Thomas Aldous, Jr.

Thomas Aldous, Jr.

Williams Mullen

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Virginia Tax Department Changes Conservation Easement Tax Credit Procedures

The Virginia Department of Taxation (“Tax”) is modifying its procedures for issuing land preservation tax credits and is trying to improve its customer service. At a meeting hosted by Molly Ward, Virginia Secretary of...more

9/3/2014 - Conservation Easements Tax Credits

Reliance on Professional Advice Avoids Valuation Penalty

In Whitehouse Hotel Ltd Partnership v. Commissioner, No. 13-60131 (6/11/2014), the Fifth Circuit Court of Appeals vacated the Tax Court’s enforcement of a gross undervaluation penalty imposed on a taxpayer claiming a...more

6/19/2014 - Appeals Appraisal Charitable Deductions Charitable Donations Tax Court Valuation

Final Regulations Issued For Investment Advisory Fees and Other Costs Incurred By Trusts and Estates Subject to the 2-Percent...

On May 8, 2014, the Internal Revenue Service published final Treasury Regulations, §1.67-4, prescribing when costs incurred by estates or nongrantor trusts are subject to the 2-percent floor for miscellaneous itemized...more

5/13/2014 - Fees Final Guidance Final Rules Guidance Update Investment Adviser IRC IRS Tax Deductions Trusts

Virginia Supreme Court Clarifies Intestacy Laws for Collaterals of the Half Blood

In Sheppard v. Junes, 2014 Va. Lexis 56 (April 17, 2014), the Supreme Court of Virginia considered whether an intestate decedent’s half-uncle on his father’s side should take half as much as the decedent’s whole-blood second...more

4/25/2014 - Intestate Succession

Simplified IRS Relief for Same-Sex Couples and Others

On January 27, 2014, the Internal Revenue Service announced in Revenue Procedure 2014-18 a simplified procedure for certain estates to make a late portability election under section 2010(c)(5)(A) of the Internal Revenue Code....more

1/30/2014 - Death Benefits Estate Planning Estate Tax IRS Marriage Same-Sex Marriage Tax Benefits

Fourth Circuit Court of Appeals Holds that Required Records Exception Trumps Fifth Amendment

On December 13, 2013, the Fourth Circuit Court of Appeals in United States v. Under Seal, 2013 U.S. App. LEXIS 24785 (4th Cir. Va. Dec. 13, 2013), held that the required records doctrine applies when the government subpoenas...more

12/18/2013 - Banks Fifth Amendment Foreign Banks Required Records Exception Self-Incrimination Subpoenas

Virginia Department of Taxation Will Not Recognize Joint Returns for Same-Sex Couples After Windsor

The Virginia Department of Taxation recently announced that same-sex couples married in another state must file separate Virginia income tax returns even though they file a federal return as a married couple....more

12/3/2013 - DOMA IRS Marriage Same-Sex Marriage SCOTUS Tax Benefits US v Windsor

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