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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 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 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.”

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

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

The end of the year is rapidly approaching

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

Now is a good time to think about year-end tax planning in multiple areas. Many people take advantage of the annual exclusion from gift tax that is

$5,120,000 lifetime gift tax exemption expiring soon

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

To understand the impending deadline, a little history is in order

Recent case points out even more risks of serving as fiduciary

  • Loeb & Loeb LLP
  • -
  • USA
  • -
  • August 16 2012

By now most people are aware that significant legal and economic exposure goes along with serving as a personal representative or trustee for a close friend or family member

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