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Results: 1-10 of 136

PLR 201011036 (Dec. 14, 2009)
  • Proskauer Rose LLP
  • USA
  • June 7 2010

In this Private Letter Ruling request, the IRS held that the 10 early distribution penalty would not apply to taxpayer's withdrawals from his IRA because of taxpayer's disability


Step transaction doctrine applies to aggregate gifts and sales to trusts
  • Proskauer Rose LLP
  • USA
  • July 1 2010

In Pierre v. Commissioner, T.C. Memo 2010-106 (May 13, 2010), the Tax Court held that the step transaction doctrine applied to collapse the taxpayer's gifts and sales of LLC membership interests to trusts


Decedent had no ownership interest in companies despite his involvement in the business
  • Proskauer Rose LLP
  • USA
  • July 1 2010

In Estate of Fortunato v. Commissioner, T.C. Memo 2010-105 (May 12, 2010), the Tax Court ruled that the decedent had no ownership interest in various companies despite his involvement in the operation of the companies


Tax court finds transfer of an interest in a limited partnership and timberland to an FLP was not includible in the decedent’s gross estate under Section 2036(a) because the transfer was a bona fide sale for adequate and full consideration
  • Proskauer Rose LLP
  • USA
  • March 10 2010

This Tax Court decision provides another Section 2036 victory for the taxpayer by holding that assets transferred to an FLP were not includible in the decedent's gross estate under Section 2036(a) because the transfer was a bona fide sale for adequate and full consideration


Estate is not entitled to an estate tax charitable deduction for the amount received by a charitable trust pursuant to a settlement agreement
  • Proskauer Rose LLP
  • USA
  • March 10 2010

The IRS held that an estate was not entitled to an estate tax charitable deduction for the amount paid to a charitable trust pursuant to a settlement agreement


IRS alerts taxpayers that it intends to issue guidance under Section 2511(c)
  • Proskauer Rose LLP
  • USA
  • March 10 2010

Section 2511(c) provides that, notwithstanding any other provision of Section 2511 and except as provided in the regulations, a transfer in trust is treated as a transfer of property by gift unless the trust is treated as wholly owned by the donor or the donor's spouse under the grantor trust provisions


Haiti earthquake relief donations made before March 1, 2010 may be deducted on 2009 returns
  • Proskauer Rose LLP
  • USA
  • March 10 2010

On January 22, 2010, President Obama signed into law a provision which allows taxpayers to claim a charitable deduction in tax year 2009 for donations made after January 11, 2010 and before March 1, 2010 for the relief of victims of the Haiti earthquake


April interest rates remain steady for GRATs and split interest charitable trusts and increase slightly for sales to defective grantor trusts and intra-family loans
  • Proskauer Rose LLP
  • USA
  • April 16 2010

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


Federal Court of Claims holds that primary executor of estate was not entitled to reissuance of $10 million refund when check was previously issued to and negotiated by an ancillary executor
  • Proskauer Rose LLP
  • USA
  • April 16 2010

The Federal Court of Claims recently denied a U.S. executor’s claim for a federal tax refund when the IRS had previously issued a refund check to a non-U.S. ancillary executor


IRS announces notice and proposed regulations regarding Form TD F 90.22-1 Report of Foreign Bank and Financial Accounts (the FBAR) Notice 201023;
  • Proskauer Rose LLP
  • USA
  • April 16 2010

The IRS has recently announced further guidance in the area of reporting non-U.S. bank and financial accounts