Tax Law, Civil Procedure, Wills, Trusts, & Estate Planning

IRS Goes Back 41 Years To Assess Gift Tax

by Charles (Chuck) Rubin on 5/6/2013

If a taxpayer does not file a tax return, the statute of limitations for most federal taxes never commences. Thus, in theory, the IRS can go back as many years it wants to such an “open” year to audit and assess tax....more

Tax Law Blog: Iowa Trust Industry Breathes a Sigh of Relief after the Supreme Court's Reversal in Trimble

by Jodie Clark McDougal, Margaret Van Houten | Davis Brown Law Firm on 1/31/2013

On January 25, 2013, trustees around the state breathed a sigh of relief after the Iowa Supreme Court reversed the district court’s controversial decision in the trust case of In the matter of Trust #T-1 of Mary Fay Trimble....more

Sooner Rather Than Later For Gift Tax Returns

by Charles (Chuck) Rubin on 1/21/2013

Late 2012 saw an unprecedented amount of gifting, as taxpayers sought to use up their unified credit before it was slated to shrink up in 2013. As a result, the IRS should be swamped with gift tax returns for 2012. Taxpayers...more

Wandry Appeal Withdrawn

by Charles (Chuck) Rubin on 10/24/2012

I have previously written about the Wandry decision... Wandry is a favorable Tax Court Memorandum decision that accepted the use of a simplified formula gift clause (that is, one that did not involve disclaimer or charitable...more

IRS Disapproval of Valuation Method Does Not Prevent There Being A Qualified Appraisal

by Charles (Chuck) Rubin on 7/5/2012

To obtain a charitable deduction for many contributions of property, the taxpayer is required to obtain a “qualified appraisal” and submit that appraisal with the income tax return. Treas. Regs. §1.170A-13(c)(ii) contains a...more

Estate Tax Marital Deduction Allowed For Same-Sex Couple

by Charles (Chuck) Rubin on 6/15/2012

EXECUTIVE SUMMARY: The U.S. District Court for the Southern District of New York has ruled that same-sex couples can take advantage of the estate tax marital deduction provisions of the Internal Revenue Code. This ruling has...more

Good News For Beneficiaries And Bad News For Fiduciaries In Regard To Transferee Liability For Estate Tax

by Charles (Chuck) Rubin on 6/4/2012

In a recent U.S. District Court case, transferee liability statutes were favorably interpreted to avoid transferee liability to trust beneficiaries. However, the fiduciaries were unable to rely on a contribution agreement...more

Court Affirms §2035 Three Year Rule Applies To §2519 Termination Of QTIP Trusts

by Charles (Chuck) Rubin on 5/14/2012

For those of you with a great memory, you will remember that in December 2009 we wrote about the case of Morgens v. Commissioner. For those with a more typical memory, you can read the original post on the case here. In...more

Supreme Court Finds No Extended Limitations Period for Basis Overstatement

by Cole Schotz on 5/1/2012

The U.S. Supreme Court recently held that an overstatement of basis did not trigger the extended six-year statute of limitations assessment period under Internal Revenue Code Section 6501(e)(1)(A) (United States v. Home...more

A triumph of functionalism over formalism: SCC holds that the test for determination of residence of a trust is “central...

by Dentons on 4/13/2012

Less than a month after hearing oral argument on March 13, 2012, the Supreme Court of Canada today released judgment and reasons for judgment in the Fundy Settlement v. Canada also known as the Garron Family Trust appeals...more

Further thoughts on the Fundy Settlement decision: Supreme Court offers a nuanced view of trust residence

by Dentons on 4/13/2012

In Garron Family Trust v. The Queen (2009 TCC 450), Justice Judith Woods of the Tax Court of Canada came down with a very broad new rule for determining the residence of trusts. [162] I conclude, then, that the...more

Supreme Court of Canada Decides on Trust Tax Residency

by Osler, Hoskin & Harcourt LLP on 4/13/2012

The Supreme Court of Canada dismissed the taxpayers’ appeal in Fundy Settlement (also known as Garron or St. Michael Trust Corp.), deciding on April 12, 2012 that the relevant trusts were resident in Canada rather than...more

