Personal Property

News & Analysis as of

Marital Deduction Trusts and Expatriates – More Questions Than Answers

If an expatriate dies and leaves property to a U.S. citizen or resident spouse, can a marital trust be used to defer or avoid the transfer tax imposed under Section 2801? Both the Code and the Regulations seem to say yes, but...more

Appellate Court Notes

Supreme Court Advance Release Opinions: SC19233, SC19234 - State v. Wright - SC19233, SC19234 Concurrence - State v. Wright - SC19382 - State v. Anthony D. - SC19382 Dissent - State v. Anthony D....more

3 Strange Things About Prince’s Estate

There are several unusual factors at play in the drama that is unfolding surrounding Prince’s estate. This blog post discusses them and offers some tips so that you can hopefully avoid a similar situation....more

Living Like a Prince, but not Dying Like One

The media seems to be concerned with two primary subjects lately, and both topics continue to trounce each other in turn on social networks for attention: 1. The presidential elections 2. The death of Prince,...more

Negative Pledge Pros and Cons

Does a Lender really get any protection from a Negative Pledge provided by a Borrower? In some situations where a Lender would like to have security for its loan but the Borrower cannot, or will not, grant a mortgage or...more

Be Organized to Preserve Your Charitable Deductions for Property Donations

3 Things to Remember About Documenting Charitable Gifts of Property, Securities and Art. Last month in this blog, we described five ways to be diligent about documenting charitable gifts of cash or out-of-pocket expenses...more

Plan Ahead to Avoid or Minimize US Estate Tax

If you are not a US resident or a US citizen and are considering buying assets in the US, there are ways to avoid or minimize US estate tax on those assets. ...more

New Basis Reporting Requirements for Executors and Beneficiaries

Recent federal legislation adds fresh compliance burdens to an old concept in federal tax law: the step-up in tax basis of appreciated property at death. New reporting requirements will apply to estates required to file a...more

What is HEBA

In general, Heba is an unconditional transfer of property made immediately and without exchange or consideration by one person to another and accepted by or on behalf of the latter....more

California FTB to Discuss Apportionment of Combined Group Income

The California Franchise Tax Board (FTB) will hold a second Interested Parties Meeting at their office in Rancho Cordova on April 20, 2016, dealing with the apportionment of income for combined reporting groups with both...more

Part II: I Have a Judgment, Now What?: Collecting and Enforcing a Money Judgment Through a Sheriff’s Sale

You won your lawsuit, and now you want to be paid. But how do you get an unwilling defendant to cough up the cash? You have several options. Part I of this series discussed collecting a money judgment through the...more

No Joke: Indiana Real and Personal Property Tax Exemption Applications Due April 1

This is no April Fools’ Day joke. Indiana property tax exemption applications for 2016 are due on or by April 1 — six weeks earlier than in previous years. If an exemption application is not properly and timely filed, the...more

The Bitcoin Identity Crisis: Currency or Property?

The confusion over Bitcoin grows in the latest lawsuit brought in a California bankruptcy court by Trustee Mark Kasolas against Marc Lowe, a former employee of HashFast Technologies LLC. The trustee alleges, among other...more

Bitcoin Is “Property,” Rules California Judge in Pivotal Bitcoin Case

Last week, we blogged about the latest development in Bitcoin news: how a California bankruptcy court will define Bitcoin. That was the subject of a trustee’s clawback suit against Marc Lowe, a former employee of Hashfast...more

Tennessee Court Interprets Meaning Of “Personal Effects” Under Property Policy

In Stevenson v. Am. Cas. Co. of Reading, Pa., 2016 Tenn. App. LEXIS 48 (January 27, 2016), the Tennessee court of appeals affirmed the granting of a motion for summary judgment in favor of an insurer with regard to whether an...more

Michigan Backs Off Cloud Tax, Refund Opportunities Available

After refusing to back down on the issue for years, the Michigan Department of Treasury (Department) issued guidance last week to taxpayers announcing a change in its policy on the sales and use taxation of remotely accessed...more

Taxpayers Stand to Lose Under Chicago’s Lease Tax VDA Offer

Yesterday, the City of Chicago (City) Department of Finance (Department) published an Information Bulletin that provides additional guidance on the Personal Property Lease Transaction Tax (Lease Tax) and extends a new...more

Reality Check: What Marcus Lemonis Learned About Purchasing Intellectual Property That Your Business Should Too

Entrepreneur and reality television star Marcus Lemonis, host of CNBC’s The Profit, has learned a tough lesson about contract law. With a business strategy that makes every lawyer cringe, Lemonis prides himself on having made...more

Beyond the Clouds: Important Sales Tax Considerations for Web-Hosting Providers and Co-Location Facilities

Most people’s understanding of the Internet extends about as far as their eyes can see. In other words, they know that if they type a few words into the little white box beneath the colorful Google logo, within a fraction of...more

Perspectives - September/October 2015

In a decision in which no opinion commanded a majority, the Ohio Supreme Court sided with a private entity — a charter school operator — in a dispute over the ownership of personal property purchased by the operator with...more

6 Things to Know When a Tenant Defaults Under a Lease

Tenant problems and defaults are inevitable challenges for successful commercial and industrial landlords and property managers. A bad tenant situation can be a potentially expensive problem and the ultimate outcome ?...more

Kentucky Supreme Court Compares Giving Up Jury Trial To Giving Up Parental Rights; Refuses To Enforce Arbitration

Nursing home arbitration agreements are among the most unpopular arbitration agreements around.  Last week, Kentucky’s Supreme Court issued a lengthy, but fractured, opinion, finding three arbitration agreements were never...more

A Busy Summer for Environmental and Land Use Law

In the past three months, we have witnessed a breathtaking series of decisions from the U.S. Supreme Court, the Connecticut Supreme Court, and the California Supreme Court that have provided important rulings and...more

Avoiding the Fire Sale: Protecting Your Security Interest Against Multiple Creditor Claims

The failure to perfect a security interest could result in losing property rights altogether in receivership proceedings despite being the owner of the property. A very recent example of this is the case of Wells Fargo...more

Florida Supreme Court Gives Expansive Protection to Husband’s Separate Property under a Prenuptial Agreement

A divorcing wife asserted that because a 20 year old prenuptial agreement made no specific reference to enhancement in value of nonmarital property attributable to marital labor or funds, the enhancement in value to the...more

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