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Author Archives: David L. Silverman, J.D., LL.M. (Taxation)
Interest Abatement Denial Subject to Judicial Review
The 5th Circuit Court of Appeals has held that in amending IRC § 6404(e), which grants IRS the authority to abate an assessment of interest attributable in whole or in part to any error or delay by the IRS in … Continue reading
Posted in Tax Decisions, Tax News & Comment
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Life Insurance Trusts Mitigate Estate Tax Uncertainties
To view printer-friendly Memorandum, press here: Life Insurance Trusts Mitigate Estate Tax Uncertainties.wpd Irrevocable life insurance trusts (ILITs) enjoy vastly preferential status under the income and transfer tax laws. Properly structured, proceeds are not included in the insured’s gross estate. … Continue reading
2006 REGS, IRS RULINGS & PRONOUNCEMENTS
Printer-friendly PDF version: 2006 Regs., Rulings, & IRS Pronouncements.wpd Since IRA accounts often reflect a lifetime of retirement savings, their inclusion in a QTIP trust is important. Rev. Rul. 2000-2 stated that IRA proceeds may qualify for a QTIP election … Continue reading
The IRC § 2036 Trap in Planning With FLPs & Grantor Trusts
Printer-friendly PDF Memorandum: The IRC § 2036 Trap in Planning With FLPs & Grantor Trusts.wpd The IRS has advanced many theories to challenge the gift and estate tax savings occasioned by the use of family entities and grantor trusts in … Continue reading
Posted in Family Entities
Tagged applicable exclusion amount, estate planning, estate tax, gift tax, gross estate, IRC § 2036, irs
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LEAD TRUSTS THRIVE IN LOW INTEREST RATE ENVIRONMENT
Printer-friendly PDF Memorandum: Lead Trusts Thrive In Low Interest Environment.wpd The Charitable Lead Trust (CLT) is a trust in which the donor gives an income interest to a charity and, upon the donor’s death or after a term certain, a … Continue reading
Posted in Charitable Entities, Tax Decisions
Tagged charitable remainder trusts, CRTs, GRATS, lead trusts
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FAMILY DISCOUNT ENTITIES: INCOME TAX CONSIDERATIONS
FLPs (and LLCs) are ideal holding entities for family assets since fractional discounts yield substantial transfer tax savings. While the income tax treatment of asset transfers to and from these “flow thru” entities is generally placid, income tax planning should not be relegated to a mere afterthought. Continue reading
Reverse Exchanges
Printer-friendly PDF: Reverse Exchanges.wpd Although the deferred exchange regulations apply to simultaneous as well as deferred exchanges, they do not apply to reverse exchanges. See Preamble to final Regulations, 56 Red. Reg. 19933 (5/1/91). Reverse exchanges occur where the taxpayer … Continue reading
Tax Outlook for 2007
Printer-friendly PDF: 2007 Tax Outlook.wpd Although Democrats significantly outnumber Republicans on the House Ways and Means Committee, and hold a 31 member majority in the full House, legislation raising marginal, capital gains or dividend rates in 2007 is not likely … Continue reading
Posted in From Washington, Tax News & Comment
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PRESIDENT BUSH SIGNS $350+ BILLION TAX CUT
After lengthy deliberations between feuding House and Senate Republicans, a tax bill has emerged which provides $350 billion in temporary tax cuts, and more than $700 billion in permanent cuts if key provisions, scheduled to expire, are reenacted. President Bush … Continue reading
Posted in News, Tax Decisions
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9th Circuit Holds Actuarial “Bet” Voided by Step-Transaction Doctrine
The 9th Circuit, in Brown v. U.S., 91 AFTR 2d 2003-2085 (5/1/03) upheld the IRS interposition of the step-transaction doctrine to derail an estate plan involving the creation of a life insurance trust to fund a future estate tax liability. … Continue reading
Posted in Tax Decisions, Tax News & Comment
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2006 REGS, RULINGS & IRS PRONOUNCEMENTS
Since IRA accounts often reflect a lifetime of retirement savings, their inclusion in a QTIP trust is important. Rev. Rul. 2000-2 stated that IRA proceeds may qualify for a QTIP election if the surviving spouse may compel a trustee to … Continue reading
Posted in News, Tax Decisions, Tax News & Comment
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Reporting Like Kind Exchanges
Form 8824, used to report like kind exchanges, requires (i) a description of the relinquished and replacement properties; (ii) identification of related parties to the exchange; and (iii) calculation of realized gain, recognized gain, and the basis of replacement property … Continue reading
Posted in Federal Income Tax, Like Kind Exchanges
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Recent Tax Developments — October 2003
The IRS announced on 9/15 that it had reached agreements with 40 states to trade information on unlawful tax shelters. Arthur Roth, Commissioner of the NYS-DTF, said the potential revenue loss was in the “tens of millions.” The IRS is … Continue reading →