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Estate planning for your digital assets

  • Loeb & Loeb LLP
  • -
  • USA
  • -
  • April 13 2015

If you use a computer, you likely have digital assets that should be addressed as part of your estate planning. Access to digital assets is governed

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

Discount for fractional interest in art limited to 5

  • Loeb & Loeb LLP
  • -
  • USA
  • -
  • May 19 2009

In Stone v. United States (March, 2009) the United States Court of Appeals for the Ninth Circuit (which includes California) upheld an earlier decision by the District Court that an estate was allowed a fractional interest discount of only 5 on the 50 interest it owned in a collection of nineteen paintings

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.”

Co-op shareholder cannot deduct amount of assessment to repair damage

  • Loeb & Loeb LLP
  • -
  • USA
  • -
  • August 2 2011

A recent Tax Court case serves to point up one of the distinctions between owning your home outright and owning your home through the ownership of shares in a residential cooperative corporation (“coop”

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 family limited partnerships in court

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

Several recent cases have addressed tax issues related to family limited partnerships or limited liability companies

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

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

How will the Obama presidency impact your taxes?

  • Loeb & Loeb LLP
  • -
  • USA
  • -
  • November 13 2008

President-elect Obama will take office on January 20, 2009, with a heavily Democratic populated Congress