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New York State changes personal income tax rates

Proskauer Rose LLP
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USA
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February 2 2012

New York has modified the personal income tax rate schedule for tax years 2012 through 2014

IRS issues final Form 8938

Proskauer Rose LLP
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USA
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February 2 2012

Treasury has issued a final Form 8938, which certain taxpayers will need to file in 2012 for the 2011 tax year

Year-end planning strategies

Proskauer Rose LLP
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USA
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December 15 2011

We have experienced yet another year of financial instability, both here and across the shores, which continues to engender some degree of anxiety among our clients

IRS informal guidance on civil unions raises more questions than it answers

Proskauer Rose LLP
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USA
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November 14 2011

Last week, an informal letter from the Internal Revenue Service (IRS) issued to the tax preparation company H&R Block on August 30, 2011 surfaced publicly

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 1 2011

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

Intra-family loans: a simple yet effective estate planning tool

Proskauer Rose LLP
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USA
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September 1 2011

An intra-family loan is a basic estate-planning technique which has a very low transaction cost

IRS postpones due date for Form 8939; further guidance announcing new filing date to be issued soon IR-2011-33

Proskauer Rose LLP
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USA
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April 27 2011

On March 31st, the IRS announced that Form 8939, Allocation of Increase in Basis for Property Acquired from a Decedent, was not due on April 18th and that it should not be filed with the decedent's final Form 1040

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

Tax Court holds that gift tax paid with respect to decedent’s deemed gifts of remainder interests in QTIP property are includible in her gross estate under Section 2035(b) - Estate of Morgens v. Commissioner, 133 T.C. 17 (2009)

Proskauer Rose LLP
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USA
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February 2 2010

Anne Morgens and her husband established a revocable inter vivos trust in a community-property state

Tax Court holds loan from FLP to surviving spouse’s estate not “necessarily incurred” and interest thereon not a deductible administration expense; transfer to FLP escapes estate inclusion under consideration exception

Proskauer Rose LLP
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USA
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February 2 2010

In this case, the Tax Court objected to a Graegin-type loan arrangement between related entities

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