Tax Law | JD Supra Legal News, Updates, Analysis, & Information

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

Advanced Estate and Tax Planning for Art and Other Fine Collections

by InKnowVision on 5/8/2012

A composite of studies of trust and estate attorneys, trust officers, and financial planners revealed that: • Fewer than 10% of plans for their clients addressed art, antiques, and collectibles • Fewer than 10% used art...more

For Better or For Worse, Court Finds Joint 998 Offer To Husband and Wife Sufficient Basis For Expert Witness Fees and Costs Award

by Barger & Wolen on 5/2/2012

In Farag v. ArvinMeritor Inc., 2012 DJDAR 5206 (April 24, 20120), the California Court of Appeal for the Second Appellate District affirmed a post-judgment order denying plaintiffs’ motion to tax expert witness costs....more

If You Hide Assets Offshore From A Spouse Be Sure To File An FBAR

by Sanford Millar on 3/19/2012

A recent Forfeiture Case was brought against a taxpayer who was hiding financial assets (almost $4.6 M) from his soon to be ex-spouse. The case, US v. $4,656,085 (http://goo.gl/7b64A) illustrates how bad divorce planning...more

Regression Models and Discount for lack of Marketability

by Ashok Abbott on 2/15/2012

Recent publication of the Discount for Lack of Marketability(DLOM) Job aid for IRS Valuation Professionals has brought fresh scrutiny to the various methods used by valuation practitioners for determining discount for lack of...more

Return of the Adoption Tax Credit

by Darrin Mish, Tampa Tax Attorney on 2/15/2012

Last year, the adoption tax credit was one of the most welcome credit to taxpayers because through it many taxpayers received huge refunds. Although the credit has been around since 1997, it had been a non-refundable...more

Same Sex Marriages And Community Property

by Charles (Chuck) Rubin on 2/13/2012

Washington state is now the latest state to allow for same sex marriages. Importantly, for federal tax purposes the Defense of Marriage Act (DOMA) will not respect these marriages. Thus, the various provisions of the...more

Divorce: The Importance of Cleaning Up Key Documents

by Ronald Adams on 2/7/2012

After completing a painful process like a divorce, the last thing most people want to do is sit down with lawyers and financial professionals to review their financial planning. Unfortunately, the need for this type of action...more

How To Divide a 401K During a Divorce (hint: QDRO)

by Jason Kohlmeyer on 1/4/2012

What a QDRO is and how it helps divide retirement accounts during a divorce. Specifically written for Minnesota divorces, but the general tax concepts apply to most states but be sure to check with a local divorce lawyer. ...more

The 2010 Tax Relief Act and How it Affects 2012

by Ronald Adams on 1/3/2012

In a January 2011 article we addressed the changes to the gift and estate tax provisions contained in the 2010 Tax Relief Act. Everything may change at the end of 2012 so it is more important than ever to take a look at...more

Make the Tax Code Your Friend–and Alimony More Palatable

by Christopher Melcher on 1/1/2012

Federal tax law allows the payor of alimony to take a deduction for those payments, and requires the recipient (or “payee”) to report those payments as income. From this simple rule flows an opportunity to create “free money”...more

Current Tax Law Creates Wealth Transfer Opportunities BUT They Only Last for One More Year: What You Need to Know and Why You...

by Lowenstein Sandler PC on 12/30/2011

We are now almost halfway through the two-year period in which the exemptions from federal estate and gift tax are at unprecedented levels. Under the current law, an individual can transfer $5 million in assets either during...more

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Tax Law – May 24, 2012

Narrowed by: Family Law