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Category Archives: Tax News & Comment
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 1041(d), Badgett v. commissioner, baeubrun v. commissioner, Billhartz v. commissioner, crummey powers;, estate of, estate of pulling v. commissioner, estate of redstone v. comm'r, estate of sanfilippo v. commissioner, exxon mobil v. state new york, federal tax refunds, hughes v. commissioner, irc 6901, matter of gaied, matter of ryan new york, matter of zanetti, new york state residency audit, people v. nextel court of appeals, permanent place of above new york, reasonable cause federal tax penalties, SEC v. Wyly, specht v. united states, tax payments or tax deposits, trust protectors;, united states v. stiles, west v. koshkinen, windford v. commissioner
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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 adequate disclosure of gifts on gift tax return, credit shelter trusts, estate tax planning in 2015, HEMs standard for fiduciaries, income tax planning in 2015, IRC 1014, New York estate tax exemption, new york trust rules, NING Trusts, NYS income tax rates, Portability, proving basis, qtip trusts, Revenue Ruling 85-13, tax planning in 2015, toggling grantor trusts, trust income tax rates, valuations for estate tax
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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 3.8 percent net investment income tax trustees, Bross Trucking v. Com'r; gift tax adequate disclosure, conservation easements, estate of Mcneely v. U.S., Estate of Woelbing, Frank Aragona Trust v. Com'r, howard v. United States, norvalk v. com'r., overpayment of estate tax, Sales of Assets to Grantor Trusts, schilbach v. com'r, schneidelman v. com'r, taxation of corporate goodwill
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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 DING Trusts, formula clauses, new york state estate tax, NING Trusts, nys estate tax planning, NYS exception for nonresident trusts, nys gift tax, nys grantor trust tax, nys portability, PLR 201310002, Tax Law 605(b)(3)(D)(i)
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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 1031, 1031 exchange, 180-day exchange period, 45-day identification period, boot gain, constructive receipt, deferred exchange regulations, deferred exchanges, installment sales, like kind exchange, post-exchange refinancing, pre-exchange refinancing, reverse exchanges, tax legislation, tax planning, treasury
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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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Law Offices of David L. Silverman 
Tax News & Comment — May 2016