Monthly Archives: August 2014

August Comment: NYS Estate, Gift & Trust Tax Update

Posted on August 4, 2014 by David L. Silverman, J.D., LL.M. (Taxation)

I. Introduction A number of important changes to New York estate, trust and gift tax law were recently enacted. Briefly, (i) the New York estate tax exemption will reach parity with the federal exemption by 2019; (ii) the federal estate … Continue reading →

Posted in Estate Planning, Gift Tax Planning, Grantor Trusts, Income Taxation of Nongrantor trusts, Income Taxation of Nongrantor trusts, Monthly Comment, NYS DTF Matters, NYS Residency, NYS Tax Litigation, Portability, Tax News & Comment, Trusts | Tagged , , , , , , , , , , | Leave a comment

Avoiding Boot Gain in Like Kind Exchanges

Posted on August 4, 2014 by David L. Silverman, J.D., LL.M. (Taxation)

I. Introduction Circular 230 disclosure: Any tax advice herein is not intended or written to be used, and cannot be used by any taxpayer, for the purpose of avoiding any penalties that may be imposed under the Internal Revenue Code. … Continue reading →

Posted in Avoiding Boot, Capital Gains, Federal Income Tax, IRS, IRS Audits, Like Kind Exchanges, Like Kind Exchanges of Real Estate Under IRC Sec. 1031 (2013 Revised Ed.), Like Kind Exchanges of Real Estate Under IRC Section 1031, Tax Planning | Tagged , , , , , , , , , , , , , , , | Leave a comment

Taxation of Foreign Nongrantor Trusts: Throwback Rule

Posted on August 4, 2014 by David L. Silverman, J.D., LL.M. (Taxation)

I. Introduction  The throwback rule is intended to prevent a foreign trust from accumulating income, thereby delaying the reporting of that income by U.S. beneficiaries until the time when the income is eventually distributed. The throwback rules defeat this income … Continue reading →

Posted in Foreign Taxation, International Tax, Treatises, Trusts | Tagged , , , , , , , , , | Leave a comment

From Washington & Albany — August 2014

Posted on August 4, 2014 by David L. Silverman, J.D., LL.M. (Taxation)

I.   From Albany: Perils of Being a Rich State in the Federal System If the United States were the European Union, New York, Connecticut and New Jersey could be compared to Germany and France, which subsidize less wealthy E.U. members. … Continue reading →

Posted in Federal Income Tax, From Albany, From Washington, Like Kind Exchanges, New York State Income Tax | Tagged , , , , , , , , , , , | Leave a comment

From Federal Courts, NYS Courts & NYS Tax Tribunals — August 2014

Posted on August 4, 2014 by David L. Silverman, J.D., LL.M. (Taxation)

I. From The Court of Appeals A unanimous Court of Appeals, reversing, dismissed the long-held interpretation by the Department of Taxation of Tax Law §605[b][1][b], in a dispute adjudicated first at the administrative level in the Division of Tax Appeals, … Continue reading →

Posted in Federal Tax Litigation, IRS Matters, New York State Income Tax, New York State Tax Litigation, NYS Dept. of Tax'n & Finance, NYS DTF Matters, NYS Residency, NYS Tax Litigation, Tax News & Comment | Tagged , , , , , , , , , , | Leave a comment

IRS & NYS DTF Matters — August 2014

Posted on August 4, 2014 by David L. Silverman, J.D., LL.M. (Taxation)

I.   IRS Matters – August 2014 On July 11, a second federal judge ordered the IRS to account for missing emails of former director Lois Lerner. U.S. District Court Judge Reggie Walton has demanded an affidavit from an “appropriate official” … Continue reading →

Posted in IRS Matters, New York State Income Tax, NYS DTF Matters, NYS Tax Litigation, NYS Tax Litigation, Tax Decisions, Tax News & Comment | Tagged , , , , , , , , , , | Leave a comment