Category Archives: Tax News & Comment

Tax News & Comment — May 2016

Posted in From Albany, From the Courts, From Washington, IRS Matters, News, Tax News & Comment | Tagged , , , , , , , , , , , ,

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

Posted in From Washington, News | Tagged , , , , , , , , , , , , , , , , , , , , , , , , , ,

From Washington & Albany — Income & Estate Tax Planning in 2015

I.    From Washington Income tax planning in 2015 will seek to reduce the effect of high federal and New York tax rates. Avoidance of unnecessary capital gain realization through basis increases or nonrecognition transactions will remain important. Estate tax planning … Continue reading

Posted in From Albany, From Washington, Tax News & Comment | Tagged , , , , , , , , , , , , , , , , ,

From Federal Courts, NYS Courts & Tax Tribunals — Recent Developments & 2014 Decisions of Note

I.     Disputes Involving Sales of Assets to Grantor Trusts Reach the Tax Court In Estate of Woelbing v. Com’r, Docket No. 30261-13, filed on December 26, 2013, the IRS made several arguments seeking to negate the tax benefit sales of … Continue reading

Posted in Federal Tax Litigation, Federal Tax Litigation, Gift & Estate Tax Decisions of Note, Tax News & Comment, Tax Refund Litigation | Tagged , , , , , , , , , , , ,

August Comment: NYS Estate, Gift & Trust Tax Update

I. Introduction A number of important changes to New York estate, trust and gift tax law were recently enacted. Briefly, (i) the New York estate tax exemption will reach parity with the federal exemption by 2019; (ii) the federal estate … Continue reading

Posted in Estate Planning, Gift Tax Planning, Grantor Trusts, Income Taxation of Nongrantor trusts, Income Taxation of Nongrantor trusts, Monthly Comment, NYS DTF Matters, NYS Residency, NYS Tax Litigation, Portability, Tax News & Comment, Trusts | Tagged , , , , , , , , , ,

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

Posted in Avoiding Boot, Capital Gains, Federal Income Tax, IRS, IRS Audits, Like Kind Exchanges, Like Kind Exchanges of Real Estate Under IRC Sec. 1031 (2013 Revised Ed.), Like Kind Exchanges of Real Estate Under IRC Section 1031, Tax Planning | Tagged , , , , , , , , , , , , , , ,

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 , , , , , , , , , , ,