We use cookies to customise content for your subscription and for analytics.
If you continue to browse Lexology, we will assume that you are happy to receive all our cookies. For further information please read our Cookie Policy.
In cooperation with Association of Corporate Counsel
  Request new password

Search results

Order by most recent / most popular / relevance

Results: 1-10 of 34

Crummey withdrawal notices recommended practices

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • 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

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"

Estate of Turner v. Comm’r, T.C. Memo 2011-209 (Aug. 30, 2011)

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • November 15 2011

The Tax Court has held that (a) assets contributed to a family limited partnership (“FLP”) were includable in a decedent’s gross estate under section 2036(a) of the Internal Revenue Code of 1986, as amended (“I.R.C.”), and (b) premiums paid directly to a carrier on behalf of an insurance trust qualified for the annual gift tax exclusion as present interest gifts

Decedent had no ownership interest in companies despite his involvement in the business

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • July 1 2010

In Estate of Fortunato v. Commissioner, T.C. Memo 2010-105 (May 12, 2010), the Tax Court ruled that the decedent had no ownership interest in various companies despite his involvement in the operation of the companies

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

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • 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

Income tax deductions for charitable donations may be denied without a qualified appraisal Mohamed v. Commissioner, T.C. Memo 2012-152

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • 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

Federal Court of Claims holds that primary executor of estate was not entitled to reissuance of $10 million refund when check was previously issued to and negotiated by an ancillary executor

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • April 16 2010

The Federal Court of Claims recently denied a U.S. executor’s claim for a federal tax refund when the IRS had previously issued a refund check to a non-U.S. ancillary executor

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
  • -
  • USA
  • -
  • 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

Step transaction doctrine applies to aggregate gifts and sales to trusts

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • July 1 2010

In Pierre v. Commissioner, T.C. Memo 2010-106 (May 13, 2010), the Tax Court held that the step transaction doctrine applied to collapse the taxpayer's gifts and sales of LLC membership interests to trusts

Federal district court finds promoter of “Aegis” system of “trusts” guilty of conspiracy to defraud and aiding the filing of a false tax return

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • April 16 2010

The defendant in Wasson was found guilty of conspiracy to defraud and of aiding in the filing of a false tax return