In Riegels v. Commissioner (In re Estate of Saunders),1 the U.S. Court of Appeals for the Ninth Circuit addressed whether it was proper for the Tax Court to disallow a $30 million deduction claimed by the estate of Gertrude Saunders for a lawsuit that was pending at the time of Gertrude’s death.
In Beim v. Hulfish, the Supreme Court of New Jersey determined for the first time that federal estate taxes didn’t constitute pecuniary injuries under the state’s wrongful death statute and, therefore, couldn’t be recovered by a decedent’s heirs.
In a recent private letter ruling, the IRS addressed whether the judicial reformation of a net income makeup charitable remainder unitrust was in conformance with final Treasury regulations published after the creation of the trust.
In Pesky v. United States, the federal District Court of Idaho addressed whether a charitable deduction claimed in connection with the contribution of a conservation easement should be denied because the contribution was part of a larger quid pro quo transaction.
In Evenchik v. Commissioner, T.C. Memo. 2013-34 (Feb. 4, 2013), the taxpayers donated approximately 72 percent of their shares in a corporation called Chateau Apartments, Inc., to a non-profit housing organization. The issue addressed in the case was whether the taxpayers submitted a qualified appraisal for the charitable deduction carryforward claimed on their 2006 return.
In a recent decision, a Massachusetts federal court upheld the Internal Revenue Service’s assessment of penalties when, based on the advice of its accountants, an estate didn’t file a timely estate tax return.
The Tax Court recently addressed whether a taxpayer must pay an additional 10 percent income tax on distributions he received from his qualified retirement plans, despite the fact that the funds were subsequently used to pay court-ordered alimony to the taxpayer’s former spouse.
The past few years have been turbulent for investors in emerging markets-particularly for those investing in local currency bonds. Andrew Keirle, portfolio manager for the Emerging Markets Local Currency Bond Strategy, explains why the recent volatility may present a compelling opportunity for long-term global investors....More
Are your clients' retirement plans flexible enough for life's changes? Clients want the best of both worlds—guaranteed lifetime income with upside potential and flexibility to adapt to changing life situations. There is a solution to meet these client needs from accumulation through distribution....More
In this 3rd and final session of our Social Security webinar series, we will cover the under-served markets for divorced and survivor benefits, where there are special benefits that so many people miss out on....More