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Results: 1-10 of 93

IRS extends interim relief to trusts and estates on investment advisory costs - Notice 2010-32
  • Proskauer Rose LLP
  • USA
  • May 7 2010

The IRS recently issued Notice 2010-32, which extends for another year interim relief for trusts and estates on the treatment of investment advisory costs subject to the 2 floor under 67(a), so that taxpayers will not be required to determine the portion of a bundled fiduciary fee that is subject to the 2 floor for any taxable year beginning before January 1, 2010


Federal district court finds transfer of interests in LLC to children does not qualify for the annual gift tax exclusion Fisher v. Commissioner, No. 1:08-CV-00908 (March 11, 2010)
  • Proskauer Rose LLP
  • USA
  • May 7 2010

A U.S. District Court in Indiana found the transfer of interests in a LLC to children did not qualify for the annual gift tax exclusion because the interests were considered “future” rather than “present” interests in property due to operating agreement restrictions on the children’s rights relating to the property


The Tax Court disallows charitable deductions and imposes accuracy-related penalties for failure to substantiate equipment donations
  • Proskauer Rose LLP
  • USA
  • May 7 2010

The Tax Court disallowed a couple's charitable deductions and imposed accuracy-related penalties after finding they did not properly substantiate the contributions or provide contemporaneous written acknowledgements of their medical equipment donations


6th Circuit finds regulation reasonable on generation-skipping transfer tax Estate of Timken, 2010 WL 1253627 (April 2, 2010)
  • Proskauer Rose LLP
  • USA
  • May 7 2010

The 6th Circuit found that Treasury Regulation 26.2601-1(b)(1)(v)(A), stipulating that the grandfathering exemption to the generation-skipping transfer tax (“GST”) does not apply when there is a post-statute exercise of lapse of a general power of appointment, is reasonable


8th Circuit finds limited partnership’s transfer restrictions disregarded when valuing stock for gift tax purposes - Holman v. Commissioner, 2010 WL 1331270 (April 7, 2010)
  • Proskauer Rose LLP
  • USA
  • May 7 2010

The 8th Circuit, in affirming the Tax Court, found that a limited partnership created by a couple to hold Dell stock in trust for their children could not claim that the partnership's transfer restrictions constituted a bona fide business arrangement


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

The May applicable federal rate ("AFR") for use with estate planning techniques such as CRTs, CLTs, QPRTs and GRATs is 3


New estategiftgst tax exemption amounts for 2012
  • Proskauer Rose LLP
  • USA
  • December 5 2011

IRS Revenue Procedure 2011-52 announced the new estate, gift, and GST tax exemption amounts as adjusted for inflation for 2012


Creating a "GRAT": heads you win, tails you break even
  • Proskauer Rose LLP
  • USA
  • September 1 2011

Creating a grantor retained annuity trust (commonly referred to as a "GRAT") is a relatively simple way to transfer property to your children at virtually no gift tax cost



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