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Two taxpayers lose income tax deductions for spousal support payments
  • Loeb & Loeb LLP
  • USA
  • September 5 2013

Two recent Tax Court cases serve as a reminder that the income tax deduction for the payment of spousal support is subject to some very specific rules


Private letter ruling suggests that assets held in a grantor trust and not included in grantor’s estate may nevertheless receive a basis increase
  • Loeb & Loeb LLP
  • USA
  • May 20 2013

In PLR 201245006, the IRS addressed a question that has been puzzling tax advisors for years. A person who was not a citizen or resident of the


IRS moves against incomplete gift strategy
  • Loeb & Loeb LLP
  • USA
  • April 24 2012

For a long time, a popular tax-planning strategy has involved the use of an “incomplete gift.”


Do you still have title and other insurance on your house and other real property?
  • Loeb & Loeb LLP
  • USA
  • May 19 2009

While not a tax issue per se, the problem discussed here often arises as a result of transfers of real property that were made for income or estate tax planning purposes


Co-op shareholder cannot deduct amount of assessment to repair damage
  • Loeb & Loeb LLP
  • USA
  • August 2 2011

A recent Tax Court case serves to point up one of the distinctions between owning your home outright and owning your home through the ownership of shares in a residential cooperative corporation (“coop”


More family limited partnerships in court
  • Loeb & Loeb LLP
  • USA
  • April 24 2012

Several recent cases have addressed tax issues related to family limited partnerships or limited liability companies


More mixed results in litigation of family limited partnership cases
  • Loeb & Loeb LLP
  • USA
  • September 14 2009

The enormous tax dollars at stake in connection with valuation discounts for estate and gift tax purposes is evidenced by the never ending stream of family limited partnership cases


Executors must be careful when requesting an extension of time to pay estate tax
  • Loeb & Loeb LLP
  • USA
  • April 6 2011

The federal estate return and the payment of any estate tax are both due nine months after the date of a decedent's death


Estate prevails in dispute over valuation of interest in a closely held business
  • Loeb & Loeb LLP
  • USA
  • August 2 2011

The taxpayer prevailed in a significant estate tax valuation case in Estate of Louise Paxton Gallagher (June 28, 2011


Court approves defined value clause for gift where excess value retained by donor
  • Loeb & Loeb LLP
  • USA
  • April 24 2012

The U.S. Tax Court has held for the first time in Wandry v. Commissioner (Tax Court, March 26, 2012), that a donor may make a non-cash gift of a stipulated dollar amount and retain any portion of the transferred property value in excess of the stated dollar amount the donor gave away