Category Archives: Tax News & Comment

With estate tax repeal scheduled to occur in 2010, but reinstatement to follow in 2011, estate planning documents must be sufficiently flexible to operate in either tax regime, or any other that Congress or a later administration determines. Wills and … Continue reading →

The 2001 Act repeals the estate and GST tax for decedents dying after December 31, 2009. The top marginal estate tax rate, now 55%, will decrease incrementally to 45% in 2007. The estate tax exemption, now $1 million, will rise … Continue reading →

The Supreme Court, resolving a conflict among the circuits, has held that the exclusion from gross income provided for by IRC Sec. 104(a)(2) for the “amount of any damages received…on account of personal injuries” does not extend to punitive damages.  … Continue reading →

The 5th Circuit, in Estate of Jameson v. Comr., 267 F.3d 366, made further inroads into the doctrine of precluding valuation discounts for built-in capital gains. Reversing the Tax Court, it held that a full discount for accrued capital gains … Continue reading →

The National Office in FSA 200119013 held that where the decedent’s estate included 50% of the shares of a closely held corporation, as well as a general power of appointment over 44% of the shares pursuant to a marital deduction … Continue reading →

The 2002 Tax Act provides $38.7 billion in tax incentives; most for businesses with modest incentives for individuals. Of particular interest is a new provision which allows an additional 30% depreciation deduction in the first year. The Act also contains … Continue reading →

Departing starkly from a body of decisional law burnished by time in the lower courts, the Supreme Court, in United States v. Craft, No 001831(4/17/02) reversing the 6th Circuit, held that a spouse’s interest in entireties property constitutes property or … Continue reading →