Charles (Chuck) Rubin – Gutter Chaves Josepher Rubin Forman Fleisher P.A.

Michael Jackson Estate Tax Case Moving Forward

Most estate tax practitioners will tell you estate tax it is all about valuation when assets are other than cash and marketable securities. The estate tax case of the Michael Jackson estate is an ideal demonstration. Tax Court…more
| Art, Entertainment, & Sports Law, Taxation, Wills, Trusts, & Estate Planning

IRS is Getting More Info About Your Home Mortgage

This information will allow the IRS computers and personnel to make some judgments on whether a mortgage interest deduction was properly taken on an income tax return. Without this information, the IRS would have had to audit or…more
| Real Estate - Residential, Taxation

Birds-Eye View of New Gain Recognition Rules on Transfers of Appreciated Property to Partnerships with Related Foreign Partners

The IRS recently issued extensive regulations under the authority of Section 721(c) that denies nonrecognition treatment for transfer of appreciated property to a controlled partnership (domestic or foreign) by a U.S. person if…more
| Business Organizations, International Law & Trade, Taxation

IRA Owner Taxed on Distribution, Even Though Funds Were Improperly Rolled into IRA

A deceased husband's IRA was incorrectly rolled over into an IRA of his widow, instead of being paid to his estate. The widow then distributed funds from the IRA to her stepson…more
| Finance & Banking, Taxation

30% Penalty Is Not an Excessive Fine

So says the Tax Court in the recent decision involving the 30% penalty imposed under Code §6662A(c). The penalty can be imposed if a taxpayer fails to adequately disclose a reportable transaction giving rise to an understatement…more
| Taxation

IRS Permits Trust Division Without Adverse Federal Tax Consequences

In Private Letter Rulings 201702005 and 201702006, the IRS favorably ruled on federal tax consequences of a proposed trust division. But for a minor change in facts, the two rulings are identical, so we will focus only on…more
| Taxation, Wills, Trusts, & Estate Planning

Reminder: FBARs Due in April Starting This Year

Until now, the Reports of Foreign Bank and Financial Accounts (FBAR) for foreign financial accounts was due on June 30 of each year, for purposes of reporting accounts for the preceding calendar year…more
| Finance & Banking, Taxation

Applicable Federal Rates - February 2017

Please see charts for more information…more
| Taxation

IRS Formalizes Transcripts as Substitute for Estate Tax Closing Letters

In 2005, I discussed how the IRS had posted information on its website that an account transcript notation bearing transaction code “421” could be used to determine that the IRS had concluded its review of a filed estate tax…more
| Taxation, Wills, Trusts, & Estate Planning

Grant to Public Charity Qualifies as “Unusual Grant” for Public Support Test

Publicly supported charities provide favorable benefits under the Code for both the organization and donors, in contrast with non-publicly supported private foundations. To qualify, the organization must receive a substantial…more
| Nonprofit Law, Taxation

Treasury Department Unofficial Statements on Proposed Section 2704 Regulations

There is a lot of uncertainty whether the Section 2704 proposed regulations will ever be finalized, either due to policy to be set by President-elect Trump, and/or Congressional efforts to block those regulations. Nonetheless,…more
| Business Organizations, Taxation

Some Tax Law Changes That Take Effect in 2017

No new tax legislation has come forth yet, but per tax laws passed in prior years, some changes in the law will occur in 2017. Chief among them..…more
| Commercial Law & Contracts, International Law & Trade, Labor & Employment Law, Taxation

Estate Tax Impact of Life Insurance Required by Divorce

Please see chart below for more information…more
| Commercial Law & Contracts, Family Law, Insurance, Taxation, Wills, Trusts, & Estate Planning

Stretch IRAs to be Hit?

Presently, if an IRA owner does not fully withdraw the balance of his IRA during lifetime, his or her heirs may be able to spread the withdrawal of the inherited IRA over the life expectancy of the recipient. By being able to…more
| Elections & Politics, Finance & Banking, Taxation

Applicable Federal Rates - January 2017

Please see charts below for more information…more
| Taxation
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  • Wills, Trusts, & Estate Planning
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