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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


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"


Decedent's partnership interest in a partnership holding New York real property is not subject to New York estate tax
  • Proskauer Rose LLP
  • USA
  • December 5 2011

On October 12, 2011, the New York Department of Taxation and Finance issued an Advisory Opinion building upon its previous April 8, 2010 Advisory Opinion (TSB-A-11(1)M and TSB-A-10(1), respectively) regarding the conversion of real property interests into intangibles for New York estate tax purposes, in both cases ruling that a Florida decedent holding an interest in New York real property via an interest in a partnership (or an LLC) held by her revocable trust did not own an interest in the underlying real property for New York estate tax purposes


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


California Board of Equalization to release information to IRS
  • Proskauer Rose LLP
  • USA
  • February 2 2012

A California district court recently ruled that the IRS can serve "John Doe" summons on the California Board of Equalization in order to obtain a list of the names of California property owners who gifted real estate to family members between 2005 and 2010



U.S. government sues estate and donees of J. Howard Marshall II for unpaid gift taxes
  • Proskauer Rose LLP
  • USA
  • November 5 2010

The U.S. government is suing the estate and donees of J. Howard Marshall for a combined $85 million of unpaid gift and GST taxes


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


Court limits amount that surviving spouse was entitled to claim for tax on prior transfers under 2013
  • Proskauer Rose LLP
  • USA
  • November 5 2010

This case involves credits for tax on prior transfers under IRC 2013


Court finds Tax Court erred when it apportioned entire value of a Manhattan brownstone to a decedent’s estate when decedent transferred 49 of the property to her son a few years before
  • Proskauer Rose LLP
  • USA
  • November 5 2010

In this case the higher court reversed a lower court's inclusion of the entire value of a real property in the Decedent's estate when the decedent had transferred a portion of the property to her son during her life