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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

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

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

IRS Notice 2012-21 (352012)

Proskauer Rose LLP
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USA
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April 2 2012

In order for a surviving spouse to retain use of a deceased spouse's unused estate tax exemption, he or she must make a portability election on a timely filed federal estate tax return for the deceased spouse, even if no federal return needs to be filed because the decedent's assets were below his or her remaining federal estate tax exemption amount

Chief Counsel Advice Memorandum 201208026 (9282011)

Proskauer Rose LLP
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USA
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April 2 2012

In a recently released Memorandum, the IRS Office of Chief Counsel concludes that contributions made by Settlors to a discretionary trust for their descendants were taxable gifts, since (1) the Settlors had not retained any rights that would make the gifts incomplete and (2) the withdrawal powers granted to the beneficiaries were unenforceable in state court and thus illusory

General explanations of the administration's fiscal year 2013 revenue proposals (February 2012)

Proskauer Rose LLP
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USA
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April 2 2012

Each year, the U.S. Department of the Treasury issues a report setting forth the revenue proposals of the current presidential administration

April 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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April 2 2012

The April 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 1.4

Estate of Stone v. Comm'r, T.C. Memo 2012-48 (2222012)

Proskauer Rose LLP
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USA
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April 2 2012

In Stone, a recent Tax Court case, the Court determined that the transfer of undeveloped woodlands to a family limited partnership (an "FLP") was a bona fide sale, since the record established that the FLP was created for legitimate non-tax reasons

Private letter ruling 201151003 (December 23, 2011)

Proskauer Rose LLP
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USA
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March 6 2012

The IRS granted a decedent's estate an extension to make the alternate valuation election where the executor of the estate relied on advice of the CPA that he hired to prepare and file the decedent's estate tax return

Freeman v. U.S. (E. D. Pennsylvania, January 30, 2012)

Proskauer Rose LLP
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USA
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March 6 2012

A U.S. District Court in Pennsylvania held that an estate was liable for penalties and interest for the late filing of an estate tax return because the executor did not have reasonable cause for filing after the deadline

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