Taxpayers with high income and high net worth should be diligent regarding the valuation process and ensure they have used thorough and well-documented appraisal methodologies.
Some executors who missed a deadline to apply a decedent’s unused estate and gift tax exclusion amount to a surviving spouse received an extension Feb. 17.
The IRS issued final regulations providing guidance on the portion of property (held in trust or otherwise) includible in the grantor’s gross estate if the grantor has retained the use of the property or the right to an annuity, unitrust, graduated retained interest, or other payment from the property for life, for any period not ascertainable without reference to the grantor’s death, or for a period that does not in fact end before the grantor’s death.
The IRS issued guidance on filing a protective claim for refund of estate tax and notifying the IRS that the claim is ready for consideration, and to alert executors to the need to file Form 706 to make an election allowing the decedent’s spouse to receive the decedent’s unused estate and gift tax exemption.
Executors of estates of most decedents who died in 2010 can now get an automatic extension until March 19, 2012, to pay any estate tax due as well as to file an estate tax return, the IRS announced on September 13.
The IRS issued guidance on filing a protective claim for refund of estate tax and notifying the IRS that the claim is ready for consideration.
The IRS issued guidance on the time and manner for making the election not to have estate tax apply to estates of decedents who died in 2010 (Notice 2011-66). The election must be made by November 15, 2011.
The IRS alerted executors of the estates of decedents dying after December 31, 2010, of the need to file a Form 706, United States Estate (and Generation-Skipping Transfer) Tax Return, within the time prescribed by law (including extensions).
Executors of estates of most decedents who died in 2010 now can get an automatic extension until March 19, 2012, to pay any estate tax due as well as to file an estate tax return, the IRS announced on September 13.
The IRS posted the instructions for Form 706 for decedents dying in 2010. For most 2010 decedents, the due date is September 19.
The IRS issued guidance on the time and manner for making the election not to have estate tax apply to estates of decedents who died in 2010.
One of the essential elements in the equation for the computation of both the federal gift and estate tax is the reduction of the tax due by the amount of the estate or gift tax on the applicable exclusion amount. Because of changes to the tax law, a surviving spouse may be able to increase his or her applicable exclusion amount by the amount of the unused exclusion amount of the deceased spouse. The term “applicable exclusion amount” has been redefined to include the sum of the basic exclusion amount and the deceased spousal unused exclusion amount.
The IRS announced that it is delaying the due date for Form 8939, Allocation of Increase in Basis for Property Acquired From a Decedent, past its original April 18 due date, but did not announce what the new due date will be.
If the requirements can be met, Graegin loans can be an indispensible option for estates seeking liquidity to pay expenses without liquidating the underlying estate assets.
The Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act revised tax law for estates of decedents dying in 2010, 2011, or 2012. The new rules apply for 2010 unless an executor elects to use prior law.
A recent Tax Court case provides a road map for calculating the fractional interest discount in the absence of credible comparable sales data.
This item describes the use of the grantor-retained annuity trust (GRAT) in estate and gift planning.
This discusses the estate tax, generation-skipping transfers, trusts, changes made by the Economic Growth and Tax Relief Reconciliation Act of 2001, and the annual inflation adjustments for 2010 relevant to estate and gift tax.
This article examines developments in estate, gift, and generation-skipping tax planning and compliance between June 2009 and May 2010.
The Tax Court held that based on the facts and circumstances a decedent, who had been actively and significantly involved in managing a group of companies, did not have an ownership interest in the companies at his death for estate tax purposes.