Author Archives: David L. Silverman, J.D., LL.M. (Taxation)

Tax News & Comment – April 2017

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Tax News & Comment — May 2016

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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

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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

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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

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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

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Escaping the Quandary Posed by Unreported Foreign Accounts

 Many U.S. taxpayers have at least one financial account located in a foreign country. Failure to report an offshore account carries with it possible civil and criminal penalties. Foreign account reporting requirements are provided for under the Bank Secrecy Act, … Continue reading

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