Estate Tax Internal Revenue Service

Estate taxes, also known as inheritance or death taxes, are taxes on an individual's right to transfer property at death.
News & Analysis as of

High Net Worth Family Tax Report, Vol. 10, No. 1

Recent Case Illustrates Importance of Keeping Legal Entities in Good Standing - A recent United States Tax Court case illustrates the importance of keeping legal entities in good standing. In Medical Weight Control...more

Estate planning for personal property: Why you should sweat the small stuff

When planning their estates, most people focus on major assets, such as business interests, real estate, investments and retirement plans. But it’s also important to “sweat the small stuff” — tangible personal property. This...more

Getting to Appeals In an Estate or Gift Tax Audit with Pending Information Requests

Ain’t gonna happen! So says the IRS in guidance released by the IRS, at least in most circumstances. In a memo to IRS estate and gift tax examination employees, the IRS advises...more

Deadline Extension to Elect Portability of Unused Estate Tax Exemption

Those who have been involved with an estate of a decedent who died in 2010, 2011, or 2012, should be aware of an important upcoming deadline. The IRS has granted an extension of time (only until December 31, 2014), to elect...more

Wealth Management Update - November 2014

November Interest Rates for GRATs, Sales to Defective Grantor Trusts, Intra-Family Loans and Split Interest Charitable Trusts - The November Section 7520 rate for use with estate planning techniques such as CRTs, CLTs,...more

2015 Estate And Gift Tax Update

On October 30, 2014, the IRS released Revenue Procedure 2014-61, which announced inflation adjustments to the applicable exclusion amount beginning in 2015. For an estate of any decedent dying during calendar year 2015, the...more

High Net Worth Family Tax Report, Vol. 9, No. 2

What You Need to Know About Corporate Inversions - It seems like every day brings news of another possible corporate inversion transaction. The news reports usually describe these transactions as another United States...more

2015 Predicted Inflation Adjusted Tax Items

The following are some of the more salient tax items adjusted unofficially for inflation by Research Institute of America. While unofficial they represent a very good estimate of predicted adjusted items for 2015. This list...more

No Disclaiming Federal Tax Liability

Chris owed money to the IRS, and had federal tax liens filed against him. He was also a 1/3 beneficiary of his mother’s estate. To avoid the IRS collecting against his share of the estate, Chris disclaimed his interest...more

Income Tax Reporting for Decanting

Decanting refers to the distribution of trust property of one trust (the “first trust”) to another trust (the “second trust”). Over the past several years, the number of states specifically authorizing decanting by statute...more

Mi Casa es Su Casa! - Planning Considerations Non-Resident Aliens Purchasing a Home in America

Overview - In spite of our many problems as a nation, the quality of life and level of economic opportunity as well as the overall respect for the rule of law, places the United States in a very unique position when...more

High Net Worth Family Tax Report, Vol. 9, No. 1

In This Issue: - Congressman Camp Camp Releases His Long-Awaited Tax Reform Plan - Tax Court Addresses Valuation Issues Related to Tax on Built-In Corporate Gain - Shareholder of S Corporation Required to Include...more

IRS Grants Extension of Time to Take Advantage of Portability Election

The IRS has provided relief for persons who missed the opportunity to make a "portability election." To understand the importance of the relief, a review of the basics is in order....more

Who Is a U.S. Person? Disparities Between U.S. Tax and Immigration Law

The question of who is a U.S. person has always been relevant for tax purposes because it determines who is subject to (a) U.S. income, gift and estate tax, (b) filing Foreign Bank Account Reports (FBARs), and (c) the ‘‘exit...more

Tax Court Rules on Built-In Gains Discount and Appraiser Qualification

On February 11, 2014, the United States Tax Court issued a memorandum opinion (i) determining the proper method for valuing a holding company (i.e., an S or C corporation holding marketable securities or appreciated...more

Estate Tax Audits for Large Estates Are a Virtual Certainty

What you need to know: Recent audit statistics show that federal estate tax returns are facing increased scrutiny from the IRS....more

It’s Not Too Late to Use Your Spouse’s Unused Estate Tax Exclusion

In Revenue Procedure 2014-18 the IRS provided an extension of time to those who wished to be sure that a decedent’s surviving spouse could benefit from the concept known as “portability”. In the Procedure, the IRS provides...more

IRS Guidance On Estate Tax Portability

The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 amended the Internal Revenue Code to allow the estate of a decedent who is survived by a spouse to make a "portability election" which...more

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

The Tax Man Cometh…A Recap

The IRS has released its “Estate Tax Returns Filed for Wealthy Decedents, 2003–2012” statics report. PK Law thought our readers would find some of the statistics enlightening....more

Equal Tax Treatment for Same-Sex Couples in the Wake of Recent Supreme Court Ruling and IRS Guidance

Same-sex marriages now are being recognized under federal tax law for the first time. In June 2013, the Supreme Court released its decision in United States v. Windsor, 530 U.S. 12 (2013), declaring Section 3 of the federal...more

High Net Worth Family Tax Report, Vol. 8. No. 4 -- December 2013

IRS Explains Federal Tax Consequences of Windsor Case Regarding Same-Sex Marriages - In our last report (Vol. 8, No. 3, September 2013), we told you about the recent Windsor case, in which the Supreme Court held...more

Marriage and Taxes in 2013

Two significant events in 2013 underscored the nexus of marriage and taxes that make it possible for many couples to radically simplify their estate planning. ...more

No Good Deed Goes Untaxed – The IRS May Recharacterize Loans As Gifts

Entrepreneurs in Miami and elsewhere are familiar with making and receiving loans as commonplace tools in the management of their businesses. One need look no further than the growth of Miami’s skyline through debt-financed...more

Sale For Annuity Results In §2036 Inclusion

In a recent Tax Court case, a decedent had sold properties to trusts in exchange for fixed annuity payments. The decedent died during the term of the annuities, and the IRS sought to include the value of the transferred...more

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