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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
U.S. government sues estate and donees of J. Howard Marshall II for unpaid gift taxes
- Proskauer Rose LLP
- -
- USA
- -
- November 5 2010
The U.S. government is suing the estate and donees of J. Howard Marshall for a combined $85 million of unpaid gift and GST taxes
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
Loan interest paid by trust held non-deductible in decedent’s estate because it was unnecessary
- Proskauer Rose LLP
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- USA
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- November 5 2010
After Decedent’s death, his trust borrowed $1.5 million from Decedent’s Foundation to pay his estate tax liabilities (aka a “Graegin” loan
Tax Court holds that trusteebeneficiary's power to invade trust principal for her "welfare" is limited by an ascertainable standard and trust principal not includible in her estate under IRC 2041(b)(1)(a) estate of Ann R. Chancellor, et al. v. Commiss
- Proskauer Rose LLP
- -
- USA
- -
- September 14 2011
Frequently, trust agreements ensure that the principal invasion power held by a trustee who is also a beneficiary is limited to distributions for the beneficiary's "health, education, maintenance and support"
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
8th Circuit finds limited partnership’s transfer restrictions disregarded when valuing stock for gift tax purposes - Holman v. Commissioner, 2010 WL 1331270 (April 7, 2010)
- Proskauer Rose LLP
- -
- USA
- -
- May 7 2010
The 8th Circuit, in affirming the Tax Court, found that a limited partnership created by a couple to hold Dell stock in trust for their children could not claim that the partnership's transfer restrictions constituted a bona fide business arrangement
Florida governor signed into law H.B. 469, which amends Florida Statutes 222.21(c) to provide that inherited IRAs are protected from claims of creditors of a debtor beneficiary H.B. 469, 2011 Leg. (Fla. 2011)
- Proskauer Rose LLP
- -
- USA
- -
- July 5 2011
On May 31, 2011, Florida Governor Rick Scott signed H.B. 469 into law
No charitable contribution deduction for donation of house to local fire department where value of demolition services exceeded value of property
- Proskauer Rose LLP
- -
- USA
- -
- December 6 2010
In Theodore R. Rolfs, et ux. V. Comm’r, 135 T.C. No. 24 (1142010), the Tax Court denied a charitable contribution deduction for donation of a house to the local fire department where the value of the demolition services that the taxpayer would receive exceeded the value of the donated property
Court limits amount that surviving spouse was entitled to claim for tax on prior transfers under 2013
- Proskauer Rose LLP
- -
- USA
- -
- November 5 2010
This case involves credits for tax on prior transfers under IRC 2013
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