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IRS issues Revenue Procedure 2013-15
- Proskauer Rose LLP
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- USA
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- February 12 2013
In Revenue Procedure 2013-15, the IRS announced the 2013 inflation adjustments, including the income tax rate schedules, and other tax changes
We didn't (quite) fall off the cliff, but we still have to clean up the mess!
- Proskauer Rose LLP
- -
- USA
- -
- January 8 2013
When the clock struck midnight on December 31, 2012, estate planning practitioners said "good night" to an unprecedented period of working with clients to
Estate of Bates v. Commissioner, T.C. Memo. 2012-314, November 7, 2012
- Proskauer Rose LLP
- -
- USA
- -
- December 7 2012
The Tax Court ruled that the cost of settlement could not be deducted as an administrative expense on an estate tax return, because the claim was for a beneficiary's distributive share and not for a creditor's claim against the estate
Estate of Thouron v. United States, E.D. Pa., no. 2:11-CS-04058 (11082012)
- Proskauer Rose LLP
- -
- USA
- -
- December 7 2012
The U.S. District Court for the District of Pennsylvania held that relying on the advice of a tax attorney was not reasonable cause for the late payment of estate taxes
November interest rates for GRATs, sales to defective grantor trusts, intra-family loans and split interest charitable trusts
- Proskauer Rose LLP
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- USA
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- November 15 2012
The November 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 1.0, which is a reduction from last month's rate of 1.2
Private Letter Ruling 201236022 (09112012)
- Proskauer Rose LLP
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- USA
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- November 15 2012
In this PLR, the Internal Revenue Service ("IRS") ruled that amounts paid to charities from the residue of the decedent's estate pursuant to a settlement agreement qualified for the charitable deduction for federal estate tax purposes because the charities had an enforceable right under state law to receive a portion of the residuary estate due to the undue influence by the drafting attorney (who was also a beneficiary
Keller v. United States, 5th Cir., No. 10-41311 (092512)
- Proskauer Rose LLP
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- USA
- -
- November 15 2012
In Keller, the Fifth Circuit Court of Appeals ruled that an estate was entitled to an estate tax refund for the discounted value of a family limited partnership ("FLP") that was created during the decedent's lifetime but not fully funded until after the decedent's death
Crummey withdrawal notices recommended practices
- Proskauer Rose LLP
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- USA
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- September 10 2012
Under current tax law, an individual is entitled to make gifts of up to $13,000 per donee per year without being subject to gift tax
Income tax deductions for charitable donations may be denied without a qualified appraisal Mohamed v. Commissioner, T.C. Memo 2012-152
- Proskauer Rose LLP
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- USA
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- September 10 2012
Obtaining a qualified appraisal is an essential requirement for claiming an income tax deduction for charitable donations of property worth more than $5,000
Use it or lose it - increased gift and GST exemption amounts expire on 123112
- Proskauer Rose LLP
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- USA
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- September 10 2012
On December 17, 2010, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the "2010 Act") was signed into law, making significant modifications to the estate, gift and generation-skipping transfer ("GST") taxes
Current Search
- Jurisdiction - USA
- Workarea - Private Client & Offshore Services
- Workarea - Corporate Tax
- Author - David Pratt
- Author - George D Karibjanian
- Author - Andrew M Katzenstein