Taxation of Estates & Trusts

TOPICS

June 8, 2017

Estate planning for blended families

This column discusses AB trusts and ABC trusts.

May 1, 2017

Sale of a residence in a QPRT

This item explores what happens if the residence is sold during the QPRT term.

May 1, 2017

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.

April 1, 2017

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.

April 1, 2017

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.

April 1, 2017

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.

March 1, 2017

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.

January 18, 2017

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.

January 6, 2017

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.

January 1, 2017

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.

January 1, 2017

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.

December 1, 2016

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.

December 1, 2016

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.

December 1, 2016

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.

December 1, 2016

Tax Planning Opportunities for Tax Attributes and the Decedent’s Final Tax Return

Careful and thoughtful advanced planning can result in substantial tax savings.

November 1, 2016

Consistent Basis Reporting Between Estates and Beneficiaries

Executors and practitioners will have to deal with questions and inconsistencies until the IRS addresses them.

October 25, 2016

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.

October 1, 2016