GAAR Did Not Apply In Respect of Capital Gains Allocated to Minor Beneficiaries of a Family Trust

by Dentons on 3/30/2012

On March 21, 2012 the Tax Court of Canada issued judgment in the decision of McClarty Family Trust et al v. The Queen. The Minister of National Revenue (the “Minister”) had applied the general anti-avoidance rule (the “GAAR”)...more

Estate of Badii ex rel. Badii v. Metropolitan Hospice, Inc., C.A. No. 6192-VCP (Del. Ch. Mar. 12, 2012) (Parsons, V.C.)

by Potter Anderson & Corroon LLP on 3/19/2012

In this memorandum opinion, the Court of Chancery appointed a receiver for an insolvent corporation deadlocked over how to discharge a tax lien. Defendant Metropolitan Hospice, Inc. (“MHI”), a closely held corporation,...more

Argument concludes in Supreme Court of Canada in trust residence appeal (Garron)

by Dentons on 3/13/2012

Earlier today, the Supreme Court of Canada heard arguments in the Garron appeal. The reasons for judgment of the Tax Court of Canada and the Federal Court of Appeal, as well as the factum of each party, may be found at our...more

Wealth Management Update -- February 2012

by Proskauer Rose LLP on 2/28/2012

In This Issue: - February Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - IRS Issues Notice 2011-101 - IRS Issues Final Form 8938 -...more

Tax Topics - February 16, 2012

by Dentons on 2/16/2012

In This Issue: Settlment Offers: CIBC World Markets Inc. v. Her Majesty The Queen Requirement to Provide SIN/BN on T5 - 3 Volunteer Rewards Program - 3 New Smart Chart Added - 4 Recent Cases...more

Penalties On Unreported Foreign Trusts Must Be Paid In Full To Obtain District Court Or Claims Court Jurisdiction

by Charles (Chuck) Rubin on 12/27/2011

Taxpayers that desire to contest an IRS assertion of tax liability in Federal district court or the Court of Federal Claims must first FULLY pay the asserted tax liability, and then sue for a refund. If the liability is high...more

John Doe Summons Issued on Suspected California Tax Evaders

by Darrin Mish, Tampa Tax Attorney on 12/22/2011

A federal court judge has granted permission for a John Doe summons requested by the IRS to be served on California’s Department of Equalization (DOE) seeking information on taxpayers who allegedly tried to evade taxes when...more

Mofo New York Tax Insights -- Volume 2, Issue 12

by Morrison & Foerster LLP on 12/6/2011

In This Issue: New York Audit Software Subject to Freedom of Information Law Disclosure; Payments for Telephone Number “Porting” Services Not Subject to Sales Tax; Failure to Serve Notice on Representative Tolls Time...more

Wealth Management Update -- November 2011

by Proskauer Rose LLP on 11/25/2011

IN THIS ISSUE: - November Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - Estate of Turner v. Comm'r, T.C. Memo 2011-209 (Aug. 30, 2011) ...more

Wealth Management Update - July 2011

by Proskauer Rose LLP on 7/10/2011

In This Issue: - July Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - Malpractice claim against an estate was too uncertain to be deductible as...more

Suspect Expert Appraisal Risks Total Taxpayer Loss

by Charles (Chuck) Rubin on 4/14/2011

Numerous tax consequences flow from the value of property. Principal examples include charitable contribution deductions, estate taxes, and gift taxes. Absent a contemporaneous sale of the subject property to unrelated...more

Considering Becoming a Florida Resident? Cut those Ties to New Jersey

by Fein, Such, Kahn & Shepard, P.C. on 9/13/2010

Truth - New Jersey is the most expensive state to die in. Consequence A great estate planning technique is to not be a New Jersey resident when you die. Many people have second homes in Florida and say "well, I'll just...more

Tax Whistleblower Acknowledged in Dillion Case

by Darrin Mish, Tampa Tax Attorney on 7/21/2010

In what is seen as a landmark decision by the US Tax Court, a whistleblower has won the right to be heard for tax information disclosed to the IRS. William Prentice Cooper, a lawyer and boyfriend of Ann Peipers, the widow of...more

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Tax Law › Civil Procedure › Wills, Trusts, & Estate Planning