Dawn S. Markowitz

Dawn
S. Markowitz
Legal Editor,
Trusts & Estates

Dawn S. Markowitz is a legal editor at Trusts & Estates magazine. Prior to working at T&E, she was a legal editor at The National Law Journal and at the Institute for Continuing Legal Education. She was formerly a commercial litigator at Shea & Gould and Ashinoff, Ross & Korff, both in New York. She is licensed to practice law in New York.

Articles
IRS Issues Harsh Ruling Against Surviving Spouse Seeking to Roll Over Part of Son’s Inherited IRA 5
In a recent PLR, a surviving spouse (the taxpayer) requested four rulings to allow her to roll over a part of her son’s inherited individual retirement accounts that were assigned to her as community property by a state court.
IRS Rules on Gift Tax Issues Regarding Irrevocable Trust 1
In a recent private letter ruling, the IRS addressed five issues related to an irrevocable trust, which a grantor created for his benefit and for the benefit of permissible beneficiaries.
Notice of Federal Tax Lien Filing Upheld Against Estate
In sustaining the IRS’ notice of a federal tax lien, a Tax Court court held that an estate was responsible for interest on a 2003 gift tax liability, despite a settlement with the IRS in 2010 of estate tax liability.
Deduction for Charitable Contribution and Additional Refund Allowed
A federal district court ruled that a trust could deduct $4.75 million in cash contributions and seek a refund in addition to a $20 million refund that it already received.
Maximize Social Security Benefits . . . Before It’s Too Late
Married couples who haven’t yet used the apply-and-suspend method have until April 29 of this year to take advantage of this strategy.
Gun Trust is a “Trust” for Federal Tax Purposes
The IRS concluded that even though the gun trust purportedly didn’t have ascertainable beneficiaries, it was still a “trust” for federal tax purposes.
Gross Valuation Misstatement Penalties Upheld
The Tax Court held that taxpayers were liable for accuracy-related penalties for a gross valuation misstatement.
Income Tax Refunds Constitute Property
A Tax Court held that federal income tax refunds are property interests and are included in a decedent’s gross estate for federal estate tax purposes.
Security Awareness for Taxpayers
Share these suggestions to avoid identity theft with your clients.
No Estate Inclusion Due to Court Reformations to a Trust
The IRS ruled that as a result of a state court’s reformations to a trust, the original transfers to the trust and future transfers to its subtrusts are completed gifts for federal gift tax purposes.
Estate Not Liable for Gift Tax
The Tax Court held that a transfer of stock was made in the ordinary course of business for full and adequate consideration, so the transfer wasn’t a gift for federal gift tax purposes, and the estate wasn’t liable for gift taxes on the transfer.
Disclaiming Trust Distributions
The IRS ruled that a taxpayer's disclaimer didn't constitute a taxable gift
Donees, Executor, Trustee Liable For Unpaid Taxes
In a recent decision of the U.S. Court of Appeals for the Fifth Circuit, the court, among other things, upheld liability on a donor’s ex-wife as a trust beneficiary of an indirect gift, but reversed the district court’s judgment relating to the amount of liability.
It’s Settled
In Billhartz v. Commissioner, the Seventh Circuit affirmed the Tax Court and let stand a settlement between the IRS and an estate in which the IRS conceded to a 52.5 percent of the estate’s claimed deduction of over $14 million.
The Equal Dignity for Married Taxpayers Act of 2015
The bill proposed to amend the Tax Code to clarify that all provisions would apply to legally married same-sex couples in the same manner as opposite-sex married couples
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