Due date for estate basis reporting postponed once again
The IRS further postponed the due date for the new reporting requirement, under which estates must report the value of estate assets to the IRS and to beneficiaries.
Taxation of Estates & Trusts
Redstone family stock transfer was not a taxable gift
The 1972 transfer was in the ordinary course of business and for full and adequate consideration, the Tax Court holds.
Tax Court allows discount for assumption of estate taxes
A net gift calculation is accepted under the willing buyer/seller test.
New tax on expatriates’ gifts and bequests gets prop. regs.
The highest gift or estate tax rate applies after the gift tax annual exclusion amount; the marital deduction and QTIPs are among the possible exclusions.
Tax Court determines value of remainder interest of a NIMCRUT
The remainder interest must be calculated assuming annual distribution amounts equal to the greater of 5% or the fixed percentage stated in the trust instrument.
Converting from C to S corp. may be costlier than you think
Gift or estate valuation of interests may be significantly higher, incurring more tax.
IRS issues 2016 inflation adjustments and tax tables
The IRS issued the annual inflation adjustments for 2016 for more than 50 tax provisions as well as the 2016 tax rate tables for individuals and estates and trusts.
Proposed rules govern taxation of gifts and bequests from covered expatriates
Proposed regulations under Sec. 2801 would impose a transfer tax on gifts or bequests from covered expatriates made on or after June 17, 2008.
IRS issues final portability rules for estate tax exemptions
No short-form option is provided; regulatory time extension is allowed only for estates valued below the filing threshold.
IRS announces delayed due date for new estate basis reporting rules
The IRS issued guidance delaying the due date for compliance with the recently enacted rules that require consistent basis reporting between an estate and anyone acquiring property from the estate.
New law imposes immediate estate basis and reporting requirements
The highway funding bill made changes to the Internal Revenue Code that affect estates and beneficiaries, including new reporting rules.
Basis rules for estates of 2010 decedents proposed
Carryover basis election for estates electing out of estate tax requires special adjustments.
Gifts to family trust are present interests in property
Annual exclusions were available for gifts to a family trust that qualified as a Crummey trust.
Transfer taxes: 5 questions to ask clients with international ties
Planning to lessen estate, gift, and generation-skipping transfer taxes increasingly requires considering clients’ foreign connections.
IRS issues final portability rules for estate tax exemptions
The IRS issued final regulations on the portability of deceased spouses’ unused estate tax exemption amounts, which allows surviving spouses to use unused amounts of exemption from the estate tax in addition to their own exemptions.
Basis rules for estates of 2010 decedents proposed
The IRS issued proposed regulations to amend various regulation sections to take into account special rules that affect the basis of assets acquired from a decedent who died in 2010 and for which an executor made a Sec. 1022 election.
AICPA asks IRS for portability relief for surviving spouses
The AICPA sent a letter to the IRS on recommending ways to make it easier for surviving spouses to elect portability of the deceased spouse’s unused estate tax exemption.
Tax Court foils transferee liability of Reynolds family trusts
State law is applied to determine whether a transferee is liable for a transferor’s tax liability. The Tax Court held that four trusts were not required to pay their former personal holding company’s tax liability. Virginia state law does not contain a corollary to the federal substance-over-form doctrine, and federal
Final rules on fiduciary fees keep “unbundling” requirement
Controversial rules prompted by the Knight decision parse certain income tax deductions of estates and trusts. The IRS issued final regulations on the controversial question of which costs incurred by trusts and estates are subject to the 2% floor on miscellaneous itemized deductions under Sec. 67(a). The regulations apply to
Final rules on fiduciary fees are issued
The IRS issued final regulations on the controversial question of which costs incurred by trust and estates are subject to the 2% floor on miscellaneous deductions under Sec. 67(a) (T.D. 9664). The regulations will apply to tax years beginning on or after May 9, 2014. The final regulations retain from
