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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.”

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

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 denies business expense deduction for costs incurred consulting for businesses partially owned by the taxpayer

  • Loeb & Loeb LLP
  • -
  • USA
  • -
  • December 1 2010

The recent Tax Court case of Estate of Roger Strangeland v. Commissioner illustrates a problem faced by families that have interests in numerous businesses and investments

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

Executors must be careful when requesting an extension of time to pay estate tax

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

The federal estate return and the payment of any estate tax are both due nine months after the date of a decedent's death

Do you still have title and other insurance on your house and other real property?

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

While not a tax issue per se, the problem discussed here often arises as a result of transfers of real property that were made for income or estate tax planning purposes