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Category: Estate & Gift Tax Developments (page 1 of 5)

PLR 201710016: Extension Granted for Carryover Basis

In PLR 201710016, the Service granted an estate of a 2010 decedent an extension to file Form 8939, “Allocation of Increase in Basis for Property Acquired from a Decedent,” and thereby make a section 1022 election.

See PLR 201710016 by clicking her.

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

Portability Extensions Granted (Released 3.3.2017)

The Service released on March 3, 2017, the following portability extension grants:

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

PLR 201709020: Ruling on Proposed Modification Re S Corp Assets

In PLR 201709020, the Service ruled on the tax consequences of a transaction proposed by an irrevocable trust’s trustee to create eight separate trusts governed under the trust agreement for a family trust and each of the grantor’s children and to allocate assets transferred from the irrevocable trust to the … Continue reading

Portability: Good Cause Portability Extensions Are Possible

Tax Notes reports that Karlene Lesho, Brach 4 senior technical reviewer, IRS Office of Associate Chief Counsel (Passthroughs and Special Industries), stated that estates that fail to make timely extensions requests for portability may be able to seek good cause extensions.  Her comments were made at a session of the Federal Bar … Continue reading

Sharon Klein: The State of the States: 2016

Sharon Klein, of Wilmington Trust, has made available for download her article, The State of the States, published in the January 2017 edition of Trusts & Estates Magazine and provides a comprehensive overview of key state-level planning developments across the U.S., including:

  • Estate and gift tax developments.
  • Planning considerations for
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Code Sec. 6324 | Tax Court Allows IRS to Collect Estate’s Unpaid Estate Tax | Estate of Ruben A. Myers v. Commissioner, T.C. Memo. 2017-11

The Tax Court, in The  Estate of Ruben A. Myers v. Commissioner, T.C. Memo. 2017-11, sustained the Service’s determination to proceed with lien and levy actions to collect an estate’s unpaid taxes, finding that the estate’s claim that the Service abused its discretion by not filing a special estate tax lien under Code … Continue reading

[T&E Podcast 10/31] – This Week in Wealth (Transfer) with Salvatore LaMendola

Please click the play button below to listen to This Week in Wealth (Transfer) with Salvatore LaMendola (week of 10/31/16)

Past installments of this series can be found on our Podcast page and ITunes

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Special Needs – Special Trusts Part. 3: Common Errors – Bernard A. Krooks


Part. 3: Common Errors

By Bernard A. Krooks

Littman Krooks LLP New York, New York / www.littmankrooks.com

Part 2. Drafting Considerations 

Set forth below are some common errors practitioners make when representing clients in connection with … Continue reading

Julius H. Giarmarco: Transfers of FLP and FLLC Interests Require Immediate Attention

By Julius H. Giarmarco

Family limited partnerships (FLPs) and family limited liability companies (FLLCs), if properly structured, are attractive vehicles for administrative convenience; income, estate and gift tax savings; and creditor protection. It is important that an FLP or FLLC be formed for valid business purposes and not merely as … Continue reading

Tax Court: Pending Income Tax Refunds Includable In Estate

In Estate of Russell Badgett Jr. v. Commissioner, the Tax Court held that the decedent had property interests in form of the values of his 2011 and 2012 Federal income tax refunds and consequently the refunds are included in the value of decedent’s gross estate for Federal estate tax purposes.

See full opinion … Continue reading

IRS Issues Proposed Regs on Gifts + Bequests from Expatriates

The IRS has issued proposed regulations on September 9, 2015,  addressing taxation of US  citizens and residents receiving gifts/bequests from individuals who previously expatriated from the US.

The proposed regulations are broken into seven parts, which are as follows:

  • Section 28.2801-1 of the proposed regulations sets forth the general rules
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Israel Mikel v. Commissioner: Litigation Costs Denied In Gift Tax Dispute

In Israel Mikel v. Commissioner, T.C. Memo 2015-64, the Tax Court denied the taxpayer’s request for an award of litigation costs after it was granted summary judgment in a gift tax dispute with the IRS, finding that the IRS’s position was substantially justified based on in terrorem provisions in a … Continue reading

Steve Akers: Legislation Requiring Consistency of Basis with Estate Tax Values and Requiring Information Reporting

Steve Akers, Senior Fiduciary Counsel, Southwest Region, Bessemer Trust, has made available for download his summary of legislation enacted on July 31, 2015, which requires consistency of basis with estate tax values and information reporting.  The abstract for Mr. Aker’s full report reads as follows:

Legislation enacted on July 31,

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Sanders Proposes Increased Estate Tax to Reduce Wealth Inequality

Presidential candidate, Bernie Sanders (I-Vt) introduced legislation to increase the federal estate tax.  The press release, which links to Senator Sanders’ legislation and description is as follows:

Sen. Bernie Sanders (I-Vt.) today introduced legislation to increase estate tax rates on the top three-tenths of one percent of Americans who inherit

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Final Portability Regs Issued

The IRS released final portability regulations effective June 12, 2015.  The Federal Register Summary reads as follows:

This document contains final regulations that provide guidance under sections 2010 and 2505 of the Internal Revenue Code on the estate and gift tax applicable exclusion amount, in general, as well as on the

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