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Results: 11-20 of 166

Estate of Nancy P. Young v. United States (D. Mass., No. 1:11-cv-11829-RWZ, 121712)
  • Proskauer Rose LLP
  • USA
  • February 12 2013

In Estate of Nancy P. Young v. United States, the District Court upheld a latefiling penalty against an estate whose accountants advised it to file


Electing out of the application of the estate tax and allocating basis step-up for 2010 decedents
  • Proskauer Rose LLP
  • USA
  • August 9 2011

The legislation enacted in December 2010 retroactively reinstated the federal Estate tax for 2010 decedents but allows an applicable Executor to “opt out” of the Estate tax regime by making a “Section 1022 Election”


Adams v. Comm’r, T.C. Memo 2010-72 (April 13, 2010).
  • Proskauer Rose LLP
  • USA
  • June 7 2010

In this case, the Tax Court held that a beneficiary was permitted to claim a mortgage interest deduction for trust property


General explanations of the administration's fiscal year 2013 revenue proposals (February 2012)
  • Proskauer Rose LLP
  • USA
  • April 2 2012

Each year, the U.S. Department of the Treasury issues a report setting forth the revenue proposals of the current presidential administration


Estate of Kite v. Commissioner, T.C. Memo 2013-43
  • Proskauer Rose LLP
  • USA
  • March 8 2013

The Tax Court held that a surviving spouse's sale of substantial entity interests to trusts for her children in exchange for a 10-year deferred


Nevada Governor signed into law S.B. 221 with an effective date of October 1, 2011, which makes Nevada’s asset protection trust laws even stronger S.B. 221, 76th Sess., Reg. Sess.
  • Proskauer Rose LLP
  • USA
  • July 5 2011

On June 4, 2011, Nevada Governor Brian Sandoval signed into law S.B. 221 with an effective date of October 1, 2011


Malpractice claim against an estate was too uncertain to be deductible as of date of death and thus, the deduction would be based only on the amount actually paid by the estate Estate of Gertrude H. Saunders, et al. v. Comm’r, 136 T.C. No. 18 (4282011
  • Proskauer Rose LLP
  • USA
  • July 5 2011

In Saunders, a malpractice claim for $90,000,000 was filed against the decedent’s predeceased husband’s estate, alleging a breach of fiduciary duty by the decedent’s husband


H.R. 4853: summary and planning points
  • Proskauer Rose LLP
  • USA
  • December 13 2010

Late last Thursday night, the Senate Finance Committee released H.R. 4853, the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 (the “Bill”


IRS issues an inconsistent ruling on whether a grantor trust can hold an IRA - Priv. Ltr. Rul. 201117042 (April 29, 2011)
  • Proskauer Rose LLP
  • USA
  • July 5 2011

In 2006, the IRS issued Private Letter Ruling 200620025 in which the IRS approved of the transfer of an Inherited IRA to a special needs trust (“SNT”) that was a grantor trust for income tax purposes


Hirchert Family Trust v. Johnee Ann Alle Hirchert (District Court of Appeal of Florida, Fifth District, June 17, 2011)
  • Proskauer Rose LLP
  • USA
  • September 14 2011

The District Court of Appeal of Florida upheld an exception to the Florida homestead exemption in a case where a trusteedeceased husband of the defendant breached his fiduciary duty as trustee in California, and the defendant later used the proceeds resulting from this breach to purchase real property in Florida