Estate of Powell v. Commissioner, 148 T.C. No. 18 (May 18, 2017).
Hold on to your seat! This case has a huge impact on Family Limited Partnership (FLP) planning. And yes, it creates a new “doughnut hole.”
For the very first time, the Tax Court held that where a decedent owned only limited partnership
In Koons v. Commissioner Case No. 16-10646 (4/27/2017) the 11th Circuit denied the interest deduction for interest on loan to pay estate tax.
Decedent’s revocable trust included a 70% interest in an LLC which had over $200 million in liquid assets. The estate’s liquid assets were insufficient to pay the estate tax. The
A couple of months ago we wrote about the IRS’ s ridiculous position on the estate tax value of this piece of art featuring an "illegal eagle."
The case has been setlled – finally. A charitable contribution was made to the Museum of Modern Art where it joins others of its ilk. It spent the last
Read Charles Rubin’s blogpost: click here
The U.S. District Court for the Southern District of New York "found the DOMA provisions unconstitutional under the lower “rational basis” standard which requires only that a law have a rational basis for its classifications to withstand an equal protection clause challenge. The court determined that the purposed bases
Hat Tip to Dean Mead: Form 8939 Filing Deadline Extended
There’s nothing like prolonging the agony.
2010 is the year with no federal estate tax. George Steinbrenner died in July 2010. His family will be saving about $500 million in estate tax and won’t have to sell the Yankees to pay the tax. Forbes says 5 billionaires died so far in 2010, and the tax their estates would have owed totals
David Kocieniewski reports for The New York Times: (click here for full article)
"A Texas pipeline tycoon who died two months ago may become the first American billionaire allowed to pass his fortune to his children and grandchildren tax-free, The New York Times’s David Kocieniewski reports.
Dan L. Duncan, a soft-spoken farm boy who
"Nero Fiddled While Rome Burned"
And now – what on earth are they thinking in Congress? They really want to create more litigation, don’t they?
See this excellent update at The Trust Advisor Blog: Bickering Senators Delay Estate Tax Fix.
Here we are four months into 2010 and there has been no change to the gift and estate tax law. Most observers were surprised that a patch to continue the law as it stood in 2009 was not enacted. Now there is talk of such a patch or even a new law that would accomplish