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What the New Tax Law Means for Individuals and Closely Held Business Owners

December 20, 2017 President Trump intends to sign into law H.R. 1 (the act), the most comprehensive change to the Internal Revenue Code since 1986. The text of the act numbers nearly 500 pages. What follows is a brief summary...more

Qualified Disaster Relief Payments by Employers Not Taxable Income to Employees

Hurricane Harvey caused record-breaking devastation to Texas, followed quickly by Hurricane Irma, one of the strongest Atlantic storms in history, wreaking destruction in the southeastern United States. In the midst of these...more

Proposed Section 2704 Regulations Would Impose Major Restrictions on Valuation Discount Planning

Long-awaited proposed regulations under section 2704 of the Internal Revenue Code, released on August 2, 2016, would make sweeping and very significant changes to the valuation of interests in many family-controlled entities...more

Parties Settle Closely Watched Tax Court Cases Involving Defined Value Clause

The IRS and executors have settled two cases in the United States Tax Court involving members of the Woelbing family, who own Carma Laboratories, Inc., of Franklin, Wisconsin, the maker of Carmex skin care products, and a...more

New Developments in Estate and Gift Tax Valuation Cases

A number of recent cases highlight particular issues in valuation of assets for purposes of the estate and gift tax. On July 6, 2015, the Internal Revenue Service settled Estate of Davidson v. Commissioner, T.C. Docket No....more

U.S. Supreme Court Holds Same-Sex Marriage To Be a Fundamental Right

The United States Supreme Court issued its opinion in Obergefell v. Hodges, 576 U.S. ___ (2015) on June 26, 2015. In a 5-4 decision, the Supreme Court held that the Fourteenth Amendment requires a State to license a marriage...more

North Carolina Court Holds Statute Taxing Trust Income Unconstitutional Kimberly Rice Kaestner 1992 Family Trust v. North Carolina...

On April 23, 2015, Judge Gregory P. McGuire of the Business Court division of the Superior Court of Wake County, North Carolina, issued a decision in the matter of the Kimberly Rice Kaestner 1992 Family Trust v. North...more

House Approves Estate Tax Repeal, Permanent Extension of State and Local Tax Deduction

The House today passed the Death Tax Repeal Act (HR 1105) and the State and Local Tax Deduction Fairness Act (HR 622). The two bills would repeal the estate tax and the generation-skipping transfer (GST) tax (but not the gift...more

State of the Union Surprise: President Targets Inherited Assets in Middle-Class Tax Reform

After the American Taxpayer Relief Act of 2012, many in the estate planning community thought that tax law dealing with estates and trusts was settled for some time. President Obama’s earlier budget proposals calling for a...more

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