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.
Taxation of Estates and Trusts
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.
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.
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.
The IRS issued long-awaited proposed regulations designed to prevent taxpayers from lowering the estate and gift tax value of transferred assets.
The end of a QPRT’s initial trust term brings with it many potential issues.
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.
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.
The regulations provide rules regarding the consistent basis reporting requirement and the required statement that must be furnished to the IRS and beneficiaries.
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.
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.
Many tax professionals overlook the opportunity to manage the decedent’s original tax basis for real estate assets that are recorded on their tax depreciation schedule before death.
The IRS announced one last postponement in the due date for filing under rules requiring reporting of the value of an estate’s assets to the IRS and beneficiaries.
The regulations reiterate the delayed reporting deadline of March 31, 2016.
The IRS further postponed the due date for the new reporting requirement, under which estates must report the value of estate assets to the IRS and to beneficiaries.
The Tax Court held that a transfer for adequate consideration was not a gift
The IRS issued the annual inflation adjustments for 2016 for more than 50 tax provisions as well as the 2016 tax rate tables for individuals and estates and trusts.
Certain high-net-worth clients might achieve better results by using a preferred family limited partnership rather than an intentionally defective grantor trust or a grantor retained annuity trust.
This article provides an overview of the net investment income tax calculations for individuals and trusts.
Taxpayers who receive gifts or bequests from individuals who gave up U.S. citizenship or residency will be subject to tax under proposed rules.