The Franklin News Post of Rock Mountain, Virginia has published an article that addresses the estate tax debate and its effect on small businesses and family farms. The article suggests that the 55% rate scheduled to return at the beginning...
Continue reading "Farmers Waiting for Bill on Estate Tax Reform "
In Private Letter Ruling 201034008 and 201034009, the IRS granted a decedent and his widow an extension to allocate their generation-skipping transfer tax (GSTT) exemption to transfers to two trusts. Also, in Private Letter Ruling 201034013, the IRS granted an individual an...
In a recent article for Forbes Magazine, Deborah Jacobs examined the implications of the estate tax lapse and the uncertain economy for the gift tax. She indicates that the following five tricks may reduce gift tax burdens in the current climate: Lending: Family members making interfamily loans...
Continue reading "Deborah Jacobs: Five Ways to Freeze Out Uncle Sam"
Janet Novak of Forbes Magazine recently published commentary for her blog, Taxing Matters. Her new piece examines the consequences of the estate tax lapse for "moderately well-to do families." Specifically, Novak suggests, that because the Bush tax cuts eliminated the full "step-up" in basis for capital assets for...
Continue reading "Janet Novak: Throw Momma From Her Private Jet--Not From the Train "
In 75 F.R. 51877, the IRS requests public comment on Form 1041-ES which is used to report the estimated income tax for estates and trusts. Posted by Wesley J. Bailey, Senior Associate Editor, Wealth Strategies Journal. ...
The Treasury has sent a letter responding to a constituent of Senate Majority Leader Harry Reid (D-NV). The constituent had written to Reid urging that the Treasury require the use of qualified appraisers for estate tax purposes. The Treasury responded that it will...
In Janice D. Green v. United States, the U.S. District Court for the Northern District of Oklahoma held that a wife lacked standing to bring an estate tax refund suit because she failed to pay taxes for her late husband's...
Continue reading "Green v. U.S.: Beneficiary's Tax Refund Suit Dismissed for Lack of Jurisdiction"
In D. Charles Dickow v. United States, the U.S. District Court for the District of Massachusetts held that an estate's refund suit was untimely under section 6511(b)(2)(A) because the IRS lacked authority to grant a second extension of the time...
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The IRS denied a request to extend the time to make an alternate valuation election. In the case, the estate requested the extension 18 months after the deadline and claimed the CPA hired to file the estate tax return neglected...
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The IRS ruled on a proposed trust severance and determined that the severance would not trigger gain or loss to the trusts or beneficiaries and the asset holding periods would tack from the old trust. See IRS Rules on Tax...
Continue reading "Proposed Severance of Trust Does Not Trigger Gain or Loss"
The IRS wrote a memorandum concluding that the authority to apply the equitable recoupment doctrine granted to the Tax Court in 2006 does not apply to the gift tax. As such, estates may deduct gift taxes paid or payable even...
Continue reading "Gift Tax Not Subject to Equitable Recoupment Doctrine"
Investment News recently published an article titled "Where will the needle land on the estate tax?" The article discusses the uncertainty surrounding the estate tax and examines recent proposals being considered in Congress. Posted by Wesley J. Bailey, Senior...
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In Estate of Sarah M. Davenport v. United States, the United States District Court for the Eastern District of Michigan dismissed an estate's refund suit for lack of jurisdiction due to the estate's failure to file a refund claim after...
Republicans from the House Ways and Means Committee issued a press release that criticizes Democrats for looming tax hikes that stem from the expiration of the Bush Tax Cuts. The release is one of a series of releases that detail the effects...
Continue reading "House Ways and Means Republicans Criticize Democrats' Tax Hike"
Congresswoman Linda T. Sanchez (D-CA), a member of the House Ways and Means Committee, introduced H.R. 5764, the Responsible Estate Tax Act. The bill seeks to reinstate both the estate and generation-skipping taxes. The bill adjusts the tax rates and...
Continue reading "Congresswoman Sanchez Seeks to Reinstate Estate Tax"
