Tax Liability

News & Analysis as of

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...more

Correcting Tax Mistakes after Fairmont and Jean Coutu

I was very glad to be a panelist for the Canadian Tax Foundation’s conference on the Supreme Court of Canada’s decisions in Fairmont and Jean Coutu. During the discussion the panelists were asked about the ways taxpayers...more

Ninth Circuit Reaffirms Lozano, Holds Typicality Does Not Require Identical Injuries Among Class Members

The Ninth Circuit recently affirmed orders by the District Court for the Northern District of California certifying two national classes in an action under Racketeer Influenced and Corrupt Organizations Act (RICO), the Fair...more

Watch out for Fraud in Family-Business Purchase Agreements

In business purchase agreements, including agreements between family members, the seller often retains pre-sale liabilities, such as tax liabilities, while the buyer assumes post-closing liabilities related to the business’...more

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

Shareholder Liability For Corporate Income Tax?

Limited Liability - In general, the creditors of a corporation cannot recover the corporation’s debts from its shareholders—the shareholders enjoy the benefit of limited liability protection as a matter of state law....more

Personal Liability of Executors for Tax Liabilities of the Estate Under the Federal Priority Statute, 31 U.S.C. 3713

This is an appeal of summary judgment by the personal representative (the “PR”) of an estate. The lower court found the PR to be personally liable under the federal priority statute, Section 3713, for tax liabilities due from...more

A Substitute for Estate Tax Closing Letters

In Notice 2017-12 (the “Notice”) the IRS announced that an “account transcript” from the agency can substitute for an Estate Tax Closing Letter (“ETCL”)....more

Enforcement of Foreign Tax Claims

In many cases we have handled the taxpayers were dual nationals who have not only failed to adequately disclose and report foreign bank account and income to the IRS, but have also failed to report to the other country. This...more

India Amends Capital Gains Tax Treaty With Singapore

The Government of India amended its double taxation avoidance agreement (DTAA) with Singapore on December 30, 2016. The amendment allows the Government of India to levy source-based capital gains taxes on foreign direct...more

Applying the Look-Through Rules in Determining 'Investment Partnership' Status Under Section 721(b) - Tax Update Volume 2017,...

Careful Evaluation and Planning Should Be Undertaken When the Partnership Is Formed and When Assets Are Contributed to Evaluate the Potential Impact of Section 721(b). Many taxpayers choose partnership structures...more

Who Is The Taxpayer?

Back to Basics - This is not a silly question. In fact, it is often one of the most difficult issues confronted by a tax adviser, and it arises from one of the most basic of tax principles; specifically, that income is...more

Estate Tax Impact of Life Insurance Required by Divorce

Please see chart below for more information....more

Privacy Tip #66 - False IRS Phone Scams Defraud Victims of More than $50 Million

We have previously warned consumers about IRS phone scams that defraud consumers. Basically, the fraudsters call unsuspecting victims over the telephone impersonating an IRS official, and intimidate the recipient of the...more

SDNY Confirms Arbitration Award Under FAA And The New York Convention Despite Award Being Silent On Tax Liability

An arbitration award required respondent to pay a series of royalty payments, audit costs and interest, but did not address either party’s tax obligations. Respondent made several payments to petitioner, but withheld 20% from...more

Wealth Management Update - December 2016

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

Existence of Unpaid Tax Claim in Bankruptcy Opens the Door to Expanded Statute of Limitations on Fraudulent Conveyances

In bankruptcy proceedings, if the bankruptcy trustee seeks to gain access to assets that the debtor transferred prior to bankruptcy under fraudulent conveyance law, the trustee must act within the applicable state fraudulent...more

3 Strikes Against the IRS in Attempting to Impose Fiduciary and Beneficiary Liability for Estate Taxes

During her lifetime, Anna Smith established the Anna Smith Family Trust, a revocable trust administered for her benefit. Initially, Anna was initially a co-trustee with two of her children, but eventually became sole trustee....more

IRS Guidance for Implementation of the Section 871(m) Regulations

On December 2, 2016, the Internal Revenue Service (“IRS”) released an advance version of Notice 2016-76 (the “Notice”) and followed through on its promise to provide taxpayers with guidance for complying with final and...more

Burden of Proof Issues in Gift Tax Matter

A recent case illustrates 3 important burden of proof issues. The general facts of the case involved a merger of a company owned by parents with a company owned by children. The gift tax issue involved the relative value...more

NJ-PA Income Tax Compact Survives

New Jersey Governor Chris Christie gave Pennsylvania and New Jersey commuters who live in one state and work in the other a Thanksgiving present when he announced that he will not terminate the New Jersey-Pennsylvania income...more

Exceptions to Limited Liability for LLC Members [Florida]

Fla.Stats. §605.0304(1) provides for the limited liability of LLC members - it provides: "A debt, obligation, or other liability of a limited liability company is solely the debt, obligation, or other liability of the...more

Employees of Start-Ups May Get A Break with Stock Options

In some circumstances, stock options may seem like a win-win for startups: they provide new companies with a means of compensating their employees during the company’s low-revenue, early days; meanwhile, they may incentivize...more

The End of an Era: IRS Ends In-Person Settlement Conferences

Taxpayers often have disputes with the IRS, whether through an income tax audit or as a result of actions by IRS officials to collect federal taxes. To resolve these disputes administratively within the IRS, the IRS many...more

Unique New Jersey: Legal Pitfalls in Real Estate Transactions

Real property transactions in New Jersey can trigger several tax consequences that must be addressed at the time of closing. In New Jersey, real estate deals are subject to a variety of unique requirements that can...more

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