Wealth Strategies Journal

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Deloitte Survey of Tax Executives: Tax Reform in 2017 – Not Going to Happen

Deloitte surveyed tax executives and the result is deep pessimism about tax reform happening in 2017 along the lines promised by politicians.  The survey, reported by Reuters and picked up by several news agencies begins as follows:

Only a small number of U.S. tax, finance and business professionals expect President

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Where Should I Die? State and Federal Estate Tax Considerations, by Michaele Morrow & Mitchell Franklin

Professors Mitchell Franklin & Michaele L. Morrow has published their article, Where Should I Die? State and Federal Estate Tax Considerations, in Tax Notes.  The Abstract is as follows:

In this article, Franklin and Morrow discuss the history of the federal estate tax and examine how its repeal might interact with

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Commentary.Omnibus.2017.08.14: Americans Not Paying Estimated Taxes; Estate Planning Not Just for the Rich; Fiduciary Cases; Are Trusts Still Useful If Estate Tax Repealed; New IRS Criminal Tax Initiatives

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Thanks, Congress. Wealthy investors hold off on estate tax planning

CNBC Personal Finance is reporting what estate planners already know, namely that wealthy investors are holding off on estate planning while they wait and see what Congress will do with the estate tax.  CNBC’s report begins as follows:

Thanks, Congress. Wealthy investors hold off on estate tax planning The estate

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Owens v. Commissioner, T.C. Memo. 2017-157: Tax Court Allows Taxpayer $9.5 million bad debt deduction as business bad debt deduction

In Owens v. Commissioner, TC Memo 2017-157, the Tax Court held that a  $9.5 million bad deduction could be claimed as a business bad debt.  The taxpayer argued that he was in the trade or business of lending money. Conversely, the IRS argued that the taxpayer was not  in the … Continue reading

Probate Funding and the Litigation Funding Debate by Jeremy Kidd

Jeremy Kidd, Mercer University – Walter F. George School of Law, has made available for download his article, “Probate Funding and the Litigation Funding Debate.”   The Abstract is as follows:

Third-party funding of legal claims is becoming more common, and has been quietly gaining a foothold in the probate arena. Probate

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US v. Michael Balice et al.: Court Allows Enforcement of Tax Lien Against Trust/Nominee of Taxpayer

The US District Court for the District of New Jersey, in United States v. Michael Balice, et al,  held that the government is entitled to foreclose tax liens on property to satisfy an individual’s unpaid tax liabilities, finding that the property is held by the individual’s nominee/trust, that the government’s … Continue reading

Partial Harmless Error for Wills: Evidence from California by David Horton

David Horton University of California, Davis – School of Law, has made available for download his article, “Partial Harmless Error for Wills: Evidence from California,” published in the Iowa Law Review, Vol. 103, 2018 UC Davis Legal Studies Research Paper.  The Abstract is as follows:

In many legal systems, the

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2017 Texas Estates & Trust Codes with Commentary by Gerry W. Beyer 

Gerry W. Beyer Texas Tech University School of Law, has made available for download his article, “2017 Texas Estates & Trust Codes with Commentary.” The Abstract is as follows:

This document contains the Texas Estates Code and the Texas Trusts Code (and related Property Code provisions) showing all changes made

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Aspects of Loyalty (as Part of Fiduciary Relationship) by Lionel Smith

Lionel Smith McGill University, Faculty of Law, Paul-André Crépeau Centre for Private and Comparative Law Date, has made available for download his article, “Aspects of Loyalty.” The Abstract is as follows:

One of the many current controversies around fiduciary obligations is whether the duty of care and skill owed by

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Leimberg.Update.2017.08.09: International Update, No Taxable IRA Distribution where Funds Not Accepted by IRA Custodian & More

Mary Vandenack on McGaugh v. Commissioner – Seventh Circuit Finds No Taxable IRA Distribution Where Taxpayer Wired Funds to Purchase Stock IRA Custodian Refused to Accept Steve Leimberg’s Employee Benefits and Retirement Planning Newsletter Issue:679    07-Aug-17

Steve Leimberg on Rosen v. Prudential: ERISA Fiduciary Duty Charges Dismissed Steve Leimberg’s … Continue reading

Kardash v. Commissioner: Minority Shareholder Liable for Unpaid Taxes Under Section 6901

The Eleventh Circuit, in Kardash v. Commissioner (11th Circuit 16-14254, Aug. 4, 2017), affirmed a Tax Court decision that held a minority shareholder in a concrete products company liable for the company’s unpaid taxes under section 6901 as a transferee, stating that the Tax Court did not err in finding … Continue reading

S.1618 – 115th Congress (2017-2018): Would Amend Code to Exclude Employee Owned Stock From Excess Business Holdings for Private Foundation Rules

Debbie Stabenow (D.Mi), has introduced S. 1618, which would exclude employee owned stock from private foundation excess business holding rules. The summary of the proposed legislation is as follows:

Introduced in Senate (07/24/2017)

This bill amends the Internal Revenue Code to exclude certain purchases of employee-owned stock from being considered

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Rutkoske v. Commissioner: Tax Court Denies Farmer Conservation Easement Donation Deduction

in Rutkoske v. Commissioner, 149 T.C. No. 6 (Aug. 7, 2017), the Tax Court denied the conservation easement donation deduction to farmers.  The Tax Court Summary is as follows:

In 2009 a limited liability company (LLC) in which Ps were members owned 355 acres of land (property) that it leased to

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Orrin Hatch on Fox Sunday Morning Futures: “We’re going to … hit the rich”

Tax Analysts and the NY Post have reported that Orrin Hatch, Senate Republican tax reform leader, discussed tax reform on Fox News, Sunday Morning Futures, on August 6, 2017.  Among other things, he said that there would be no tax benefits targeted to the wealthy, at one point noting that … Continue reading

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