Dawn S. Markowitz

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.

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
No PLRs Forthcoming on Certain Basis Adjustments in Grantor Trusts
Revenue Procedure 2015-37 says IRS won't issue rulings on basis adjustments.
Irrevocable Gift Splitting and GST Tax Decisions
In Private Letter Ruling 201523003 (released June 5, 2015), the IRS examined the effect of gift splitting under IRC Section 2513 and the application of the generation-skipping transfer tax rules under IRC Section 2632(c) to certain transfers made to trusts.
Losing an IRA’s Tax-Exempt Status
In In re Kellerman, the U.S. Bankruptcy Court sustained objections to debtors’ exemption of an individual retirement account.
Supreme Court Revives Employees’ 401(k) Suit Against ERISA Fiduciary
In a 9-0 decision, the U.S. Supreme Court ruled today that Edison International (Edison) employees, who were beneficiaries of the Edison 401(k) Savings Plan (the Plan), could sue their employer for breach of fiduciary duties.
Settlement Agreement Distributions Retain GST Tax-Exempt Status
In Private Letter Ruling 201519012 (May 8, 2015), a taxpayer requested four rulings related to a settlement agreement.
IRA Distributions Includible in Gross Income
In Morris v. Commissioner, the IRS determined that taxpayers failed to report taxable distributions in 2011 from an individual retirement account.
Charitable Donation Wasn’t Substantiated
Taxpayers who didn’t substantiate their charitable contributions were liable for a deficiency of $12,388 and an accuracy-related penalty of $2,468.
Industry Newsletters
Investment Category Sponsor Links
Planning Investment Category Sponsor Links
Wealth Planning Category Sponsor Links

Sponsored Introduction Continue on to (or wait seconds) ×