Estate is entitled to refund of Sec. 6651 late-filing penalty
The full tax liability had been paid by the extended due date.
Taxation of Estates and Trusts
Final regs. eliminate estate and gift tax clawback
The IRS issued final regulations that reconcile the current higher exclusion for the estate and gift tax unified credit amount in effect under the TCJA with the lower unified credit scheduled to go into effect in 2026.
Great time for a GRAT
Grantor retained annuity trusts may be an optimal wealth-transfer vehicle for many.
Supreme Court holds North Carolina cannot tax trust lacking minimum contact
The tax violated due process where the only connection to the state was beneficiaries' residence there, the Court states.
Digital assets after death
Estate planning should account for a client’s digital assets, which often have significant financial or sentimental value.
Supreme Court holds North Carolina cannot tax trust
The U.S. Supreme Court issued a unanimous decision holding that North Carolina’s attempt to tax a trust based solely on the residence of a beneficiary violates the Due Process Clause of the 14th Amendment.
Avoid tax traps with a timely appraisal
New basis-consistency requirements make defensible valuations even more important.
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.
Use of trust disclaimers in estate planning
A beneficiary’s disclaimer could adjust the results of an existing irrevocable trust.
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.
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.
