Wealth Strategies Journal

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Month: January 2017 (page 1 of 2)

Pub 551: Basis of Assets Released

The IRS has released the updated version of Publication 551 (rev. Dec. 2016), “Basis of Assets.” Pub 551 explains how to determine and use tax basis.

See updated Pub 551 at Publication 551 – IRS.gov.

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.

H.R.308 – Protect Family Farms and Businesses Act | Would Block 2704 Regs

Introduced by Rep. Warren Davidson (R-OH-8) in House on 01/05/2017 the Protect Family Farms and Businesses Act.   This bill prohibits proposed Internal Revenue Service regulations published on August 4, 2016, relating to restrictions on liquidation of an interest with respect to estate, gift, and generation-skipping transfer taxes from taking … Continue reading

John Doe Summons Declaration Filed and Granted by Court

An internal revenue agent in the IRS’s Offshore Compliance Initiatives Program filed a declaration in a U.S. district court supporting the issuance of a John Doe summons to an individual to obtain information regarding U.S. taxpayers who may have used debit cards to access offshore accounts to avoid taxes.  In … Continue reading

H.R.329 Bill to Amend IRC to Provide Tax Credit for Elder Care Expenses

Rep. Lee, Barbara [D-CA-13] introduced HR.329 on 01/05/2017, which would amend the Code to provide a tax credit for elder care expenses.

See summary and information at: Amendments – H.R.329 – 115th Congress (2017-2018): To amend the Internal Revenue Code of 1986 to provide a tax credit for expenses for Continue reading

Estate of Holliday: FLPing the Script, Tax Notes

Professor Phyllis C. Taite has published her article, “Estate of Holliday: FLPing the Script” in Tax Notes. The Abstract reads as follows:

Phyllis C. Taite examines Estate of Holliday, in which the Tax Court held that the full value of property transferred to a family limited partnership was properly

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Will of Fortune: New York Will Drafting – Part 2 by Gerald Lebovits

Gerald Lebovits has made available his article, “Will of Fortune: New York Will Drafting – Part 2.”  The Abstract is as follows:

Part 1 of this two-part column, which appeared in the last edition of the New York State Journal, outlined the basics of New York will drafting. This column

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Kristi Noem & Sanford Bishop Introduce Death Tax Repeal Act of 2017 in House.

Reps. Kristi Noem (R-SD) and Sanford Bishop (D-GA) today introduced the bipartisan Death Tax Repeal Act of 2017 to fully and permanently repeal the death tax. According to a Joint Economic Committee report, the death tax has removed more than $1.1 trillion in capital from the economy while motivating family … Continue reading

Thune Reintroduces Legislation to Kill the Death Tax

U.S. Sen. John Thune (R-S.D.), a member of the tax-writing Senate Finance Committee, today reintroduced legislation to permanently repeal the federal estate tax, more commonly known as the death tax. Thune’s bill, the Death Tax Repeal Act of 2017, would finally end this purely punitive tax that has the potential … Continue reading

What is Financial Infidelity?

Financial infidelity is not a legal ground for divorce anywhere that I am aware of, but just because it may not be illegal does not make it right. Just because you can do something does not mean you should do it. Let me give you some examples of what … Continue reading

Moving Forward by Looking Back: The Retroactive Application of Obergefell by Lee-ford Tritt

Lee-ford Tritt, has made available his article, “Moving Forward by Looking Back: The Retroactive Application of Obergefell.” The Abstract is as follows:

The recent Supreme Court decision of Obergefell v. Hodges has forever altered American jurisprudence. Not only did this decision make same-sex marriage legal in all fifty states, but it

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Updated IRS Pubs: Installment Sales, NOLs, Income from US Possessions, Home Sale Exclusions, etc.

The Service released the following updated  publications on the following topic:

Posted by Lewis J. Saret, Co-General … Continue reading

September 26 & 30 2016 Portability Extensions Granted: PLRs 201703001, 201703006, 201703007, 201703008, 201703009, and 201703011

The IRS released the following portability extensions:

Posted by Lewis J. Saret, Co-General Editor, Wealth Strategies Journal.… Continue reading

Introduction to Contract, Status, and Fiduciary Law by Paul B. Miller, Andrew S. Gold

Paul B. Miller & Andrew S. Gold have made available their essay, “Introduction to Contract, Status, and Fiduciary Law.  The Abstract is as follows:

 

Contractual and fiduciary relationships are the two primary mechanisms through which the law facilitates coordinated pursuit of our personal interests. Contract and fiduciary law are

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2017 – Publication 515 – Withholding of Tax on Nonresident Aliens and Foreign Entities

The IRS has released the 2017 revision of Publication 515, Withholding of Tax on Nonresident Aliens and Foreign Entities.

Publication 515 is for withholding agents who pay income to foreign persons, including non­ resident aliens, foreign corporations, foreign partnerships, foreign trusts, foreign estates, for­ eign governments, and international organizations. Specifically, it … Continue reading

Uber Retirement by Paul M. Secunda

Paul M. Secunda has made available his article, “Uber Retirement,” published in the University of Chicago Legal Forum, Vol. 2017, No. 1, 2017.  The Abstract is as follow:

The rise of the gig economy with its part-time, itinerant, independent workers, in conjunction with the employee-centric nature of occupational retirement benefits

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