revered tradition resulting from matrimonial bliss, they prefer to superimpose upon testamentary dispositions of their estates the common law concept of contract as an agreement which the courts will enforce. The repeated pattern of the various cases is …

Nontaxable Transfers; Interest-Free Loans; Crown V. Commissioner, Linda Haught Robb

Akron Law Review

"INTEREST-FREE FAMILY LOANS remain outside the purview of the federal estate and gift tax statutes despite the recent efforts of the Internal Revenue Service to convince the judiciary that, in such loans, the fair market value of the foregone interest is a gift. This is an extrapolation of the Service's efforts to find income to the recipient in other interest-free money situations. In light of the Service's limited activity in dealing with tax consequences of the interest-free loans, the Seventh Circuit's decision in Crown v. Commissioner' will be an important reference for estate and tax planning. Doubtlessly, the Service will …

Revenue Act Of 1978, Merlin G. Briner

Akron Law Review

"THE REVENUE ACT OF 1978 is a continuation of Federal Income Tax Developments: 1978 which appeared in the Fall, 1978 issue of the AKRON LAW REVIEW. This survey examines the substantive changes in federal tax law resulting from the passage of the Revenue Act of 1978 and other legislation. This author has again engaged the most able assistance of several members of the AKRON LAW REVIEW. Without their substantial contributions and complete dedication, this article would not have been possible. Special appreciation is extended to Linda Robison for her dedicated efforts."

Individual, Couple Or Family? The Unit Of Taxation For Transfer Tax Purposes: A Shifting Focus, Anne-Marie Rhodes

Akron Law Review

This paper examines the shifting focus of the transfer tax system from the perspectives of the articulated primary purpose for the taxes and the appropriate unit of taxation given that purpose. The historical progression shows that as a sense of purpose became less clear, the unit of taxation similarly became less focused.

United States Trust Co. V. I.R.S., Scott D. Brackett

Akron Law Review

During the course of its administration, an estate may receive income that is subject to federal income tax. When, and if, an estate receives such income the executor is faced with the task of filing the estate's income tax return along with a number of related considerations. One of the more important considerations is the allocation of the burden of such tax between the beneficiaries of the estate and the estate itself.

Subchapter J of the Internal Revenue Code provides the mechanism to allocate that burden between the beneficiaries and the estate. Generally, Subchapter J attempts to allocate the tax …

Taxation Expatrition: Will The Fast Act Stop Wealthy Americans From Leaving The United States?, Beckett G. Cantley

Akron Law Review

In the wake of September 11, 2001, several influential lawmakers have sought to pass tax legislation that would reduce the tax benefits that may result from an American citizen expatriating to a foreign nation. According to these congressional critics, certain wealthy American citizens are willing to relinquish their United States citizenship to save taxes (“tax expatriates”). The last major attempt to prevent tax expatriation was undertaken in 1995 when Internal Revenue Code (“I.R.C.”) § 877 was enacted. Several congressional critics have charged that I.R.C. § 877 is being easily circumvented by tax expatriates and their advisors. To stem the tide …

The Contemporary Tax Journal Volume 5, No. 1 – Spring/Summer 2015

The Contemporary Tax Journal

No abstract provided.

An Ounce Of Planning Is Worth A Pound Of Litigation Prevention, Phyllis C. Taite

Other Faculty Publications

No abstract provided.

An Introduction To Conservation Easements In The United States: A Simple Concept And A Complicated Mosaic Of Law, Nancy Mclaughlin, Federico Cheever

Utah Law Faculty Scholarship

The idea of a conservation easement – restrictions on the development and use of land designed to protect the land’s conservation or historic values – can be relatively easily understood. More significant and more challenging is the complex body of state and federal laws that shapes the creation, funding, tax treatment, enforcement, modification, and termination of conservation easements.

The explosion in the number of conservation easements over the past four decades has made them one of the most popular land protection mechanisms in the United States. The National Conservation Easement Database estimates that the total number of acres encumbered by …

Tax Planning: Foreign Investment In United States Real Property, William H. Newton Iii

Georgia Journal of International & Comparative Law

No abstract provided.

