Transfer Taxes

News & Analysis as of

What Proposed Tax Plans by Trump Administration and House Republicans Mean for Personal Planning

The election of Donald Trump and Republican majorities in U.S. Congress make the future of the federal transfer tax system (gift, estate and generation-skipping transfer (GST) taxes) uncertain. President-elect Trump and...more

West Coast Real Estate Update: November 2016 #3

Owners, Developers Face Challenges Converting Parking to E-Commerce Delivery Space - Because millennials make up an increasing number of urban residents, owners and developers of apartment and condominium buildings are...more

IRS Relaxes Section 83(b) Filing Requirements

A taxpayer who makes a Section 83(b) election to accelerate the income taxation date of certain transferred property is no longer required to file a copy of the Section 83(b) election with his or her tax return for the year...more

Election Results: Tax Reform on the Horizon?

Last week’s election results have raised a number of questions about tax reform or repeal and the impact of such legislation upon your estate plan. It’s too early to tell how this will shake out. Nonetheless, below are the...more

Intellectual Property Bulletin - Fall 2016

Mean Girls v. The Right of Publicity: Lessons Learned From the Lohan and Gravano Lawsuits - On September 1, 2016, a New York appellate court ended two closely watched right of publicity lawsuits brought by Lindsay...more

What Does the Election Mean for Taxes?

The election of Donald Trump as the next president of the United States, coupled with the Republican Party maintaining its control over both houses of Congress, portends the possibility of significant changes to the tax law....more

Philadelphia Real Estate Transfer Taxes Rising in 2017

Beginning January 1, 2017, Philadelphia’s real estate transfer tax will increase from 3 percent to 3.1 percent. That’s in addition to the Pennsylvania realty transfer tax of 1 percent, for a total of 4.1 percent....more

A Plethora of Propositions: Real Estate Tax, Land Use and Governance on the San Francisco Ballot

Admittedly the issues may appear benign compared to the Presidential race and the drugs, sex and other provocative topics on the state ballot. But San Francisco voters again face a long list of significant local propositions...more

Beware a Prop W Higher Transfer Tax

Transfer tax on the sale of most commercial property in San Francisco will increase if voters approve Proposition W. If approved, Prop W will increase the transfer tax rate by 0.25% for sales valued above $5 million...more

Have Your Cake and Eat it Too? “Zeroed Out” Grantor Retained Annuity Trusts

With IRS-prescribed interest rates at historic lows and much like Intra-Family Loans described in a previous blog, a Grantor Retained Annuity Trust (GRAT) presents an excellent opportunity to transfer wealth to lower...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

Proposed Regs May Limit US Estate Plan

On August 2, 2016, the US Treasury issued long-awaited pro- posed regulations under Code section 2704 that make comprehensive and very significant changes to the valuation of interests in many family-controlled entities for...more

Pennsylvania Commonwealth Court Rejects Department of Revenue’s Attempt to Expand Realty Transfer Tax on Leases

In a decision issued yesterday in Saturday Family and Techspec Inc. v. Commonwealth, the Pennsylvania Commonwealth Court reversed the decisions of the administrative boards and rejected the Department of Revenue’s attempt to...more

Beyer Beware: An Examination of a Family Limited Partnership Gone Wrong

The opinion issued on Sept. 29, 2016, in the case of Estate of Edward G. Beyer v. Commissioner of Internal Revenue was the culmination of an estate planning exercise that had an unfortunate ending for everyone involved (other...more

Time to Transfer Early Stage Investments?

New rules may stop “cheap” transfers of business interests to kids and grandkids. Proposed IRS regulations that may be effective as early as the end of 2016 are designed to severely limit use of discounts on gifts or sales...more

Updated Historical Transfer Tax Rates & Exemptions

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

IRS Proposes Regulations That Would Increase Wealth Transfer Taxes in Family-Controlled Entities

The Internal Revenue Service (IRS) proposed regulations on August 2, 2016, under which transfers to family members of interests in family-controlled entities — including partnerships, limited liability companies (LLCs) and...more

Proposed regulations will significantly impact the valuation of interests in many family-controlled entities

New rules have been proposed by the Internal Revenue Service (IRS) which would regulate the valuation of transfers of business interests between family members. Based upon recent interpretation, it appears that the IRS is...more

Valuation Discounts to Family-Controlled Entities in Peril Under Proposed IRS Regulations

On August 4, the Internal Revenue Service finally issued much anticipated proposed regulations under Section 2704 of the Internal Revenue Code, which regulations are intended to significantly limit taxpayers' ability to apply...more

Changes to PA Business Corp. Law may affect the way Commercial Real Estate is owned in PA

For decades owners of commercial real estate in Pennsylvania took title in limited partnerships, not necessarily because it was the best entity to own and manage property, but because it minimized the effect of the Capital...more

Proposed Tax Regulations Limit Availability of Valuation Discounts to Family Business Owners

For family business owners who desire to transfer ownership of part of their business to the next generation, the valuation of the business interest is often an important factor to consider. This is especially true for family...more

IRS Proposes New Rules Designed to Restrict Valuation Discounts in Family Transfers

Partnerships and LLCs are common choices of entity for family-owned businesses, due to their flexibility and the many uses to which they can be put – including pooling of family assets, succession planning, asset protection,...more

Proposed Treasury Regulations Regarding Valuation Discounts for Transfers of Family-Controlled Entities, if Enacted, Would Apply...

After years of anticipation, the U.S. IRS recently issued Proposed Treasury Regulations that would, if enacted in their current form, substantially eliminate most valuation discounts for family-controlled entities and result...more

The End of Valuation Discounts in Estate Tax Planning?

Families with interests in closely held entities have long benefitted from reduced estate and gift tax exposure due to valuation discounts. If regulations proposed by the Internal Revenue Service are adopted in their present...more

IRS Finalizes Regulations Simplifying 83(b) Filing Requirements

On July 23rd of last year, I blogged on a set of proposed regulations eliminating the requirement that a taxpayer attach a copy of his or her Section 83(b) election to their individual tax return. This July, the IRS made the...more

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