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Tax court finds transfer of an interest in a limited partnership and timberland to an FLP was not includible in the decedent’s gross estate under Section 2036(a) because the transfer was a bona fide sale for adequate and full consideration

Proskauer Rose LLP
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USA
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March 10 2010

This Tax Court decision provides another Section 2036 victory for the taxpayer by holding that assets transferred to an FLP were not includible in the decedent's gross estate under Section 2036(a) because the transfer was a bona fide sale for adequate and full consideration

Estate is not entitled to an estate tax charitable deduction for the amount received by a charitable trust pursuant to a settlement agreement

Proskauer Rose LLP
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USA
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March 10 2010

The IRS held that an estate was not entitled to an estate tax charitable deduction for the amount paid to a charitable trust pursuant to a settlement agreement

IRS alerts taxpayers that it intends to issue guidance under Section 2511(c)

Proskauer Rose LLP
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USA
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March 10 2010

Section 2511(c) provides that, notwithstanding any other provision of Section 2511 and except as provided in the regulations, a transfer in trust is treated as a transfer of property by gift unless the trust is treated as wholly owned by the donor or the donor's spouse under the grantor trust provisions

Haiti earthquake relief donations made before March 1, 2010 may be deducted on 2009 returns

Proskauer Rose LLP
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USA
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March 10 2010

On January 22, 2010, President Obama signed into law a provision which allows taxpayers to claim a charitable deduction in tax year 2009 for donations made after January 11, 2010 and before March 1, 2010 for the relief of victims of the Haiti earthquake

Using charitable giving techniques to offset income tax from Roth IRA conversions

Proskauer Rose LLP
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USA
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October 15 2010

In our June 2009 issue of Personal Planning Strategies, we explained that, beginning in 2010, all taxpayers, regardless of their income levels, will be eligible to take advantage of the opportunity to convert some or all of their traditional individual retirement accounts or other qualified retirement plans ("IRAs") to one or more Roth IRAs

PLR 201011036 (Dec. 14, 2009)

Proskauer Rose LLP
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USA
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June 7 2010

In this Private Letter Ruling request, the IRS held that the 10 early distribution penalty would not apply to taxpayer's withdrawals from his IRA because of taxpayer's disability

Court rescinds nonqualified disclaimer and denies gift tax liability

Proskauer Rose LLP
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USA
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November 5 2010

In this case, a disclaimant's parents set up Qualified Personal Resident Trusts ("QPRTs") that passed to the disclaimant, Craig, and his sister after the QPRT terms expired

Court limits amount that surviving spouse was entitled to claim for tax on prior transfers under 2013

Proskauer Rose LLP
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USA
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November 5 2010

This case involves credits for tax on prior transfers under IRC 2013

Court finds Tax Court erred when it apportioned entire value of a Manhattan brownstone to a decedent’s estate when decedent transferred 49 of the property to her son a few years before

Proskauer Rose LLP
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USA
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November 5 2010

In this case the higher court reversed a lower court's inclusion of the entire value of a real property in the Decedent's estate when the decedent had transferred a portion of the property to her son during her life

November interest rates remain the same for GRATs but decline for sales to defective grantor trusts, and intra-family loans

Proskauer Rose LLP
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USA
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November 5 2010

The November applicable federal rate ("AFR") for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 2

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