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Results: 1-10 of 35

Crummey withdrawal notices recommended practices
  • Proskauer Rose LLP
  • USA
  • September 10 2012

Under current tax law, an individual is entitled to make gifts of up to $13,000 per donee per year without being subject to gift tax


Court rescinds nonqualified disclaimer and denies gift tax liability
  • Proskauer Rose LLP
  • USA
  • November 5 2010

In this case, a disclaimant's parents set up Qualified Personal Resident Trusts ("QPRTs") that passed to the disclaimant, Craig, and his sister after the QPRT terms expired


Tax Court holds that trusteebeneficiary's power to invade trust principal for her "welfare" is limited by an ascertainable standard and trust principal not includible in her estate under IRC 2041(b)(1)(a) estate of Ann R. Chancellor, et al. v. Commiss
  • Proskauer Rose LLP
  • USA
  • September 14 2011

Frequently, trust agreements ensure that the principal invasion power held by a trustee who is also a beneficiary is limited to distributions for the beneficiary's "health, education, maintenance and support"


Freeman v. U.S. (E. D. Pennsylvania, January 30, 2012)
  • Proskauer Rose LLP
  • USA
  • March 6 2012

A U.S. District Court in Pennsylvania held that an estate was liable for penalties and interest for the late filing of an estate tax return because the executor did not have reasonable cause for filing after the deadline


Estate of Fujishima (Tax Court memorandum, January 9, 2012)
  • Proskauer Rose LLP
  • USA
  • March 6 2012

The Tax Court held that a decedent, not his mother, was the owner of two life insurance policies on his life


Gaughen v. U.S. (M. D. Pennsylvania, January 31, 2012)
  • Proskauer Rose LLP
  • USA
  • March 6 2012

In a tax refund action, a U.S. District Court in Pennsylvania denied a taxpayer's motion for summary judgment


Discount for family limited partnership fails
  • Proskauer Rose LLP
  • USA
  • December 5 2011

In Estate of Paul H. Liljestrand v. Commissioner, T.C. Memo 2011-259, No. 29397-08 (November 2, 2011), the Tax Court held that discounts for a Hawaiian family limited partnership failed and the total value of the partnership assets were included in the decedent's estate for estate tax purposes


Estate of Turner v. Comm’r, T.C. Memo 2011-209 (Aug. 30, 2011)
  • Proskauer Rose LLP
  • USA
  • November 15 2011

The Tax Court has held that (a) assets contributed to a family limited partnership (“FLP”) were includable in a decedent’s gross estate under section 2036(a) of the Internal Revenue Code of 1986, as amended (“I.R.C.”), and (b) premiums paid directly to a carrier on behalf of an insurance trust qualified for the annual gift tax exclusion as present interest gifts


McGowen v. Comm’r, 2011 U.S. App. Lexis 18407 (10th Cir., Sept. 2, 2011)
  • Proskauer Rose LLP
  • USA
  • November 15 2011

The Tenth Circuit has affirmed a Tax Court decision finding that a taxpayer who borrowed against the cash value of an insurance policy must realize income under I.R.C. 72 when the policy was terminated by the carrier


Estate not entitled to discount the value of three marital trusts for claims by ESOP members against the marital trusts’ assets Estate of Foster v. Comm’r, T.C. Memo 2011-95 (4282011)
  • Proskauer Rose LLP
  • USA
  • July 5 2011

In Foster, the Tax Court considered the following: (1) whether an estate was entitled to discount the value of assets in three marital trusts due to the potential for litigation; and (2) whether assets in the marital trusts could be discounted for lack of control over and lack of marketability of the marital trusts’ assets