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

President Bush urged Congress to provide tax incentives to invigorate areas destroyed by Katrina and to pay for relief initiatives, already over $70 billion, by reducing nondefense spending. Bush administration’s proposals for defense and homeland security may portend a $400 … Continue reading →

Citing the common law doctrine known as the “revenue rule,” the 2nd Circuit, on remand from the Supreme Court, dismissed a civil suit brought by the European Union under the Racketeer Influenced and Corrupt Organizations Act, 18 U.S.C. §§ 1961-1968 (“RICO”) against RJR Nabisco, Inc., which suit sought to recover lost tax revenues due to alleged smuggling. European Community v. RJR Nabisco, Inc., Dcket Nos. 02-7325 (L); 9/13/05. Continue reading →

In an era of budget surpluses not seen in 30 years, President Clinton has proposed tax reductions, marriage penalty relief, increased charitable contribution deductions, and the following credits: (i) a new college credit, (ii) a long-term health care credit, (iii) … Continue reading →

Finding the existence of an “implied agreement” whereby the decedent was to retain the possession and enjoyment of, and the right to income from, property transferred to a family limited partnership (FLP), the Tax Court has held that the FLP … Continue reading →

Tenancy in common (TIC) interests have become extremely popular as replacement properties in like kind exchanges. A TIC interest represents an ownership slice of a larger fee interest, which is evidenced by an individual deed. A TIC owner possesses the … Continue reading →

On May 17th, President Bush signed into law the “Tax Increase Prevention and Reconciliation Act of 2005,” which provides $70 billion in tax incentives, extends the 15% capital gains and dividend rates through December 31, 2010, and increases the AMT … Continue reading →