Reporting foreign trust and estate distributions to U.S. beneficiaries: Part 3
This last article in a three-part series contains an analysis of the tax reporting of the net income distribution to a U.S. beneficiary of a foreign nongrantor trust.
This last article in a three-part series contains an analysis of the tax reporting of the net income distribution to a U.S. beneficiary of a foreign nongrantor trust.
This article discusses the relief available when an executor misses filing the election to make estate exclusion amount portable.
Part 2 of this three-part series analyzes legal and beneficial ownership concepts as applied to a trust or estate created and administered in a foreign common law jurisdiction in contrast to a civil law jurisdiction.
Foreign nongrantor trusts with U.S. beneficiaries have always been highly regulated under the throwback rules .
This second of a two-part article discusses GST tax and trust tax developments, as well as tax reform proposals and inflation adjustments for 2017.
Part 1 (of three) explains the classification criteria of a foreign nongrantor trust or foreign estate for U.S. tax purposes and the proper information reporting after U.S. taxes are withheld.
This first of a two-part article discusses gift and estate tax developments.
In a taxpayer-friendly development, the IRS issued guidance permitting certain estates to make a late portability election if they did not make a timely election.
The use of a disclaimer by a trust beneficiary may be helpful to adjust the results of a previously established irrevocable trust.
In a taxpayer-friendly development, the IRS issued guidance permitting certain estates to make a late portability election if they did not make a timely election.
This column discusses AB trusts and ABC trusts.
This article discusses the rules governing the effects of lapses and restrictions on voting or liquidation rights of owners on the valuation of family-held entities.
This item explores what happens if the residence is sold during the QPRT term.
The IRS provided the procedures same-sex married couples should use to recalculate the transfer-tax treatment for property transferred to spouses.
The ability to obtain relief ensures that an individual’s GST exemption can be allocated correctly to certain transfers in trust.
An exception to the prohibition on indirect self-dealing can enable executors and families of decedents to conduct certain transactions with foundations without triggering penalties associated with self-dealing.
Because it no longer automatically issues an estate tax closing letter, the IRS announced that an account transcript can substitute for a closing letter.
The IRS spelled out the procedures same-sex married couples should use to recalculate the transfer-tax treatment for property transferred to spouses before the U.S. Supreme Court invalidated Section 3 of the Defense of Marriage Act.
Account transcripts that contain a specific transaction code and wording can serve as the equivalent of an estate tax closing letter.
For estates, fraud loss need only to have arisen from theft to qualify for a theft deduction.
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NEWS
Here are many of the most important provisions in the new law that affect both individual taxpayers and businesses. All changes were effective Jan. 1, 2018, except as noted.