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.
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Research shows that while the average age of financial advisors has gone up, the percentage of advisors that don't have a succession plan in place has gone up as well. Why don't more advisors have a plan, and how can the industry better prepare for the future.
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Why do we make decisions that aren’t always in our own best interest? This group of articles from the Investments & Wealth Monitor takes a fascinating look at behavioral finance and behavioral portfolio management....More
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