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Keller v. United States, 5th Cir., No. 10-41311 (092512)

Proskauer Rose LLP
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USA
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November 15 2012

In Keller, the Fifth Circuit Court of Appeals ruled that an estate was entitled to an estate tax refund for the discounted value of a family limited partnership ("FLP") that was created during the decedent's lifetime but not fully funded until after the decedent's death

Scaggs v. Comm'r, T.C. No. 16342-11, T.C. Memo 2012-258 (09102012)

Proskauer Rose LLP
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USA
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November 15 2012

The United States Tax Court upheld the denial of a taxpayer's petition for redetermination of deficiencies and accuracy-related penalties because the taxpayer did not use a designated private delivery service

In Re: Grand Jury Subpoena, 5th Cir., No. 11-20750 (09212012)

Proskauer Rose LLP
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USA
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November 15 2012

The Fifth Circuit Court of Appeals reversed the district court's denial of the government's motion to compel production of foreign bank account records required to be kept under Treasury Department regulations by the target of a grand jury investigation (the "witness"

Hastings v. PNC Bank NA, Md. No. 109 (09272012)

Proskauer Rose LLP
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USA
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November 15 2012

The Maryland Court of Appeals holds for PNC in a suit by the beneficiaries of a testamentary trust created under the will of a Maryland resident where the beneficiaries claimed that PNC breached its fiduciary duty in requiring them to sign a release agreement arguably too favorable to PNC before distributing assets to them

Garcia v. Andonie, Fla. No. SC11-554 (1042012)

Proskauer Rose LLP
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USA
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November 15 2012

The Florida Supreme Court ruled that a Honduran couple's condominium in Miami-Dade County qualified for the Florida homestead property tax exemption because the couple's minor children were US citizens and permanent residents of the state

Income tax deductions for charitable donations may be denied without a qualified appraisal Mohamed v. Commissioner, T.C. Memo 2012-152

Proskauer Rose LLP
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USA
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September 10 2012

Obtaining a qualified appraisal is an essential requirement for claiming an income tax deduction for charitable donations of property worth more than $5,000

Crummey withdrawal notices recommended practices

Proskauer Rose LLP
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USA
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September 10 2012

Under current tax law, an individual is entitled to make gifts of up to $13,000 per donee per year without being subject to gift tax

Estate of Stone v. Comm'r, T.C. Memo 2012-48 (2222012)

Proskauer Rose LLP
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USA
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April 2 2012

In Stone, a recent Tax Court case, the Court determined that the transfer of undeveloped woodlands to a family limited partnership (an "FLP") was a bona fide sale, since the record established that the FLP was created for legitimate non-tax reasons

Freeman v. U.S. (E. D. Pennsylvania, January 30, 2012)

Proskauer Rose LLP
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USA
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March 6 2012

A U.S. District Court in Pennsylvania held that an estate was liable for penalties and interest for the late filing of an estate tax return because the executor did not have reasonable cause for filing after the deadline