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Wells Fargo v. Militello: Court Reviews Damages For Mental Anguish, Exemplary Damages, and Other Categories For A Trustee’s Breach Of Fiduciary Duty

David Fowler Johnson, of Winstead, reports on Wells Fargo v. Militello, where a Texas court reviewed damaged for mental anguish, expemlary damages, and other categories for a trustee’s breach of fiduciary duty.

Mr. Fowler’s summary begins as follows:

In Wells Fargo v. Militello, a trustee appealed a judgment from a

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Raymond McGaugh v. Commissioner: IRA Stock Purchase Wasn’t Taxable Distribution (7th Circuit)

The Seventh Circuit, in Raymond McGaugh v. Commissioner, has affirmed the Tax Court and held that an individual did not receive a taxable IRA distribution  when he instructed the IRA custodian to transfer funds to a corporation to purchase stock, finding that the individual didn’t have actual or constructive receipt … Continue reading

Brookings Institution Report: Abuse of tax deductions for charitable donations of conservation lands are on the rise 

The Brookings Institute has issued a report authored by Adam Looney, which asserts that abuse of charitable donations of conservation lands is increasing.  Mr. Looney’s report begins as follows:

Abuse of a tax deduction intended to encourage conservation of environmentally important land and historic buildings has cheated the government out

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Commentary Omnibus.2017.06.28: Bulletproofing Estate Plans, Multigenerational Businesses, Picking Winning VC Investments, Stay in Love By Hiring a Lawyer & More

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Charitable IRA Initiative + Conrad Teitell Request Charitable IRA Be Included in Tax Reform

Tax Notes reports that, in response to a June letter by Senate Finance Committee Chair Orrin G. Hatch, R-Utah, requesting tax reform input, the Charitable IRA Initiative asked that the language of H.R. 1337 be included in the committee’s tax reform legislation.

See analysis of legislation prepared by Charitable IRA’s Continue reading

IRS Warns of New Phishing Email Targeting Tax Pros

The IRS released the following press release warning tax professionals of a phishing email campaign targeting such tax professionals. The press release reads as follows:


The IRS, state tax agencies and the tax industry today warned tax professionals to beware of phishing emails purporting to be from a tax

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PLR 201725008: Ruling Re Matching Gifts by Private Foundation Matching Gifts of Employees of Corp That is Foundation’s Sole Contributor

The IRS made the following rulings with respect to donations made by a private foundation to match those made by employees of a corporation that is the foundation’s sole contributor:

  1. The donations that Foundation makes pursuant to its matching donation programs will not constitute self-dealing under section 4941.
  2. The donations
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PLR 201725022: C Corp Rental Income Not Passive

In PLR 201725022, the Service ruled that rental income from operations received by a C corporation, which intends to elect S Corp status is not passive investment income under Code Sec. 1362(d)(3)(C)(i).

See PLR 201725022 by clicking here.

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

Exploring Contingent Fee Tax Advice

Tax Analysts, in Tax Notes Today, has published an article, Exploring Contingent Fee Tax Advice.  The abstract is as follows:

Robert W. Wood and Donald P. Board discuss contingent fees in the context of Circular 230 and Ridgely, and they explore how to approach several contingent fee scenarios.

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Commentary Omnibus.2017.06.24: Will Contests, Partnership Tax Audits, Settlor Intent in Estate Litigation, Donating Fund Interests + More

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IRS Comments on Proposed Regs on Opting Out of GST Deemed Allocations

The IRS is requested comments on proposed regs on opting out of GST deemed allocations. The abstract reads as follows:

This information is required by the IRS for taxpayers who elect to have the automatic allocation rules not apply to the current transfer and/or to future transfers to the trust

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Tax provisions in the Senate health care bill

The Journal of Accountancy has posted a summary of the tax provisions of the Senate Health Care Bill.  The summary begins as follows:

Senate Republicans on Thursday released a draft bill that would repeal many provisions of the Patient Protection and Affordable Care Act (PPACA), P.L. 111-148. The Senate bill,

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TaxProf Blog: As More States Kiss Their Estate Taxes Goodby, Will The Push to Repeal Federal Estate Tax Become Irresistible?

The Tax Prof Blog notes that the Wall Street Journal has posted an article discussing the increasing trend among states to eliminate their state estate taxes and questions whether this push will make the push to repeal the federal estate tax inevitable.

See post at: TaxProf Blog

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Leimberg Update: 6/16/17 – 6/21/17: Nevada Asset Protection Planning; 7520 Rates; More

Jay Adkisson, Chris Riser and David Slenn on Transfirst Group, Inc. v. Magliarditi: U.S. District Court Holds that Nevada Law Permits Piercing of Nevada LLLs, Nevada Partnerships, and Nevada Trusts Steve Leimberg’s Asset Protection Planning Newsletter Issue:344    19-Jun-17

7520 and Other Key Rates – July 2017 Steve Leimberg’s Estate … Continue reading

IRS reopens PTIN registration system 

We previously reported that the Service had suspended it’s PTIN registration system after it’s loss in Steele. The Journal of Accountancy now reports that the Service has reopened its PTIN registration system.

The Journal of Accountancy post begins as follows:

The IRS on Wednesday morning reopened its preparer tax

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