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Articles & Seminar Materials
- June 5 NYS Tax Litigation Seminar: Completion Certificate June 2, 2025
- June 5 NYS Tax Litigation Seminar — Outline May 31, 2025
- June 5 Tax Litigation Seminar — Supplementary Materials May 14, 2025
- June 5 CPE Seminar: NYS Tax Litigation — Practice & Procedure April 28, 2025
- March 13 CPE Seminar: Supplementary Materials March 4, 2025
- Income Taxation of New York Trusts & 2025 Planning Strategies March 4, 2025
- Webinar Recording of 1031 Final Regulations Seminar January 16, 2025
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Category Archives: Tax News & Comment
1999 Federal Tax Briefs
Proposed Regulations would treat an LLC member as a limited partner unless the member (a) had personal liability for debts of the LLC; (b) had the ability to contract on behalf of the LLC; or (c) participated more than 500 … Continue reading
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Marital Deduction Trusts
Property passing by bequest outright to a surviving spouse qualifies for the unlimited marital deduction. Property placed in trust for the surviving spouse may, depending upon the trust language, also qualify for the marital deduction. However, Code Sec. 2056(b) provides that a bequest to a surviving spouse will not qualify for the deduction where the interest passing to the surviving spouse will “terminate or fail.” Terminable interests are generally those which enable a person other than the surviving spouse to possess or enjoy any part of the property after a lapse of time or the occurrence of an event, such as the surviving spouse’s remarriage. Continue reading
1998 Tax Legislation
TRA 1997 now prohibits the IRS from revaluing prior adjusted taxable gifts after the expiration of the statute of limitations (see January Comment). The exemption equivalent, now the “applicable exclusion amount” will rise to $650,000 in 1999. New Code Sec. … Continue reading
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Family Limited Partnerships
Income tax problems associated with family limited partnerships (FLPs) are rarely serious enough to militate against their use in estate planning. Nevertheless, income tax issues arising in connection with the formation and operation of FLPs deserve consideration, since problems can minimized by careful tax planning. Continue reading
Posted in Family Entities, Tax News & Comment
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Preserving Exchange Treatment When One Partner Wants Cash
Accommodating the competing objectives of one partner who wants his partnership to engage in a taxable sale of real estate and another, who wants the entity to engage in a like-kind exchange, presents a tax dilemma. Although the IRS has … Continue reading
1998 Gift and Estate Tax Decisions of Note
The 5th Circuit, in Estate of McLendon, 98-1 USTC ¶60,303, reversing the Tax Court, held that the decedent, who was terminally ill and died six months later, was entitled to rely on Rev. Rul. 80-80, which permits the use of … Continue reading
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PERMANENT REPEAL OF ESTATE TAX IN 2010 APPEARS LIKELY; HOUSE COMMITTEE RELEASES ENERGY BILL
(June, 2005 release): The House has overwhelmingly voted to permanently repeal the estate tax in 2010. If the Senate concurs, the estate tax will be replaced in 2010 by a new capital gains tax. No pending legislation would either repeal … Continue reading
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1998 REGS, IRS RULINGS AND PRONOUNCEMENTS
After losses in three circuits, the IRS, in TD 8779, issued final regulations which permit “contingent” QTIP elections, which allow greater post-mortem estate planning. The regs provide that property is eligible for the QTIP election if the spouse’s income interest … Continue reading
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HOUSE COMMITTEE APPROVES ENERGY TAX BILL
By a bipartisan vote of 26-11, the House Ways and Means Committee has approved the Enhanced Energy Infrastructure and Technology Tax Bill of 2005. The bill would include $8 billion worth of tax incentives to reduce the cost of investments in the nation’s energy infrastructure. Continue reading
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2004 REGS, IRS RULINGS & PRONOUNCEMENTS
Many property owners seek to swap management-intensive property for property requiring no active management. However, triple net leased properties – the primary candidates for passive ownership – are generally unavailable for less than $1 million. Rev. Proc. 2002-22 ameliorated this … Continue reading
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Congress Fails in Bid to Repeal Estate Tax (October 2000)
By modest but not slim margins, the House failed to override President Clinton’s veto of two bills, one providing $252 billion in marriage tax relief over 10 years, the other phasing out the estate tax over 10 years at a … Continue reading
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Tax Court Bars Late Alternate Valuation Election
The Tax Court held that estates of spouses who were presumed to die in a private airplane crash could not use actuarial tables to value the testamentary life estates because the interests created by reciprocal will had no value. Estate … Continue reading
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HURRICANE AID AND NEW TAX EXPENDITURES THREATEN PROPOSED TAX CUTS; DEFICIT MAY INCREASE
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 de fense and homeland security may portend a $400 … Continue reading
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2nd Circuit Dismisses EU Suit to Recover Lost Tax Revenue
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 Racke teer Influenced and Corrupt Organiza tions Act, 18 U.S.C. §§ 1961-1968 (“RICO”) against RJR Nabisco, Inc., which suit sought to recover lost tax revenues due to alleged smuggling. Eu ropean Community v. RJR Nabisco, Inc., Dcket Nos. 02-7325 (L); 9/13/05. Continue reading
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Eastern District Finds In Rem Tax Lien Survives Bankruptcy
The conveyance by taxpayers of their house (in which they continued to reside) to their children for no consideration, one year after the issuance of a Notice of Deficiency, three years prior to tax assessment, and eight years prior to … Continue reading →