Monthly Archives: April 2010

Executor and Trustee Commissions Under the New York EPTL

For PDF press here: Executor and Trustee Commissions Under the NY EPTL.wpd A. Executor Commissions 1. Statutory Commission Rates In New York, Executor commissions are set out by statute. Surrogate’s Court and Procedure Act (SCPA) § 2307 provides that a … Continue reading

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Winning a Sales Tax Dispute in the Division of Tax Appeals

With the lure of interest, penalties, and large revenues upon which the sales tax is based, the Department of Taxation aggressively pursues sales tax revenue through audit. To emerge victorious in a sales tax dispute, the taxpayer should be conversant with some important principles involving sales tax litigation. Continue reading

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Prenuptial Agreements

Prenuptial agreements can provide for property, support, inheritance, and custodial rights in the event of divorce or death. Many persons, especially those remarrying, will insist upon such an agreement. Continue reading

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Installment Sales in Real Estate Transactions

An “installment sale” is a disposition of property in which at least one “payment” is to be received after the close of the taxable year in which the disposition occurs. IRC §453(b)(1). The “installment method” is the default method prescribed by the Code to report income from installment transactions unless the taxpayer elects not to use the installment method. This election must be made no later than the due date of the tax return (including extensions) for the taxable year in which the disposition occurs. IRC §453(d)(1). Continue reading

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Article 78 Review of Tax Appeals Tribunal

Printer-friendly PDF: Article 78 Review of Tax Appeals Tribunal II.wpd A. Pre-Tribunal Adjudication The Bureau of Conciliation and Mediation Services (BCMS) comprises a separate operating bureau within the Division of Taxation, and reports directly to the Commissioner of Taxation and … Continue reading

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Supplemental Needs Trusts

Elderly and disabled persons are peculiarly prone to significant and continuing costs for long-term care. Since many governmental benefits are need-based, ownership of substantial assets may preclude qualification under these programs.

A Special Needs Trust (SNT) established for a person with severe and chronic disabilities may enable a parent or family member to supplement Medicare or Supplemental Security Income (SSI), without adversely affecting eligibility under these programs, both of which impose restrictions on the amount of “income” or “resources” which the beneficiary may possess. 42 U.S.C. § 1382a. Continue reading

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