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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

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

Estate of Stone v. Comm'r, T.C. Memo 2012-48 (2222012)

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • 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
  • -
  • USA
  • -
  • 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
  • -
  • USA
  • -
  • 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
  • -
  • USA
  • -
  • March 6 2012

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

Rosenkrantz v. Feit (Fla. Dist. Ct. App., December 14, 2011)

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • March 6 2012

A Florida intermediate appellate court held that co-agents under a power of attorney are subject to the same fiduciary principles that apply to co-trustees and that a co-agent under a power of attorney had both the right and duty to seek an accounting from the co-agent

In re Grube (January 19, 2012)

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • March 6 2012

The U.S. Bankruptcy Court for the Central District of Illinois held that a debtor's explanation of estate planning as a rationale for asset transfers made prior to bankruptcy is sufficient to survive the Bankruptcy Trustee's motion for summary judgment

California Board of Equalization to release information to IRS

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • 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

Tannen v. Tannen

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • February 2 2012

The Supreme Court of New Jersey affirmed the Appellate Division's holding that, for purposes of determining alimony, it was not appropriate to impute income to a wife based on her beneficial interest in an irrevocable trust created and funded by her parents