The use of a disclaimer by a trust beneficiary may be helpful to adjust the results of a previously established irrevocable trust.
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TOPICS
Taxation of Estates & Trusts
IRS provides simplified method to request an extension of time to make a portability election
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.
Estate planning for blended families
This column discusses AB trusts and ABC trusts.
Sale of a residence in a QPRT
This item explores what happens if the residence is sold during the QPRT term.
Valuation of family-owned entities for estate and gift tax purposes under Sec. 2704
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.
IRS notice permits recalculation of marital deductions for same-sex couples
The IRS provided the procedures same-sex married couples should use to recalculate the transfer-tax
treatment for property transferred to spouses.
Self-dealing exception solves estate settlement woes
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.
How to fix an incorrect GST exemption allocation
The ability to obtain relief ensures that an individual’s GST exemption can be allocated correctly to certain transfers in trust.
IRS Permits Account Transcripts to Replace Estate Tax Closing Letters
Because it no longer automatically issues an estate tax closing letter, the IRS announced that an account transcript can substitute for a closing letter.
IRS Permits Same-Sex Couples to Recalculate Marital Exclusion Amounts
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 Can Substitute for Estate Tax Closing Letters
Account transcripts that contain a specific transaction code and wording can serve as the equivalent of an estate tax closing letter.
2017 Inflation Adjustments and Tax Tables for 2018 Filing Season Released
IRS issued the annual inflation adjustments for 2017 for more than 50 tax provisions as well as the 2017 tax rate tables for individuals and estates and trusts.
Theft Loss Eligibility Is Broader for Estates Than for Individuals
For estates, fraud loss need only to have arisen from theft to qualify for a theft deduction.
Understanding Qualified Domestic Trusts and Portability
This article discuses how transfer-tax rules for noncitizen spouses differ from the transfer-tax rules that apply to spouses who are U.S. citizens or residents.
QTIP Election Permitted Together With Portability
The IRS will treat a QTIP election as valid in certain situations, including where an executor
of an estate makes a portability election to transfer the decedent’s unused applicable exclusion amount.
Estate Can Take Theft Loss Deduction Related to Madoff Ponzi Scheme
An estate could take a theft loss deduction where a Ponzi scheme rendered an interest in an LLC the estate owned worthless.
Tax Planning Opportunities for Tax Attributes and the Decedent’s Final Tax Return
Careful and thoughtful advanced planning can result in substantial tax savings.
Consistent Basis Reporting Between Estates and Beneficiaries
Executors and practitioners will have to deal with questions and inconsistencies until the IRS addresses them.
IRS Issues 2017 Inflation Adjustments for Many Tax Provisions
The IRS issued its annual revenue procedure containing inflation-adjusted amounts for the 2017 tax year, affecting over 50 Code provisions, as well as the new tax rate tables for individuals and estates and trusts.
Estate Valuation Discounts Would Be Prohibited Under Proposed Regulations
The IRS issued long-awaited proposed regulations designed to prevent taxpayers from lowering the estate and gift tax value of transferred assets.
TAX PRACTICE MANAGEMENT
2025 tax software survey
AICPA members in tax practice assess how their return preparation software performed during tax season and offer insights into their procedures.
