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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

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

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

Estate of Fujishima (Tax Court memorandum, January 9, 2012)

Proskauer Rose LLP
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USA
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March 6 2012

The Tax Court held that a decedent, not his mother, was the owner of two life insurance policies on his life

Gaughen v. U.S. (M. D. Pennsylvania, January 31, 2012)

Proskauer Rose LLP
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USA
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March 6 2012

In a tax refund action, a U.S. District Court in Pennsylvania denied a taxpayer's motion for summary judgment

California Board of Equalization to release information to IRS

Proskauer Rose LLP
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USA
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February 2 2012

A California district court recently ruled that the IRS can serve "John Doe" summons on the California Board of Equalization in order to obtain a list of the names of California property owners who gifted real estate to family members between 2005 and 2010

Estate of Liftin (November 8, 2011)

Proskauer Rose LLP
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USA
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January 9 2012

The US Court of Federal Claims held that an estate adequately alleged facts that its failure to timely file a federal estate tax return was due to reasonable cause and not willful neglect, where the estate relied in good faith on expert advice of an estate planning attorney

Discount for family limited partnership fails

Proskauer Rose LLP
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USA
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December 5 2011

In Estate of Paul H. Liljestrand v. Commissioner, T.C. Memo 2011-259, No. 29397-08 (November 2, 2011), the Tax Court held that discounts for a Hawaiian family limited partnership failed and the total value of the partnership assets were included in the decedent's estate for estate tax purposes

Decedent's partnership interest in a partnership holding New York real property is not subject to New York estate tax

Proskauer Rose LLP
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USA
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December 5 2011

On October 12, 2011, the New York Department of Taxation and Finance issued an Advisory Opinion building upon its previous April 8, 2010 Advisory Opinion (TSB-A-11(1)M and TSB-A-10(1), respectively) regarding the conversion of real property interests into intangibles for New York estate tax purposes, in both cases ruling that a Florida decedent holding an interest in New York real property via an interest in a partnership (or an LLC) held by her revocable trust did not own an interest in the underlying real property for New York estate tax purposes

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