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Results: 1-10 of 109

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


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 denied deduction for settlement payment to caregiver
  • Loeb & Loeb LLP
  • USA
  • January 24 2013

In Estate of Sylvia E. Bates (2012), the Tax Court rejected an estate's attempt to deduct a settlement payment to the decedent's caregiver as an


Consistency in basis reporting
  • Loeb & Loeb LLP
  • USA
  • August 14 2015

A decedent's beneficiaries receive a new income tax basis for the assets that were included in the decedent's estate (with some limited exceptions


High net worth family tax report, vol. 10, no.3
  • Loeb & Loeb LLP
  • USA
  • December 16 2015

A variety of planning steps should be considered before the end of the year. One of these is to make any $14,000 annual exclusion gifts you wish to


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