On June 6, 2024, the U.S. Supreme Court, in Connelly v. United States, unanimously agreed that life insurance proceeds owned by a closely-held company should be included in the valuation of the company in determining the...more
In a December 5 alert, we provided a detailed summary of the Corporate Transparency Act (CTA)....more
What is the Corporate Transparency Act-
The Anti-Money Laundering Act of 2020, which is part of the National Defense Authorization Act for Fiscal Year 2021 (NDAA), established the Corporate Transparency Act (CTA)....more
12/6/2023
/ Anti-Corruption ,
Anti-Money Laundering ,
Beneficial Owner ,
Corporate Transparency Act ,
Financial Crimes ,
Financial Regulatory Reform ,
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NDAA ,
Penalties ,
Regulatory Requirements ,
Reporting Requirements
In response to Internal Revenue Code Section 2001(g)(2), enacted as part of the 2017 Tax Act, in which the Secretary of the Treasury was directed to prescribe regulations to carry out IRC Section 2001(g) with respect to the...more
The concept of portability, permanently enacted as part of the amendments to the estate tax law under the American Taxpayer Relief Act of 2012, allows the deceased spousal unused exclusion amount (DSUEA) of a decedent to be...more
The Volcker Rule Under the Trump Administration -
The so-called Volcker Rule—named after Paul Volcker, a former chairman of the Federal Reserve Board—was part of the Dodd-Frank Wall Street Reform and Consumer Protection...more
1/25/2017
/ Advertising ,
Airspace ,
American Bankers Association ,
Americans with Disabilities Act (ADA) ,
Annuities ,
Banking Sector ,
Banks ,
Breach of Contract ,
Breach of Warranty ,
CFTC ,
Charitable Remainder Trust ,
Civil Liability ,
Commercial Insurance Policies ,
Commercial Loans ,
Credit Unions ,
Decriminalization of Marijuana ,
Department of Justice (DOJ) ,
Design Defects ,
Disability Discrimination ,
Dodd-Frank ,
Drones ,
Estate Tax ,
FDIC ,
Federal Aviation Administration (FAA) ,
Federal Reserve ,
Final Rules ,
Financial Institutions ,
Financial Instruments ,
Financial Markets ,
Hedge Funds ,
Independent Community Bankers of America (ICBA) ,
Land Use Restrictions ,
Marijuana ,
Medical Marijuana ,
NCUA ,
Negligence ,
Nonconforming Use ,
OCC ,
Property Owners ,
Proprietary Trading ,
Public Access Laws ,
Risk Management ,
Securities ,
Securities and Exchange Commission (SEC) ,
Service Animals ,
Third-Party Liability ,
Trading Platforms ,
Trump Administration ,
Trust Administration ,
Unfair or Deceptive Trade Practices ,
Unmanned Aircraft Systems ,
Urban Planning & Development ,
Volcker Rule ,
Website Accessibility
In Steinberg v. Commissioner, 145 T.C. No. 7 (September 16, 2015), an 89 year old donor made a $109 million taxable gift to her four daughters. The gift was made after the donor and the daughters entered into a gifting...more