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Results: 1-10 of 113

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.”


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”


IRS clarifies application of passive loss rules to trusts
  • Loeb & Loeb LLP
  • USA
  • November 21 2007

Under IRC 469, losses incurred by individuals (including estates and trusts) in connection with passive activities are deductible only to the extent that the taxpayer also has income from passive activities


Estate planning for your digital assets
  • Loeb & Loeb LLP
  • USA
  • April 13 2015

If you use a computer, you likely have digital assets that should be addressed as part of your estate planning. Access to digital assets is governed


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


Recent case points out even more risks of serving as fiduciary
  • Loeb & Loeb LLP
  • USA
  • August 16 2012

By now most people are aware that significant legal and economic exposure goes along with serving as a personal representative or trustee for a close friend or family member


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


Restrictions on deduction of trustee’s fees deferred through 2009
  • Loeb & Loeb LLP
  • USA
  • August 12 2010

The IRS has deferred for one more year, through 2009, new rules that will require fees charged by trustees to be broken into their various components in order to determine the extent to which they can be deducted for federal income tax purposes