Category Archives: Treatises

Escaping the Quandary Posed by Unreported Foreign Accounts

 Many U.S. taxpayers have at least one financial account located in a foreign country. Failure to report an offshore account carries with it possible civil and criminal penalties. Foreign account reporting requirements are provided for under the Bank Secrecy Act, … Continue reading

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The Evolution of Trusts in American Jurisprudence

I. Introduction A trust is a relationship whereby a trustee holds property for the benefit the beneficiary, or cestui que trust. A division of ownership occurs between the trustee, who holds legal title, and the beneficiary, who holds equitable title. … Continue reading

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Federal Tax Litigation

I. Introduction In general, the statute of limitations for the IRS to assess is three years after the date the return is filed or two years from the date the tax is paid. After audit, the IRS may issue a … Continue reading

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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 , , , , , , , , , , , , , , ,

Taxation of Foreign Nongrantor Trusts: Throwback Rule

I. Introduction  The throwback rule is intended to prevent a foreign trust from accumulating income, thereby delaying the reporting of that income by U.S. beneficiaries until the time when the income is eventually distributed. The throwback rules defeat this income … Continue reading

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From Federal Courts, NYS Courts & NYS Tax Tribunals — August 2014

I. From The Court of Appeals A unanimous Court of Appeals, reversing, dismissed the long-held interpretation by the Department of Taxation of Tax Law §605[b][1][b], in a dispute adjudicated first at the administrative level in the Division of Tax Appeals, … Continue reading

Posted in Federal Tax Litigation, IRS Matters, New York State Income Tax, New York State Tax Litigation, NYS Dept. of Tax'n & Finance, NYS DTF Matters, NYS Residency, NYS Tax Litigation, Tax News & Comment | Tagged , , , , , , , , , ,

Income Taxation of Nongrantor Trusts

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