For estates, fraud loss need only to have arisen from theft to qualify for a theft deduction.
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TOPICS
Taxation of Estates & Trusts
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.
Recent Developments in Estate Planning: Part 2
This is the second part of a two-part article examining developments in estate, gift, and generation-skipping transfer tax, and trust income tax.
Late Portability Elections After the Expiration of Rev. Proc. 2014-18
This item discusses relief available to the executor of an estate that fails to elect portability by failing to timely file an estate tax return.
Guidance Allows QTIP Election Where Executor Elects Portability
The IRS removed a prohibition on making a qualified terminable interest property (QTIP) election when the election would have been null and void because the estate had a zero estate tax liability.
Recent Developments in Estate Planning: Part 1
This is the first in a two-part series examining developments in estate, gift, and generation-skipping transfer tax and trust income tax. Part 1 discusses legislative and gift and estate tax developments.
How the COD Rules Apply to Grantor Trusts and Disregarded Entities
New regulations provide rules for determining
who is the “taxpayer” for purposes of applying the Sec. 108 discharge-of-indebtedness rules to a grantor trust or disregarded entity.
Proposed Regulations Would Affect Estate Valuation Discounts
The IRS issued long-awaited proposed regulations designed to prevent taxpayers from lowering the estate and gift tax value of transferred assets.
Post Initial Trust Term QPRT Considerations
The end of a QPRT’s initial trust term brings with it many potential issues.
Final Regulations Clarify COD Rules for Grantor Trusts and Disregarded Entities
The IRS finalized regulations that provide rules for determining who is the “taxpayer” for purposes of applying the Sec. 108 discharge-of-indebtedness rules to a grantor trust or disregarded entity.
Post-Death Events Taken Into Account in Property Valuation
The Tax Court held that the IRS had properly taken into account events that occurred after the decedent’s death in determining the value of property for purposes of an estate’s charitable deduction.
Proposed Regulations Govern Estate Basis Consistency Reporting
The regulations provide rules regarding the consistent basis reporting requirement and the required statement that must be furnished to the IRS and beneficiaries.
Executor Not Liable as Fiduciary for Unpaid Estate Tax
Practitioners who assist clients with preparing estate tax returns should make sure that they know the very real danger they face if distributions are made from the estate before all the federal estate taxes are paid.
Gifts of Partnership Interests
If the general partner has unfettered discretion to make or withhold distributions, any gift of an interest in the partnership may be treated as a gift of a future interest not qualifying for the annual gift tax exclusion.
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.
