High Net Worth Family Tax Report, Vol. 6, No. 3

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In This Issue:

Congressional Super Committee Fails to Agree on Deficit Reduction Measures; Supreme Court to Resolve Statute of Limitations for Overstatements of Tax Basis; IRS Rules That Gift to Charity of Non-voting Stock Is Not a Prohibited Split-Interest Transfer; Court of Appeals Affirms Tax Court on Fifteen-Year Amortization of Covenant Not to Compete; Family Limited Partnerships: The Litigation Continues; IRS Issues New Proposed Regulations on Bundled Trustee Fees; IRS Voluntary Worker Classification Settlement Program; Some Developments of Interest to Our New York Readers; Tax Court Disallows Special Allocation and Imposes Self- Employment Tax on Law Firm Limited Liability Partnership; California Board of Equalization Determines Source of Income from Non-qualified Stock Options; California Reminds Taxpayers That Not All Charges on Real Property Tax Bills Are Deductible; IRS Provides Filing Information for Registered Domestic Partners and Same-Sex Spouses; Two Cases Previously Reported Are Affirmed by the Ninth Circuit; Tax Court Allows Estate Tax Deduction for All Interest That Will Be Due on a Loan to Pay Estate Taxes; and Daughter Allowed Deduction for Her Medical Expenses That Were Paid by Her Mother.

Excerpt from:

Congressional Super Committee Fails to Agree on Deficit Reduction Measures

A couple of weeks ago we reported to you about rumors then circulating that the Congressional Joint Select Committee on Deficit Reduction (“Super Committee”) might recommend reducing the estate and gift tax exemption to $1,000,000 as early as November 23, 2011. That did not occur and, in fact, the mandate of the Super Committee expired on November 23 with no deficit reduction proposals being agreed upon by the Super Committee.

Please see full issue below for more information.

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