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Tax Court allows some discount in valuing fractional interests in works of art

Loeb & Loeb LLP
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USA
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May 20 2013

In Elkins v. Commissioner (Tax Court, March 11, 2013), the decedent had owned an art collection consisting of 64 pieces, some of which were paintings

Private letter ruling suggests that assets held in a grantor trust and not included in grantor’s estate may nevertheless receive a basis increase

Loeb & Loeb LLP
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USA
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May 20 2013

In PLR 201245006, the IRS addressed a question that has been puzzling tax advisors for years. A person who was not a citizen or resident of the

President’s fiscal year 2014 budget contains numerous tax provisions

Loeb & Loeb LLP
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USA
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May 20 2013

President Barack Obama released his proposed budget for the government's fiscal year 2014 on April 10, 2013, and, not surprisingly, the budget

Estate denied deduction for settlement payment to caregiver

Loeb & Loeb LLP
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USA
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January 24 2013

In Estate of Sylvia E. Bates (2012), the Tax Court rejected an estate's attempt to deduct a settlement payment to the decedent's caregiver as an

Annual exclusion amount for gifts increased for 2013

Loeb & Loeb LLP
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USA
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January 24 2013

The amount that a donor can give to a donee each year without paying any gift tax or using any of his lifetime exemption is indexed for inflation

Review estate plans in light of $5 million exemption becoming permanent

Loeb & Loeb LLP
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USA
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January 24 2013

When the estate tax exemption first reached $3.5 million in 2009, we cautioned clients to review their estate plans to be sure the significantly

Are you prepared for major income tax changes on January 1, 2013?

Loeb & Loeb LLP
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USA
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September 28 2012

Much has been written about changes to the estate and gift tax law scheduled to occur on January 1, 2013, particularly the reduction of the lifetime estate and gift tax exemption amount from its 2012 level of $5,120,000 to $1 million

Recent case points out even more risks of serving as fiduciary

Loeb & Loeb LLP
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USA
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August 16 2012

By now most people are aware that significant legal and economic exposure goes along with serving as a personal representative or trustee for a close friend or family member

$5,120,000 lifetime gift tax exemption expiring soon

Loeb & Loeb LLP
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USA
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April 24 2012

To understand the impending deadline, a little history is in order

Court approves defined value clause for gift where excess value retained by donor

Loeb & Loeb LLP
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USA
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April 24 2012

The U.S. Tax Court has held for the first time in Wandry v. Commissioner (Tax Court, March 26, 2012), that a donor may make a non-cash gift of a stipulated dollar amount and retain any portion of the transferred property value in excess of the stated dollar amount the donor gave away

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