Category Archives: Treatises

Like Kind Exchanges of Real Estate Under IRC Section 1031 — Treatise

Posted on July 30, 2010 by David L. Silverman, J.D., LL.M. (Taxation)

Over the past three decades, Congress has enacted various Code provisions and modified existing provisions in an attempt to impede taxpayers’ ability to reduce income tax liability when engaging in real property transactions. The Section 1031 “like-kind” exchange is a powerful tax-deferral technique that has, for the most part, escaped rigorous Congressional scrutiny. The statute permits a taxpayer to relinquish property (often real property) held for “productive use in a trade or business” or for “investment” and exchange it for “like kind” replacement property, without recognizing gain or loss. A cash sale of property followed by a cash purchase of like kind property will not constitute a like kind exchange. Halpern v. U.S., 286 F.Supp. 255 (ND Ga. 1968); PLR 7918018. To constitute an “exchange” within the meaning of the statute, the transaction must be a “reciprocal transfer of property, as distinguished from a transfer of property for a money consideration only.” Regs. § 1.1002-1(d). The rationale for nonrecognition in this circumstance stems from Congress’ view that tax should not be imposed on realized gains where the investment continues in nearly identical form. Continue reading →

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Estate Planning in 2010: Treatise

Posted on July 26, 2010 by David L. Silverman, J.D., LL.M. (Taxation)

Estate Planning in 2010: Treatise PDF:  Estate Planning Outline © 2010 David L. Silverman, J.D., LL.M. (Taxation) Law Offices of David L. Silverman 2001 Marcus Avenue, Suite 265A South Lake Success, NY 11042 (516) 466-5900 July 26, 2010 Estate Planning … Continue reading →

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Tax and Legal Issues Arising In Connection With the Preparation of the Federal Gift Tax Return, Form 709 — Treatise

Posted on March 31, 2010 by David L. Silverman, J.D., LL.M. (Taxation)

With little Congressional interest in increasing the $1 million lifetime exemption, familiarity with gift tax is important in estate planning. This seminar will first consider legal requirements for a completed gift. Filing requirements will then be reviewed. Gifts exempt from the gift tax, gifts for which a deduction is available, and split gifts will be discussed. Current valuation issues will be examined in connection with determining the value of gifted assets. The importance of expert appraisals and adequate disclosure will be emphasized. Penalties, deficiencies and preparer penalties will be reviewed, as will issues involving compliance, collection and liens. The relationship with the estate tax will be analyzed. Finally, a completed Form 709, illustrating concepts presented, will be studied in detail.
The Federal Gift Tax Return Form 709: Tax & Legal Issues

1. Nature of gift tax; filing requirements; extensions; bond 8. Valuing gifts of real estate & closely held companies
2. Whether to file if uncertain as to whether gift complete 9. Valuation discounts and adequate disclosure
3. Statute of limitations on assessment and collection 10. Importance of expert appraisal; preparer penalties
4. Annual exclusion gifts; reciprocal transfers; minors 11. Penalties, interest, liens and transferee liability
5. Exempted transfers: political, educational & medical 12. Assessment, deficiencies & collection; basis issues
6. Gifts to spouses and marital deduction; charitable gifts 13. Relationship with the Estate Tax; “gross up” rule
7. Split gifts: manner and time of consent, liability issues 14. Review of completed Form 709 gift tax return Continue reading →

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United States International Taxation

Posted on March 15, 2010 by David L. Silverman, J.D., LL.M. (Taxation)

The U.S. international income tax rules are among the most complex in the Code. The purpose of this article will be to set forth in a comprehensible manner the essence of those rules. Part I will discuss how a foreign person may become subject to U.S. tax, and the distinction between foreign and domestic “source” income. Part I will also introduce the concept of income “effectively connected” with a “U.S. trade or business.” Part II, appearing in the next issue, will conclude a discussion of the trade or business concept, and will discuss the foreign tax credit, the impact of treaties, and other issues. Continue reading →

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The Federal Gift Tax Return Form 709: Tax and Legal Issues

Posted on March 4, 2010 by David L. Silverman, J.D., LL.M. (Taxation)

With little Congressional interest in increasing the $1 million lifetime exemption, familiarity with gift tax is important in estate planning. This seminar will first consider legal requirements for a completed gift. Filing requirements will then be reviewed. Gifts exempt from … Continue reading →

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Estate Planning in 2010

Posted on February 14, 2010 by David L. Silverman, J.D., LL.M. (Taxation)

© 2010 Law Offices of David L. Silverman, J.D., LL.M, Lake Success,  NY  11042   (516) 466-5900 Estate Planning in 2010 For PDF Version, press here: Estate Planning Treatise FD I.      Period of Uncertainty The federal estate tax was repealed midnight, … Continue reading →

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