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Category Archives: Tax Decisions
2012 Gift & Estate Tax Decisions of Note
View in PDF: Tax News & Comment — February 2013 2012 Gift & Estate Tax Decisions of Note I. Formula Clauses The Tax Court in Wandry v. Com’r, T.C. Memo 2012-88, nonacq., 2012-46 I.R.B. upheld a defined value clause containing … Continue reading
Posted in Gift & Estate Tax Decisions of Note, Gift Tax Planning, News, Tax Decisions, Tax News & Comment
Tagged Abatement of Penalties, Adequate Disclosure, Administration Expenses, applicable exclusion amount, asset protection trusts, Charitable Contributions, Claims for Refund, Conservation Easement, estate attorney, Estate Planning with, Estate Planning with Family Entities, Estate Tax Returns, formula clauses, gift tax returns, Protective Claims, Protective Refund Claims, Revenue Procedures, Revenue Rulings, tax attorney, Tax Court, tax lawyer, valuation discounts, wandry v. commissioner
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Tax Court Defies IRS: Expands Use of Defined Value Clauses
View Article in Tax News & Comment — October 2012 TAX COURT DEFIES IRS: EXPANDS USE OF DEFINED VALUE CLAUSES The recent loss by the IRS in the Tax Court case Wandry v. Com’r, T.C. Memo 2012-88, added to the … Continue reading
Posted in Defined Value Clauses, Estate Planning, From the Courts, Gift & Estate Tax Decisions of Note, News, Tax Decisions, Tax News & Comment
Tagged christiansen v. commissioner, defined value clauses, estate attorney, formula clauses, formula clauses adjusting transfer, formulas that define consideration, formulas that define transers, IRS revaluation of gifts, mccord v. commissioner, petter v. commissioner, procter v. commissioner, proctor v. commissioner, tax attorney, tax lawyer, value of transferred property, wandry v. commissioner
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From The Courts — Recent Developments, August 2011
VIEW IN PDF: Tax News & Comment — August 2011 The Supreme Court, in an unanimous opinion, held that a medical resident whose normal work schedule requires him to perform services 40 or more hours per week, is not a … Continue reading
Recent IRS Developments
A. Recent IRS Developments Field audits of taxpayers with incomes exceeding $200,000 rose 34 percent in fiscal 2011 to 78,392. IRS Deputy Commissioner Steve Miller stated that “[w]e are looking more at taxpayers at these income levels because we … Continue reading
Northern District Finds Successive Tax Penalties Imposed by NYS-AG and NYS-DTF to be Unconstitutional
Finding that Tax Law § 481(1)(b)(i) effectively operates as a criminal penalty, the Northern District held that the assessment of a tax penalty by the Department of Taxation and Finance under § 481(1)(b)(i) following the taxpayer’s previous prosecution and conviction … Continue reading
Revision of New York Power of Attorney Law Takes Effect
Effective 9/1/09, NY General Obligations Law §5-1501, which governs the content and execution of powers of attorney, was revised and amended. Powers executed prior this date remain valid, but are subject to the amended statute. Continue reading
Tax Court Holds Single Member LLC Not Ignored for Gift Tax Purposes
Pierre v. Com’r, 133 T.C. No. 2 (8/4/09) Continue reading
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
Posted in Tax Decisions, Tax News & Comment
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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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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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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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IRS & NYS DTF Matters — August 2014
I. IRS Matters – August 2014 On July 11, a second federal judge ordered the IRS to account for missing emails of former director Lois Lerner. U.S. District Court Judge Reggie Walton has demanded an affidavit from an “appropriate official” … Continue reading →