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Monthly Archives: May 2016
FROM WASHINGTON & ALBANY — Current Election Probabilities; Tax Plans of Trump and Clinton
As of April 22, the probability of Hillary Clinton becoming the Democratic nominee is .939 (1/15 odds); that of her becoming President, .727 (2/5 odds). Mr. Trump now has a .664 probability (1/2 odds) of prevailing in Cleveland, but only … Continue reading
Posted in From Washington, News
Tagged 1041(d), Badgett v. commissioner, baeubrun v. commissioner, Billhartz v. commissioner, crummey powers;, estate of, estate of pulling v. commissioner, estate of redstone v. comm'r, estate of sanfilippo v. commissioner, exxon mobil v. state new york, federal tax refunds, hughes v. commissioner, irc 6901, matter of gaied, matter of ryan new york, matter of zanetti, new york state residency audit, people v. nextel court of appeals, permanent place of above new york, reasonable cause federal tax penalties, SEC v. Wyly, specht v. united states, tax payments or tax deposits, trust protectors;, united states v. stiles, west v. koshkinen, windford v. commissioner
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FROM FEDERAL AND NYS COURTS: Recent Developments & 2015 Decisions of Note
Federal Courts United States v. Stiles, 114 AFTR2d 2014-6809, 2014 BL 338556 (W.D. Pa. Dec. 2, 2014) held a personal representative liable for distributing estate assets before paying the decedent’s outstanding tax debt. Distributions made to the fiduciary and his … Continue reading
Posted in News
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IRS & NYS DTF MATTERS: Recent Developments & 2015 Regs. & Rulings of Note
IRS Issues Final Regulations on Portability The Treasury and the IRS have released the final regulations on portability of a Deceased Spouse’s Unused Exclusion Amount (“DSUE amount”). These regulations modify the Temporary Regulations issued on June 18, 2012. The final … Continue reading
Posted in News
Tagged 20 NYCRR 105.20(d)(1), 2016 "Green Book", amending irrevocable trusts, capital gains proposals, completed gifts for tax purposes, consistent valuation rule, DSUE, Estate tax 960(b), estate tax audit;, final regulations portability, grantor trust no rulings, irc 1014(f), IRC 6035, IRS definition of "executor", New York Tax Law 605(b), NYC Administrative Code 11-1705(b)(1)(A), NYS "add back" rule, NYS decanting bill, NYS estate tax "cliff", NYS Estate Tax technical amendments, NYS residency rules, PLR 201507008, PLR 201516056, PLR 201544005, PLR 20156056, proposed disclaimers, Rev. Proc. 2014-18, scrivener's error, SMLLC not intangible NY property, TB-IT-690, trustee amendment of decanting NYS, TSB-M-15(3)(M), valuation statements estate tax return
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Creating and Maintaining Flexibility in Wills and Trusts
The principal objective when drafting wills or trust agreements is to best effectuate the intent of the settlor or testator, while at the same time ensuring that the most advantageous tax and legal objectives are met. Since the will may … Continue reading
Posted in News
Tagged children born to future spouses, dispositioins per stirpes by representation, eptl 11-2.3, Exculpatory clauses in trusts, governing law trust provisions, HEMS asset protection, indemnification clauses in trusts, marital deduction, matter of rothko 401 N.Y.S.2d 449, non-beneficiaries' right to information, persona liability for actions of co-trustees, Portability, prudent investor act, prudent investor standard eptl 11-2.3(b), Prudent Person standard, qualified disclaimers nys, sample will tax provision, scope of trustee discretion, single signatory, survivorship and gst issues in trusts, trust annual accounting NYS, trust decanting, trustee "hold back" provision, trustee discretion health education maintenance and support, trustee has absolute discretion, trustee has discretion limited to an ascertainable standard, Trustee HEMS, trustee incapacity, trusts and s corporations
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Like Kind Exchanges Alive and Well: An Update
Like Kind Exchanges Alive and Well: An Update Attempts by the Obama administration to curtail or eliminate IRC § 1031 exchanges were decidedly unsuccessful. Based upon their pronouncements, neither Ms. Clinton nor Mr. Trump would be expected to attempt to … Continue reading
Posted in Like Kind Exchanges, News
Tagged 1031, 1031 exchange, income tax, irs, like kind exchange, tax planning
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Law Offices of David L. Silverman 
Tax News & Comment — May 2016