December 1, 2012
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Article
The IRS posted revised instructions to Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return, with guidance for electing the portability of a deceased spouse’s unused estate and gift tax exclusion amount. The instructions also address an executor’s use of a checkbox to opt out of electing portability of the unused portion of the exclusion amount.
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December 1, 2012
|
Article
The IRS posted revised instructions to Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return, with guidance for electing the portability of a deceased spouse’s unused estate and gift tax exclusion amount. The instructions also address an executor’s use of a checkbox to opt out of electing portability of the unused portion of the exclusion amount.
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December 1, 2012
|
Article
The IRS posted revised instructions to Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return, with guidance for electing the portability of a deceased spouse’s unused estate and gift tax exclusion amount. The instructions also address an executor’s use of a checkbox to opt out of electing portability of the unused portion of the exclusion amount.
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October 1, 2012
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BY
Barry Shott, CPA and Robert Gard, CPA
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Article
Under Sec. 6212(a) the IRS can issue a statutory notice of deficiency, also known as a 90-day letter, when it determines a deficiency in an income or estate and gift tax liability. A 90-day letter is a formal legal notice, sent by certified or registered mail. Taxpayers have a statutory 90-day window from the date of the notice to either agree to the government’s adjustments or file a petition with the Tax Court for a redetermination of the deficiency.
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October 1, 2012
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BY
Barry Shott, CPA and Robert Gard, CPA
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Article
Under Sec. 6212(a) the IRS can issue a statutory notice of deficiency, also known as a 90-day letter, when it determines a deficiency in an income or estate and gift tax liability. A 90-day letter is a formal legal notice, sent by certified or registered mail. Taxpayers have a statutory 90-day window from the date of the notice to either agree to the government’s adjustments or file a petition with the Tax Court for a redetermination of the deficiency.
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October 1, 2012
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BY
Barry Shott, CPA and Robert Gard, CPA
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Article
Under Sec. 6212(a) the IRS can issue a statutory notice of deficiency, also known as a 90-day letter, when it determines a deficiency in an income or estate and gift tax liability. A 90-day letter is a formal legal notice, sent by certified or registered mail. Taxpayers have a statutory 90-day window from the date of the notice to either agree to the government’s adjustments or file a petition with the Tax Court for a redetermination of the deficiency.
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September 1, 2012
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Article
The IRS issued temporary regulations on how to elect to use a deceased spouse’s unused exclusion from estate taxes, also known as the portability election (T.D. 9593). The rules apply to married spouses where the death of the first spouse occurs on or after Jan. 1, 2011, and are therefore retroactive.
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September 1, 2012
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Article
The IRS issued temporary regulations on how to elect to use a deceased spouse’s unused exclusion from estate taxes, also known as the portability election (T.D. 9593). The rules apply to married spouses where the death of the first spouse occurs on or after Jan. 1, 2011, and are therefore retroactive.
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September 1, 2012
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Article
The IRS issued temporary regulations on how to elect to use a deceased spouse’s unused exclusion from estate taxes, also known as the portability election (T.D. 9593). The rules apply to married spouses where the death of the first spouse occurs on or after Jan. 1, 2011, and are therefore retroactive.
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July 1, 2012
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BY
Laura Jean Kreissl, Ph.D. and Darlene Pulliam, CPA, Ph.D.
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Article
In Dickerson, the IRS prevailed when the Tax Court ruled that a waitress’s transfer of her winning lottery ticket to an S corporation with herself and family members as shareholders was a taxable gift. In 1999, a regular customer at a Waffle House restaurant in Alabama where Tonda Lynn Dickerson worked occasionally gave Florida lottery tickets to her and four other employees as tips and gifts.
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