The Internal Revenue Service is extending tax return filing and payment deadlines for victims of the severe Southern California wildfires. Specifically, for taxpayers in the Presidential Disaster Area –– consisting of Los Angeles, Orange, Riverside, San Bernardino, San Diego, Santa...
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The IRS, in IRS Notice 2007-90, 2007-46 IRB 1 (Oct. 29,2007), issued interim guidance and announced a change in its policy regarding IRC Section 6166 estate tax payment deferrals for estates consisting primarily of closely held business interests. Specifically, the...
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Wills Trusts & Estates Prof Blog: Agent’s power to sue for sums due allowed the hiring of an attorney on a contingent fee basis. "In Campbell v. Tenet Health System, DI, Inc., 224 S.W.3d 632 (Mo. Ct. App. 2007), the...
In PLR 200742015 (May 8, 2007), the IRS granted Executors an extension of time of 60 days from the PLR date to make the election under Treas. Reg. Sec.26.2652-2(c) to treat trust as two separate trusts, one of which has...
Continue reading "IRS Grants Extension to Treat Marital Trusts as Separate Trusts"
In PLR 200742011 (May 24, 2007), and in PLR 200742012 (May 24, 2007), the IRS ruled that (1) the proposed partitions of two trusts will not cause either trust to lose its status as GST exempt under IRC Sec. 1433(b)(2)(A)...
The US Court of Appeals for the Ninth Circuit, in an unpublished per curiam decision, affirmed a lower court decision that an estate was entitled to an IRC Section 2056(a) marital deduction. Marie L. Sowder v. United States, No. CV-02-00136-WFN...
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The Panel on the Nonprofit Sector has released "Principles for Good Governance and Ethical Practice: A Guide for Charities and Foundations." The Guide represents the first time that charities and foundations reflecting a broad cross-section of the American nonprofit community...
Marketwatch: Timing uncertain on major tax overhaul: Rep. Rangel expects quick action on temporary AMT patch, by William L. Watts. "A long-awaited Democratic proposal to overhaul the U.S. tax code likely will be introduced next week, but it appears unlikely...
For 2008, personal exemptions and standard deductions will rise, tax brackets will widen and workers will be able to save more for retirement, due to inflation adjustments. By law, the dollar amounts for a variety of tax provisions must be...
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The IRS cautioned taxpayers about participating in certain trust arrangements being sold to professional corporations and other small businesses as welfare benefit funds and identified some of the arrangements as listed transactions. In Notice 2007-83, the IRS identified certain trust...
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The following articles appeared on the web and in print over the past few days: Wills Trusts & Estates Prof Blog Posts of Note: Rethinking the Wisdom of Living Wills. This post summarizes Charlotte Allen's article in the Washington Post,...
The Estate and Gift Taxation Committee of the New York City Bar Association has submitted comments to the IRS regarding the Gift Tax Consequences of Trusts Employing Distributions Committees, in response to IRS News Release 2007-127 (July 9, 2007). Posted...
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Tax Notes Today reports that Linda Carlisle, of White & Case,LLP, has followed up with Benedetta Kissel, Deputy International Tax Counsel, Department of Treasury, regarding S. 681, the "Stop Tax Haven Abuse Act of 2007" which was introduced by Senator...
The following articles appeared on the web and in print yesterday: Wills Trusts & Estates Prof Blog Posts of Note: Trust Accounting Book Published. Seymour Goldberg (partner, Goldberg & Goldberg, P.C., Jericho, New York) has recently published his book entitled...
Interesting article in today's Tax Notes Today: "OPR DIrector Offers Warning for Appraisers and In-House Tax Counsel." The article reports comments by Michael Chesman, director of the IRS Office of Professional Responsibility ("OPR") at an October 10 IRS financial services...
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The Wills Trusts & Estates Prof Blog notes that the procedure for obtaining EINs online has been modified. Now, rather than completing a Form SS-4 online, the IRS website has an online interview style application. Posted by Lewis J. Saret,...
Tax Notes has published part 3 of an article by Richard A. Dees, of McDermott Will & Emery, which examines the Strangi decisions and other cases that relate to Section 2036. See Richard A. Dees, "Time Traveling to Strangle Strangi...
