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Two taxpayers lose income tax deductions for spousal support payments

  • Loeb & Loeb LLP
  • -
  • USA
  • -
  • September 5 2013

Two recent Tax Court cases serve as a reminder that the income tax deduction for the payment of spousal support is subject to some very specific rules

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
  • -
  • USA
  • -
  • 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

IRS moves against incomplete gift strategy

  • Loeb & Loeb LLP
  • -
  • USA
  • -
  • April 24 2012

For a long time, a popular tax-planning strategy has involved the use of an “incomplete gift.”

Estate planning changes, opportunities, and pitfalls in the new tax law

  • Loeb & Loeb LLP
  • -
  • USA
  • -
  • April 26 2011

It is rare that Congress and the President unite on a bipartisan basis to pass a tax law that provides estate tax relief

IRS streamlines Offshore Voluntary Disclosure Program

  • Loeb & Loeb LLP
  • -
  • USA
  • -
  • September 29 2014

On June 18, 2014, the IRS announced new Streamlined Filing Compliance Procedures (Streamlined Programs) and changes to the existing Offshore

IRS issues ruling favorable to “intentionally defective grantor trusts”

  • Loeb & Loeb LLP
  • -
  • USA
  • -
  • August 26 2008

The so-called “Intentionally Defective Grantor Trust” (“IDGT”) has become a very popular estate planning technique

Foreign bank account reports impending September 23, 2009, deadline for certain delinquent filings

  • Loeb & Loeb LLP
  • -
  • USA
  • -
  • September 14 2009

In our High Net Worth Family Tax Report of August 13, 2008, we reminded you of the filing requirement of Form TD F 90-22.1, Report of Foreign Bank and Financial Accounts (“FBAR”), for U.S. persons with a financial interest in, or signature authority over, foreign bank and financial accounts that have aggregate balances over $10,000 at any time during a calendar year

What is the statute of limitations for the overstatement of the income tax basis of an asset?

  • Loeb & Loeb LLP
  • -
  • USA
  • -
  • November 21 2007

In general, the IRS has a period of three years from the later of the due date of a federal income tax return or the date on which it is actually filed to assess additional taxes with respect to that return

Tax Court addresses income, estate and gift tax issues related to personal goodwill

  • Loeb & Loeb LLP
  • -
  • USA
  • -
  • September 29 2014

In the recent case of Bross Trucking, Inc., TC Memo 2014-107, the Tax Court again considered whether the shareholder of a corporation was possessed

Foreign bank account reporting update final FBAR Regulations and new 2011 offshore account voluntary disclosure program

  • Loeb & Loeb LLP
  • -
  • USA
  • -
  • April 6 2011

Foreign bank account reports (FBARs) for 2010 are due on June 30, 2011 (and no extension is available