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Results: 1-10 of 92

Tax court finds transfer of an interest in a limited partnership and timberland to an FLP was not includible in the decedent’s gross estate under Section 2036(a) because the transfer was a bona fide sale for adequate and full consideration

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • March 10 2010

This Tax Court decision provides another Section 2036 victory for the taxpayer by holding that assets transferred to an FLP were not includible in the decedent's gross estate under Section 2036(a) because the transfer was a bona fide sale for adequate and full consideration

Surviving spouse is not treated as the payee of the decedent’s IRA and therefore could not take the IRA and roll it over into an IRA in her own name

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • March 10 2010

In this PLR, the IRS found that the decedent's surviving spouse was not treated as the payee of the decedent's IRA, and therefore she could not take the IRA and roll it over into an IRA in her own name

March interest rates decrease slightly for GRATs, sales to defective grantor trusts, intra-family loans and split interest charitable trusts

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • March 10 2010

The March applicable federal rate (“AFR”) for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 3.2

Estate is not entitled to an estate tax charitable deduction for the amount received by a charitable trust pursuant to a settlement agreement

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • March 10 2010

The IRS held that an estate was not entitled to an estate tax charitable deduction for the amount paid to a charitable trust pursuant to a settlement agreement

IRS alerts taxpayers that it intends to issue guidance under Section 2511(c)

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • March 10 2010

Section 2511(c) provides that, notwithstanding any other provision of Section 2511 and except as provided in the regulations, a transfer in trust is treated as a transfer of property by gift unless the trust is treated as wholly owned by the donor or the donor's spouse under the grantor trust provisions

House votes to amend GRAT rules

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • March 26 2010

On March 24, 2010, the House of Representatives approved the Small Business and Infrastructure Jobs Tax Act of 2010 (H.R. 4849) (the “SBIJT Act”), which provides in part for changes to the rules governing grantor retained annuity trusts (“GRATs”) which would require all new GRATs to have a minimum ten-year term

April interest rates remain steady for GRATs and split interest charitable trusts and increase slightly for sales to defective grantor trusts and intra-family loans

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • April 16 2010

The April applicable federal rate ("AFR") for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 3

Petition No. M090929A, NYS Dep’t of Taxation & Finance Advisory Opinion, TSB-A-10(1)(M)

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • June 7 2010

In this Advisory Opinion, New York State determined that a non-resident decedent's interest in a revocable trust that owned interests in several limited liability companies ("LLCs") that held New York real property was not subject to New York State estate tax

June interest rates decrease slightly for GRATs, split interest charitable trusts, sales to defective grantor trusts and intra-family loans

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • June 7 2010

The June applicable federal rate ("AFR") for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 3.2, slightly lower than the March rate

Adams v. Comm’r, T.C. Memo 2010-72 (April 13, 2010).

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • June 7 2010

In this case, the Tax Court held that a beneficiary was permitted to claim a mortgage interest deduction for trust property