Estate Tax

TOPICS / ESTATES

January 1, 2008

Service Changes Policy on Estate Tax Installment Payments

The Service will determine on a case-by-case basis whether security will be required when a qualifying estate elects under Sec. 6166 to pay all or a part of the estate tax in installments.

January 1, 2008

Ninth Circuit Affirms Transferred Residential Property Must Be Included in Gross Estate

The Ninth Circuit ruled that the full fair market value of residential property must be included in the decedent’s gross estate, finding that the decedent retained income and economic enjoyment from the property and that the inter vivos transfer of the property was not a bona fide sale for adequate and full consideration under Sec. 2036(a).

December 1, 2007

Private Annuities Can Still Save Estate Taxes

Editor: Michael D. Koppel, CPA, PFS In October 2006, the IRS issued Prop. Regs. Secs. 1.72-6(e) and 1.1001-1(j), which propose to substantially reduce the income tax benefits of private annuities (REG-141901-05). Basically, the proposed regulations require the annuitant (the person transferring the property) to recognize the entire gain or loss

September 1, 2007