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Category Archives: Federal Income Tax
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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IRS & NYS DTF Matters; Recent Developments & 2014 Regs. & Rulings of Note
I. New York State Matters NYS Amends Estate & Gift Tax Beginning April 1, 2014, the NYS estate exemption will increase every 12 months through 2017. On April 1, 2014, the NYS exemption became $2.0625; on April 1, 2015, $3.125 … Continue reading
Posted in Estate Planning, Federal Gift Tax, Federal Income Tax, Grantor Trusts, Income Taxation of Nongrantor trusts, Portability
Tagged asset sales to grantor trusts, final regs on portability, final regs on section 67(a), last deceased spouse, new york "throwback" rule for trusts, New York Amendments to Gift and Estate Tax, New York estate tax exemption, new york obviates grantor trusts, New York portability, new york trust changes, new york's "cliff" estate rule, plr 20130002 new york, Portability, qtip contingency plr 20140011, relief from late portability elections, Taylor v. NYS Tax Commission
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Private Letter Ruling Requests
I. Introduction Private letter rulings are in the nature of “advisory” rulings by the IRS concerning the tax implication of income or estate transactions contemplated by taxpayers. As stated in Rev. Proc. 2015-1, the IRS generally issues a letter ruling … Continue reading
Posted in Federal Income Tax, Federal Tax Litigation, IRS, IRS Rulings & Regulations
Tagged effect of letter rulings, effect of PLRs, income tax, irs, IRS letter rulings, Pre-submission conference, Private Letter Ruling Requests, Private Letter Rulings, Rev. Proc. 2015-1, Ruling Request Submission, User Fees for PLRs
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From Washington & Albany — August 2014
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 1031, 1031 exchange, Congress, federalism, high income tax states, new york estate tax, President Obama, president obama tax proposals, states with no income tax, tax legislation, tax planning, unequal taxation in states
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2010 Like Kind Exchange Decisions and Rulings
Like Kind Exchange Decisions & Rulings of 2010 [Note:Excerpted from Like Kind Exchanges of Real Estate Under IRC. §1031 (3rd Ed., 1/11) . View treatise at nytaxattorney.com] I. Use of Replacement Property as Personal Residence Negates Like Kind Exchange Treatment … Continue reading
Posted in Like Kind Exchanges
Tagged 1031, 1031 exchange, like kind exchange, tax attorneys, tax law, tax lawyers
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Section 1031 Outline January 30 2011 Like Kind Exchanges of Real Estate Under IRC §1031 © 2011 David L. Silverman, J.D., LL.M. (Taxation)
Section 1031 Outline January 30 2011 Like Kind Exchanges of Real Estate Under IRC §1031 © 2011 David L. Silverman, J.D., LL.M. (Taxation).
Section 1031 | JD Supra Law News
Section 1031 | JD Supra Law News.
Tax and Non-Tax Issues Involving Irrevocable Trusts
View Article in PDF in Tax News & Comment — October 2012 TAX AND NON-TAX ISSUES INVOLVING IRREVOCABLE TRUSTS I. Introduction Prior to the Statute of Wills, enacted by Parliament in 1540, it was impossible for a landowner to devise … Continue reading
Posted in Estate Planning, Federal Income Tax, Trusts
Tagged Ascertainable standard, asset protection, asset protection trusts, Chancery Courts, eptl 10-6.6, estate planning, health education and maintenance, Irrevocable trusts, irs notice 2011-11, New York decanting statute, spendthrift trusts, Statute of Wills, trust decanting, Trustee Discretion
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Gain, Loss and Depreciation Issues in Like Kind Exchange
View PDF of Article in Tax News & Comment — October 2012 GAIN, LOSS, AND DEPRECIATION ISSUES IN LIKE KIND EXCHANGES [Note: Excerpted from Like Kind Exchanges of Real Estate Under IRC. §1031 (David L. Silverman, 3rd Ed.,1/11).View treatise at … Continue reading
Posted in Federal Income Tax, Like Kind Exchanges
Tagged "additional depreciation", 1031, blatt v. commissioner, boot gain, closing expenses in like kind exchange, cost segregation analysis, depreciation in 1031 exchange, depreciation in like kind exchange, hospital corporation of america, liabilities in like kind exchange, like kind exchange, qualified intermediary, Section 1031 gain, section 1245 recapture, Section 1250 depreciation recapture, Unrecaptured Section 1250 gain
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August Comment — Deferred Exchanges Under the Regulations
VIEW IN PDF: Tax News & Comment — August 2011 [Note: Excerpted from Like Kind Exchanges of Real Estate Under IRC. §1031 (David L. Silverman, 3rd Ed.,1/11).View treatise at nytaxattorney.com] I. Overview of Statute A deferred exchange may be a … Continue reading
Avoiding Boot Gain in Like Kind Exchanges
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 →