The Real Property, Trust and Estate Law Section of the American Bar Association has submitted comments to the Senate Finance Committee, recommending that Congress modify IRC Section 1361(c)(2)(B)(v) to allow "electing small business trusts" to have nonresident aliens as potential...
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The Tax Section of the American Bar Association has submitted comments in response to IRS Notice 2007-39, on the application of monetary penalties in disciplinary procedure under section 822 of the American Jobs Creation Act of 2004. Posted by Lewis...
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The Estate and Gift Tax Committee of the Section of Real Property, Trust and Estate Law of the American Bar Association has submitted member comments on the IRS decision, announced in IRS News Release IR-2007-127 (July 9, 2007) to reconsider...
The IRS granted the following estate and gift tax extensions via private letter rulings: PLR 200740009 (May 10, 2007). IRS granted executor extension to make alternate valuation election under IRC Section 2032. PLR 200740008 (May 16, 2007). IRS granted individual...
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The IRS ruled, in PLR 200740018 (July 12, 2007), that a trust, which was the beneficiary of a decedent's IRA and which became irrevocable on decedent's death: (a) was a "see-through" trust under Treas. Reg. Section 1.401(a)(9)-4, for purposes of...
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The National Conference of Commissioners on Uniform State laws issued a discussion draft of amendments to the UPC on September 17, 2007. Posted by Lewis J. Saret, General Editor, Wealth Strategies Journal....
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The Wall Street Journal has published an extensive article on the migration of high net worth individuals to London. See Cassell Bryan -Low & Jeanne Whalen, Behind London's Boom, Billionaires From Abroad: Foreigners Pour Cash Into Apartments, Art; Attacks in...
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Tax Notes Today reports that the IRS has issued a Notice and Request for Comments on information collection under final regulations (TD 8779) on the QTIP deduction. Comments are due by December 3, 2007. Posted by Lewis J. Saret, General...
Tax Notes Today published a press release issued by Senator Jon Kyl, R-Ariz, which states that Senator Kyl has received assurances from Senate Finance Committee Chairman Max Baucus, D-Mont., that legislation to provide permanent estate tax repeal will be considered...
Tax Notes Today reports that several Congressional members have signed a letter to IRS Commissioner, Mark W. Everson, asking the IRS to consider the impact of IRS Notice 2007-21 on Type III supporting organizations. Posted by Lewis J. Saret, General...
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On October 4, 2007, the House passed H.R. 3648, the Mortgage Forgiveness Debt Relief Act of 2007, which provides tax relief to homeowners who realize cancellation of debt income on cancellation of mortgage debt. H.R. 3648, if enacted, would exclude...
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The US District Court for Eastern District of Pennsylvania held, in Sullivan v. United States, 2007 U.S. Dist. LEXIS 71849 (E.D. Pa. Sept. 26, 2007), that the IRC Section 6672 Trust Fund Penalty is not discharged by bankruptcy. Posted by...
Tax Notes has published an article by Professor Wendy C. Gerzog, of the University of Baltimore School of Law, which examines Estate of Roski v. Commissioner, 128 T.C. No. 10, Doc 2007-9482, 2007 TNT 72-10 (2007), in which the IRS...
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The Center on Budget and Policy Priorities released a report, entitled "An Unlimited Estate Tax Exemption For Farmland Unnecessary, Open To Abuse, And Likely To Hurt, Rather Than Help, Family Farmers" by Aviva Aron-Dine, dated October 1, 2007, which warned...
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Senate Finance Committee member Ken Salazar, D-Colo., has introduced S. 1994, which would exempt specified farmland from the estate tax. Posted by Lewis J. Saret, General Editor, Wealth Strategies Journal....
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The Supreme Court begins its new term today. The Tax Prof Blog summarizes the five tax cases the Court has agreed in its post "Tax Cases in the Supreme Court's New Term." Of interest to Wealth Strategies Journal Blog readers,...
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The Treasury Inspector General for Tax Administration (“TIGTA”) released its report, “The Estate Tax Collection Process Has Improved, but Opportunities Exist to Better Ensure Taxpayers Are Treated Equitably” (Sept. 24, 2007), Reference Number 2007-30-174. In its report, TIGTA noted that...
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In Announcement 2007-87, 2007-40 IRB 753 (Oct. 1, 2007), the IRS announced the publication of an advance notice of proposed regulations in response to changes made by the Pension Protection Act of 2006 to the requirements that a tax-exempt organization...
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