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11 results found

Article

Proskauer Rose LLP | USA | 3 Jun 2013

Estate of Koons v. Commissioner, T.C. Memo 2013-94

The Tax Court adopted the IRS's valuation of a revocable trust's interest in a business with mostly liquid assets, finding that the taxpayer's

Article

Proskauer Rose LLP | USA | 6 Mar 2012

In re Grube (January 19, 2012)

The U.S. Bankruptcy Court for the Central District of Illinois held that a debtor's explanation of estate planning as a rationale for asset transfers made prior to bankruptcy is sufficient to survive the Bankruptcy Trustee's motion for summary judgment.

Article

Proskauer Rose LLP | USA | 1 Sep 2011

Use it or lose it - increased gift and GST exemption amounts expire on 123112

On December 17, 2010, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 (the "2010 Act") was signed into law, making significant modifications to the estate, gift and generation-skipping transfer ("GST") taxes.

Article

Proskauer Rose LLP | USA | 5 Aug 2011

Nevada passes restrictive “charging order” legislation to increase asset protection afforded by business entities Nevada SB 405 (June 16, 2011)

Nevada Senate Bill 405, which was signed into law by the Governor on June 16, provides that a “charging order” is the exclusive remedy of a judgment creditor against interests in Nevada limited liability companies, limited partnerships and corporations.

Article

Proskauer Rose LLP | USA | 5 Jul 2011

Florida Governor signed into law H.B. 253, which amended Florida Statute 608.433 to explicitly provide that a charging order is the “sole and exclusive remedy” against LLC membership interests H.B. 253, 2011 Leg., (Fla. 2011)

On May 31, 2011, Florida Governor Rick Scott signed into law H.B. 253, which amended Florida Statutes 608.433 to explicitly provide that a charging order is the “sole and exclusive remedy” against limited liability company (“LLC”) membership interests.

Article

Proskauer Rose LLP | USA | 13 Jul 2010

Florida Supreme Court limits charging order protection of florida LLCs

On June 24, 2010, the Florida Supreme Court issued its opinion in the case of Shaun Olmstead, et. al., v. Federal Trade Commission holding that a court may order an owner of a single-member Florida Limited Liability Company (“LLC”) to surrender its ownership interest in an LLC to satisfy an outstanding judgment.

Article

Proskauer Rose LLP | USA | 1 Jul 2010

Step transaction doctrine applies to aggregate gifts and sales to trusts

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.

Article

Proskauer Rose LLP | USA | 7 Jun 2010

Petition No. M090929A, NYS Dep’t of Taxation & Finance Advisory Opinion, TSB-A-10(1)(M)

In this Advisory Opinion, New York State determined that a non-resident decedent's interest in a revocable trust that owned interests in several limited liability companies ("LLCs") that held New York real property was not subject to New York State estate tax.

Article

Proskauer Rose LLP | USA | 7 May 2010

Federal district court finds transfer of interests in LLC to children does not qualify for the annual gift tax exclusion Fisher v. Commissioner, No. 1:08-CV-00908 (March 11, 2010)

A U.S. District Court in Indiana found the transfer of interests in a LLC to children did not qualify for the annual gift tax exclusion because the interests were considered “future” rather than “present” interests in property due to operating agreement restrictions on the children’s rights relating to the property.

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