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Results: 1-10 of 93

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

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

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.”

California graduated probate filing fee held unconstitutional

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

The State of California imposed a graduated probate filing fee structure based on the value of the probate estate

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

More mixed results in litigation of family limited partnership cases

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

The enormous tax dollars at stake in connection with valuation discounts for estate and gift tax purposes is evidenced by the never ending stream of family limited partnership cases

Restrictions on deduction of trustee’s fees deferred through 2009

  • Loeb & Loeb LLP
  • -
  • USA
  • -
  • August 12 2010

The IRS has deferred for one more year, through 2009, new rules that will require fees charged by trustees to be broken into their various components in order to determine the extent to which they can be deducted for federal income tax purposes

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

  • Loeb & Loeb LLP
  • -
  • USA
  • -
  • 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

Small Business Jobs Act of 2010 contains important tax provisions - year end estate and gift tax planning

  • Loeb & Loeb LLP
  • -
  • USA
  • -
  • October 4 2010

H.R. 5297, the Small Business Jobs Act of 2010 (“Act”), was signed into law by President Obama on September 27, 2010

New law temporarily extends Bush tax cuts and provides new rules for estate, gift, and generation skipping transfer taxes

  • Loeb & Loeb LLP
  • -
  • USA
  • -
  • December 22 2010

On December 17, President Obama signed into law the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the "Act"), extending the Bush tax cuts for two years