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Results: 1-10 of 39

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

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

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

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

Estate of Liftin (November 8, 2011)

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • January 9 2012

The US Court of Federal Claims held that an estate adequately alleged facts that its failure to timely file a federal estate tax return was due to reasonable cause and not willful neglect, where the estate relied in good faith on expert advice of an estate planning attorney

Estate loan interest held deductible

  • Proskauer Rose LLP
  • -
  • USA
  • -
  • December 5 2011

In Estate of Vincent J. Duncan Sr. v. Commissioner, T.C. Memo 2011-255, No. 7549-10 (October 31, 2011), the Tax Court upheld a Section 2053 deduction for interest on a loan taken to pay estate tax

In the matter of Ranftle, 2008-4585, NYLJ 1202515287643, at 1 (N.Y. Surr. Ct., N.Y. Sounty, Sept. 14, 2011)

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

The New York County Surrogate’s Court has held that a decedent reestablished his domicile in New York

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