Annual Survey Of Developments In International Trade Law: 1984, Georgia Journal Of International And Comparative Law

Georgia Journal of International & Comparative Law

No abstract provided.

Our Wealth Transfer Tax System -- A View From The 100th Year, Carlyn S. Mccaffrey, John C. Mccaffrey

ACTEC Law Journal

No abstract provided.

Front Matter

ACTEC Law Journal

No abstract provided.

With Marriage On The Decline And Cohabitation On The Rise, What About Marital Rights For Unmarried Partners?, Lawrence W. Waggoner

ACTEC Law Journal

This article draws attention to a cultural shift in the formation of families that has been and is taking place in this country and in the developed world.

Part I uses recent government data to trace the decline of marriage and the rise of cohabitation in the United States. Between 2000 and 2010, the population grew by 9.71%, but the husband and wife households only grew by 3.7%, while the unmarried couple households grew by 41.4%. A counter-intuitive finding is that the early 21st century data show little correlation between the marriage rate and economic conditions.

Because of the Supreme …

The Dueling Transferors Problem In Generation-Skipping Transfer Taxation, Austin Bramwell, Sean R. Weissbart

ACTEC Law Journal

Whether a transfer of property is subject to generation-skipping transfer ("GST") tax depends in part on the identity of the individual who is considered the "transferor." Yet a deep uncertainty as to the identity of the transferor may arise when a beneficiary of a trust assigns his or her beneficial interest to another. Taxpayers, commentators, and the Internal Revenue Service have proposed three possible theories for resolving the question of who is the transferor in those circumstances. A careful analysis of relevant authorities reveals that only one of these theories -- namely, that an assignment of a beneficial interest has …

Family Values: An Evaluation Of Internal Revenue Code Sections 2703 And 2704(B), David Berke

ACTEC Law Journal

No abstract provided.

Offshore Trustees Beware: No Pre-Levy Notice For You!, Phyllis C. Taite

Other Faculty Publications

No abstract provided.

A Simpler Verifiable Gift Tax, Wendy G. Gerzog

All Faculty Scholarship

The purpose of this article is to propose a simpler verifiable gift tax, to reassert basic principles of transfer taxes, to encourage simple, outright gifts, and to eliminate some of the major abuses in the current gift tax regime. To accomplish these goals, the proposed tax would simplify gift completion rules, adopt a hard-to-complete rule of transfer taxation, reduce the annual exclusion while expanding the consumption exclusion, and employ loss of preference inducements to increase gift tax compliance.

Portability, Marital Wealth Transfers, And The Taxable Unit, Bridget J. Crawford

Elisabeth Haub School of Law Faculty Publications

Prior to 2011, the most efficient estate tax planning for married couples required a minimal level of asset equalization. In order to take maximum advantage of all existing wealth transfer tax exemptions and credits, each spouse needed to own, in an estate tax sense, enough assets to be able to fully utilize the estate tax credit or applicable exemption. This changed with the enactment of estate tax portability in the Economic Growth and Economic Recovery and Relief Act of 2011, which became permanent under the American Taxpayer Relief Act of 2012. “Portability” refers to the ability of a surviving spouse …

The Moving Target Of Tax Reform, Karen C. Burke, Grayson M.P. Mccouch

UF Law Faculty Publications

In 2000, Professor William Turnier proposed a package of three reforms to make the estate tax more “equitable” and “taxpayerfriendly.” All of his proposals—allowing a surviving spouse to inherit a deceased spouse’s unused exemption, replacing the state death tax credit with a deduction, and indexing the exemption for inflation—were eventually enacted. Today, the estate tax remains on the books, but changes in rates and exemptions have severely curtailed its role in the larger federal tax system. Income tax rate reductions for capital gains and dividends have further lightened the tax burden on capital income, and international pressure to reduce the …