Avoid tax traps with a timely appraisal
New basis-consistency requirements make defensible valuations even more important.
Taxation of Estates and Trusts
Can a state tax a trust based on the beneficiary’s residency?
The U.S. Supreme Court heard oral arguments in a case that will decide whether states can tax trusts based solely on the fact that a trust beneficiary lives in the state.
Estate and gift exclusion clawback addressed in proposed regs.
A special rule allows the TCJA's higher exclusion amount to continue to apply in some instances after the provision's scheduled sunset.
Trust and estate income tax returns under the TCJA
The law known as the Tax Cuts and Jobs Act affects many aspects of these so-called fiduciary returns.
Estate and gift exclusion clawback addressed in proposed regs.
The IRS addressed issues and made conforming revisions arising from the temporary increase in basic exclusion amount for estate and gift tax enacted by legislation known as the Tax Cuts and Jobs Act.
Trust and estate tax planning article wins JofA Best Article Award
Sonja E. Pippin, associate professor in the Department of Accounting and Information Systems at the University of Nevada, Reno, received the JofA's Lawler Award for the best article of 2017.
Tax overhaul may fuel life settlement industry
A doubled estate/gift tax exemption makes policies less necessary, while more favorable basis rules decrease gain on their sale.
IRS may examine predeceased spouse's estate return to determine allowable DSUE amount
The Sec. 6501 statute of limitation does not run where no tax is assessed, the Tax Court holds.
Exploring the estate tax: Part 2
This second part of a two-part article on everything practitioners should know about the estate tax covers estate tax planning techniques, including the marital deduction and the use of various types of trusts.
Exploring the estate tax: Part 1
This first installment of a two-part article on everything practitioners should know about the estate tax includes the unified estate tax rules and exemption amounts, estate valuation, portability, and what’s included in the gross estate.
IRS provides simplified method for late portability elections
Previously, since 2014, an extension of time to claim the deceased spousal unused amount could be obtained only by a letter ruling request.
Monster.com founder’s estate wins dispute over VPFC gain recognition
The contracts' extension was not a sale or exchange, and open-transaction treatment continued, the Tax Court holds.
Use of trust disclaimers in estate planning
A beneficiary’s disclaimer could adjust the results of an existing irrevocable trust.
Planning opportunities for the final tax return
Many tax attributes vanish at the end of life, and clients are well-advised to include them in their final arrangements.
IRS provides simplified method to request an extension of time to make a portability election
In a taxpayer-friendly development, the IRS issued guidance permitting certain estates to make a late portability election if they did not make a timely election.
Trump’s tax reform priorities unveiled
Key features include a large reduction in the corporate tax rate, fewer and lower tax brackets for individuals, and a repeal of the estate tax and the alternative minimum tax.
Trusts and estates: Uses and tax considerations
Wealth planning with these often highly advantageous tools must be weighed against possible drawbacks of income tax accounting.
IRS permits same-sex couples to recalculate marital exclusion amounts
The IRS spelled out the procedures same-sex married couples should use to recalculate the transfer-tax treatment for property transferred to spouses before the U.S. Supreme Court invalidated Section 3 of the Defense of Marriage Act.,
Estate allowed deduction for theft loss suffered by an LLC in which it held an interest
The Tax Court finds a sufficient nexus between the Ponzi scheme theft loss suffered by an LLC and the value of the estate's interest in the LLC.
Proposed regulations would affect estate valuation discounts
The IRS aims to close a 'loophole' of lapsing rights and restrictions in transfers of family-owned businesses.
