Nelson v. First National Bank and Trust Co. of Williston, 8th Cir., No. 07-3543 (Oct. 1, 2008), demonstrates the protection a broad authorization for investments and an investment liability clause can provide especially for trusts holding an...
On April 17, 2008, proposed regulations were issued providing guidance on the application of Internal Revenue Code Section 2642(g)(1). The proposed regs describe the circumstances under which an extension of time will be granted to: allocate...
Although use of restricted management accounts (RMAs) is far from widespread, the Internal Revenue Service seems to have declared its intention to shut them down so it doesn't have to fight valuation discounts on two fronts: RMAs and family...
In 2008, there were several important decisions regarding the inclusion of family limited partnerships (FLPs) in the estate of a decedent under Internal Revenue Code Section 2036 and the valuation of gifts of partnership interests. Together, these...
Frederic Kohler died on March 4, 1998, owning 12.85 percent of the stock in Kohler Co., a closely held company. On May 11, 1998, before the alternate valuation date (AVD), which is six months after the date of death, the stock was exchanged for...
In Revenue Procedure 2008-66, I.R.B. 2008-15, (Nov. 10, 2008), the Internal Revenue Service set forth certain inflation-adjusted tax items for 2009. The inflation adjustments include the following, which are effective Jan. 1, 2009: The annual...
In PLR 200747001 (Aug. 3, 2007), the Internal Revenue Service ruled that a charitable lead annuity trust (CLAT) would qualify as a grantor trust under Internal Revenue Code Section 674. As such, the CLAT was a permitted S corporation shareholder...
The Treasury Department issued proposed regulations on June 18, 2008 (REG-101258-08) to clarify the federal tax consequences of an ordering provision in a will, trust or provision of local law that attempts to determine the income tax character of...
Not one of us or our clients was unaffected by the precipitous fall in the markets and the economic malaise permeating the world. Savings, home values, retirement funds and incomes were all hurt. Fortunately, 2009 brings us a new U.S. president...
In Estate of Christiansen v. Commissioner, 130 T.C. No. 1 (Jan. 24, 2008), Helen Christiansen's will left all of her property, consisting primarily of interests in two limited partnerships through which the family farming and ranching businesses...
