Category Archives: Treatises

Escaping the Quandary Posed by Unreported Foreign Accounts

Posted on May 13, 2016 by David L. Silverman, J.D., LL.M. (Taxation)

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 →

Posted in International Taxation, News | Tagged delinquent FBAR, Delinquent international information return procedures, FBAR, Form 8938, international tax, irs, offshore voluntary disclosure program, ovdp, streamlined compliance procedures, unreported foreign accounts | Leave a comment

The Evolution of Trusts in American Jurisprudence

Posted on February 18, 2015 by David L. Silverman, J.D., LL.M. (Taxation)

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 →

Posted in The Evolution of Trusts in American Jurisprudence, Treatises, Trusts | Tagged bailment, cestui que trust, common law of england, courts of chancery, english courts of law, equitable charge, fiduciaries, HEMs standard, history of trusts, justice cardozo, justice story, king v. talbot, king's courts of law, meinhard v. salmon, merger of law and equity, no further inquiry rule, prudent investor rule, treas. reg. 301.7701-4(a), trust beneficiary, trust distinguished from contract, trusts distinguished from other legal forms, uniform trust code | Leave a comment

Federal Tax Litigation

Posted on February 18, 2015 by David L. Silverman, J.D., LL.M. (Taxation)

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 →

Posted in Federal Tax Litigation, News, Treatises | Tagged 90 day letter, Claims for Refund, collateral estoppel, equitable estoppel, golson doctrine, IRS appeals, notice of deficiency, refund litigation, refund litigation in district court, res judicata, settlement, tax court litigation, tax court rules | Leave a comment

Avoiding Boot Gain in Like Kind Exchanges

Posted on August 4, 2014 by David L. Silverman, J.D., LL.M. (Taxation)

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 | Leave a comment

Taxation of Foreign Nongrantor Trusts: Throwback Rule

Posted on August 4, 2014 by David L. Silverman, J.D., LL.M. (Taxation)

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 →

Posted in Foreign Taxation, International Tax, Treatises, Trusts | Tagged accumulation distribution, foreign beneficiary statement, foreign tax planning, foreign trusts, form 3520, IRC 6048(a), notice 97-34, throwback rule, throwback taxIRC 1411, undistributed net income | Leave a comment

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

Posted on August 4, 2014 by David L. Silverman, J.D., LL.M. (Taxation)

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 article 78 tax appeals, caprio v. nys dtf, Conservation Easement, Gaied, matter of tamagni, NYS residency test, nys tax legislation, retroactive tax legislation, schneidelman v. com'r, tax appeals tribunal, Tax Law 605(b)(1)(B) | Leave a comment

Income Taxation of Nongrantor Trusts

Posted on April 8, 2014 by David L. Silverman, J.D., LL.M. (Taxation)

Posted in Income Taxation of Nongrantor trusts, Income Taxation of Nongrantor trusts, Income Taxation of Nongrantor trusts, News | Tagged carry out DNI, complex trusts, distributable net income, distribution deduction, fiduciary accounting income, fiduciary income tax return, nongrantor trusts, simple trusts, subchapter j, taxation of trusts, tentative taxable income, tier one distributions, tier rules, tier two distributions, Trustee Commissions | Leave a comment

Category Archives: Treatises

Escaping the Quandary Posed by Unreported Foreign Accounts

The Evolution of Trusts in American Jurisprudence

Federal Tax Litigation

Avoiding Boot Gain in Like Kind Exchanges

Taxation of Foreign Nongrantor Trusts: Throwback Rule

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

Income Taxation of Nongrantor Trusts

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