Estate Tax
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February 21, 2012
On February 17, the IRS issued Notice 2012-21, which extends by six
months the deadline to make a portability election for a qualified
estate whose executor did not timely file either Form 4768, Application for Extension of Time To File a Return and/or Pay U.S. Estate (and Generation-Skipping Transfer) Taxes, or Form 706, United State Estate (and Generation-Skipping Transfer) Tax Return, within nine months of the date of death.
December 16, 2011
A long-simmering dispute between taxpayers and the IRS came into view with the Eighth Circuit's decision in Estate of Christiansen v. Commissioner (Docket No. 08-3844, 11/13/09). Helen Christiansen's will left her entire estate to her daughter Christine, but with a gift over to a charitable foundation and a
September 29, 2011
2011-09-29
Recently, the IRS issued long-anticipated guidance of interest to those administering estates of persons who died in 2010. Executors who wish to elect application of the §1022 carryover basis regime, rather than the estate tax, received an extension of time and a safe harbor in making that election.
September 1, 2011
In Turner Est. v. Comr., T.C. Memo 2011-209 (8/30/11), Judge
Marvell of the Tax Court held that the estate of Clyde W. Turner, Sr.,
included all the property that he contributed to a family limited
partnership upon its formation, even though he gave away a considerable
portion of his limited partnership interest before his death in February
2004.
June 10, 2011
Thanks to Politico, we have the news that the IRS estate and gift tax team is auditing taxpayers who have made large gifts to §501(c)(4) advocacy organizations such as American Crossroads and Priorities USA. Ofer Lion, a Los Angeles tax lawyer,
June 3, 2011
The recent publication of Private Letter Ruling 200939003 by the IRS is a timely reminder of the potential use of IRC 6166 to defer payment of the generation-skipping transfer tax. In the ruling, Grandfather had established a trust for Child, funding it with the stock of an S corporation. Child was to receive the
June 3, 2011
Last week's Eighth Circuit decision in Holman v.
Commissioner (No. 08-3774, 4/7/10) had the feel of the early
days of family limited partnership tax litigation, when the IRS
hoped that Chapter 14 of the Code would provide it with a simple
tool for denying FLP discounts. The decisions in
Church and Estate of
June 3, 2011
Little noted in the press reports surrounding the April 15
release of President and Mrs. Obama's 2009 income tax returns is
the fact that each of them also released copies of their 2009 gift
tax returns on Form 709. Anyone hoping that the President was reporting the funding
of a two-year GRAT (see the
June 3, 2011
Rep. Sander Levin (D-Mich.), Chairman of the House Ways and
Means Committee, on June 9 introduced H.R. 5486, the Small Business
Jobs Tax Relief Act of 2010. An earlier version of this legislation
(H.R. 4849) was passed by the House in March, but was never taken
up by the Senate. Estate planners may not be
June 3, 2011
It is almost nine months since the repeal of the federal
estate tax took effect, and the chances of timely Congressional
action to reinstate it appear slimmer each day. Although Congress will be reconvening for an abbreviated session
before the November 2 election, it is unlikely that either house
will want a