Proskauer Rose LLP | USA | 10 Sep 2012
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.
Proskauer Rose LLP | USA | 10 Sep 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.
Proskauer Rose LLP | USA | 10 Sep 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.
Proskauer Rose LLP | USA | 2 Apr 2012
In a recently released Memorandum, the IRS Office of Chief Counsel concludes that contributions made by Settlors to a discretionary trust for their descendants were taxable gifts, since (1) the Settlors had not retained any rights that would make the gifts incomplete and (2) the withdrawal powers granted to the beneficiaries were unenforceable in state court and thus illusory.
Proskauer Rose LLP | USA | 2 Apr 2012
In order for a surviving spouse to retain use of a deceased spouse's unused estate tax exemption, he or she must make a portability election on a timely filed federal estate tax return for the deceased spouse, even if no federal return needs to be filed because the decedent's assets were below his or her remaining federal estate tax exemption amount.
Proskauer Rose LLP | USA | 2 Apr 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.
Proskauer Rose LLP | USA | 2 Apr 2012
Each year, the U.S. Department of the Treasury issues a report setting forth the revenue proposals of the current presidential administration.
Proskauer Rose LLP | USA | 2 Apr 2012
The April § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 1.4%.
Proskauer Rose LLP | USA | 6 Mar 2012
The March § 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 1.4%.
Proskauer Rose LLP | USA | 6 Mar 2012
The Tax Court held that a decedent, not his mother, was the owner of two life insurance policies on his life.