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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


California Supreme Court Clarifies Certain Statutes Regarding Trust Spendthrift Clauses
  • Loeb & Loeb LLP
  • USA
  • April 17 2017

The California Supreme Court's recent opinion in Carmack v. Reynolds clarifies the effect of "spendthrift" trust clauses, which are intended to


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


Tax Court Addresses Phantom Stock Plan
  • Loeb & Loeb LLP
  • USA
  • July 18 2017

In a recent case involving a motion for summary judgment, the Tax Court drew some interesting conclusions about a phantom stock plan. Phantom stock is


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 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.”


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


Tax Court Resolves Dispute Over the Valuation of Old Master Artworks
  • Loeb & Loeb LLP
  • USA
  • April 17 2017

The Tax Court frequently becomes involved in the resolution of disputes between a taxpayer and the IRS over the value of an asset. Most often these


IRS streamlines Offshore Voluntary Disclosure Program
  • Loeb & Loeb LLP
  • USA
  • September 29 2014

On June 18, 2014, the IRS announced new Streamlined Filing Compliance Procedures (Streamlined Programs) and changes to the existing Offshore


Another Death Bed Limited Partnership Formation Fails to Accomplish Its Objectives
  • Loeb & Loeb LLP
  • USA
  • July 18 2017

In Estate of Nancy H. Powell (148 TC 18, 51817), another taxpayer at death's door failed to achieve any estate savings through the creation and