Doug Youmans
Estate and Gift Tax Returns: Gift Tax. The “adequate disclosure” Regs (Regs. §301.6501(c)-1(f)) require the following to toll the statute of limitations (to apprise the IRS of the “nature of the gift and the basis for the value so reported): a detailed description of the method used to determine the value; any financial data utilized […]
READ MOREOn August 2, 2011, the Budget Control Act of 2011 (the “Act”) created the Joint Select Committee on Deficit Reduction (the “Super Committee”), a 12 member bipartisan select Congressional committee tasked with reducing the federal deficit by at least $1.5 trillion on or before 2021. The Super Committee is supposed to be making its recommendations […]
READ MOREIRREVOCABLE TRUSTS Functions. An irrevocable trust can shift property value and income to: Build an educational fund for a child; Provide current income for an adult child; Provide current income for an aged parent; or Provide asset protection for others. If the beneficiaries do not have immediate access to trust funds, those funds are unavailable […]
READ MOREThis article explains what asset protection planning is–structuring financial affairs to minimize the burden of future unforeseen liabilities–and best practices for implementing such plans. Click here to download a PDF copy of this article.
READ MORERecent Cases Dealing with Administrative Expenses Turner v. U.S., 306 F.Supp.2d 668 (January 30, 2004), Deductions for Interest Paid on Delayed Pecuniary Bequest The will of Sally Jackson will left $10 million to a charity, the Juliette Fowler Homes, Inc., provided that the charity was an organization described in IRC §2055(a). The decedent’s independent administratrix […]
READ MOREOn February 17, 2009, President Obama signed the American Recovery and Reinvestment Act of 2009 (“ARRA”) into law. ARRA contained $787 billion of tax incentives and spending provisions intended to revitalize the economy. The provisions ranged from significant relief for businesses that restructure their debt to those that encourage individuals to make investments in houses […]
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