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Results: 1-10 of 131

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


Petition No. M090929A, NYS Dep’t of Taxation & Finance Advisory Opinion, TSB-A-10(1)(M)
  • Proskauer Rose LLP
  • USA
  • June 7 2010

In this Advisory Opinion, New York State determined that a non-resident decedent's interest in a revocable trust that owned interests in several limited liability companies ("LLCs") that held New York real property was not subject to New York State estate tax


June interest rates decrease slightly for GRATs, split interest charitable trusts, sales to defective grantor trusts and intra-family loans
  • Proskauer Rose LLP
  • USA
  • June 7 2010

The June applicable federal rate ("AFR") for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 3.2, slightly lower than the March rate


February interest rates for GRATs, sales to defective grantor trusts, intra-family loans and split interest charitable trusts
  • Proskauer Rose LLP
  • USA
  • February 2 2012

The February 7520 rate for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 1.4


New York State changes personal income tax rates
  • Proskauer Rose LLP
  • USA
  • February 2 2012

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


IRS issues Notice 2011-101
  • Proskauer Rose LLP
  • USA
  • February 2 2012

In Notice 2011-101, the IRS announced that it is studying the tax implications of "decantings" when there is a change in the beneficial interests in a trust


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


Discount for family limited partnership fails
  • Proskauer Rose LLP
  • USA
  • December 5 2011

In Estate of Paul H. Liljestrand v. Commissioner, T.C. Memo 2011-259, No. 29397-08 (November 2, 2011), the Tax Court held that discounts for a Hawaiian family limited partnership failed and the total value of the partnership assets were included in the decedent's estate for estate tax purposes


Private letter ruling 201143002 (October 28, 2011)
  • Proskauer Rose LLP
  • USA
  • December 5 2011

The IRS ruled that a taxpayer's proposed exercise of his power of appointment will not cause assets of split trusts, combined trusts or sprinkle trusts to be includible in his gross estate under Section 2041, or to be subject to the GST tax


IRS issues final Form 8938
  • Proskauer Rose LLP
  • USA
  • February 2 2012

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