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Estate tax

Tax Court – assets decedent transferred to limited partnership were subject to estate tax

Tax Court – assets decedent transferred to limited partnership were subject to estate tax

Estate of Sarah D. Holliday, TC Memo 2016-51 The Tax Court has held that the value of investment assets that a decedent transferred to a limited partnership had to be included in the value of her estate under Code Sec. 2036(a). The Court determined that the decedent didn’t have a legitimate and significant nontax reason […]

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Tax Court – Estate wasn’t insolvent on distribution date, so executor not liable for unpaid taxes

Tax Court – Estate wasn’t insolvent on distribution date, so executor not liable for unpaid taxes

Singer, TC Memo 2016-48 The Tax Court has held that amounts that state law required estate beneficiaries to contribute towards the estate’s taxes had to be considered as estate assets for purposes of determining whether the estate was insolvent and that, as a result, the estate was not insolvent. Accordingly, the executor of the estate […]

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Temporary and proposed reliance regs on inherited property consistent basis rules

Temporary and proposed reliance regs on inherited property consistent basis rules

T.D. 9757, 03/02/2016; Reg. § 1.6035-2T; Preamble to Prop Reg 03/02/2016; Prop Reg § 1.1014-10 , Prop Reg § 1.6035-1, Prop Reg § 1.6035-2, Prop Reg § 1.6662-8 , Prop Reg § 301.6721-1, Prop Reg § 301.6721-2 IRS has issued temporary regs that confirm the recently-delayed due date for providing statements to IRS and to […]

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Reminder: Mar. 31 is deadline for many inherited property basis returns

Reminder: Mar. 31 is deadline for many inherited property basis returns

The due date for filing returns with IRS and providing statements to beneficiaries under the rules requiring consistent basis reporting for inherited property for estate tax and income tax purposes, where the estate tax return of the decedent was filed after July 31, 2015, is Mar. 31, 2016, except with respect to decedents that died very […]

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New form sets out rules for reporting basis of decedent-owned property

New form sets out rules for reporting basis of decedent-owned property

Form 8971, Information Regarding Beneficiaries Acquiring Property From a Decedent (January 2016). IRS has released the final version of new Form 8971, which, pursuant to legislation enacted in 2015, must be used to report the final estate tax value of property distributed or to be distributed from an estate, if the estate filed a Federal […]

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Tax Court – State court decision on transfers between couple as gifts didn’t collaterally estop IRS

Tax Court – State court decision on transfers between couple as gifts didn’t collaterally estop IRS

Blagaich, TC Memo 2016-2 The Tax Court has concluded that a taxpayer couldn’t assert collateral estoppel against IRS and rely on a State court decision in a lawsuit between her and her ex-boyfriend that cash and property given to her by him were nontaxable gifts under Code Sec. 102(a). In addition, the Court held that […]

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Shareholder’s transfer to children after settlement of family business dispute was a taxable gift

Shareholder’s transfer to children after settlement of family business dispute was a taxable gift

Sumner Redstone, TC Memo 2015-237 The Tax Court has rejected a taxpayer’s claim that a transfer of stock to trusts for the benefit of his children wasn’t a taxable gift. Although the Court had previously found that a similar transfer by his brother to settle a dispute in the family business was made in the […]

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Trust can claim charitable deduction for full value of donated appreciated real property

Trust can claim charitable deduction for full value of donated appreciated real property

Green v. U.S. (DC OK, 11/4/2015) 116 AFTR 2d ¶ 2015-5394 A district court has concluded that a trust that donated appreciated real property to charities could claim a charitable contribution deduction under Code Sec. 642(c)(1) based on the fair market value (FMV) of those properties. The trust’s deduction wasn’t limited to its adjusted basis […]

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Transfer to shareholder’s children to settle dispute in family business wasn’t a gift

Transfer to shareholder’s children to settle dispute in family business wasn’t a gift

Estate of Edward S. Redstone, (2015) 145 TC No. 11 The Tax Court, rejecting IRS’s claim that a taxpayer’s transfer of stock to trusts for the benefit of his children was a taxable gift, has concluded that the transfer was made in the ordinary course of business and for full and adequate consideration in money […]

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IRS correspondence was “notice and demand” that ended stay of collection statute of limitations

IRS correspondence was “notice and demand” that ended stay of collection statute of limitations

Godley, Jr., (DC NC 9/29/2015) 116 AFTR 2d ¶ 2015-5295 A district court has held that: a) the suspension of the 10-year statute of limitations (SOL) on tax collection, that applies when an estate’s Code Sec. 6166 (deferred payment of estate tax) election is in place, is lifted when the estate fails to timely make […]

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No estate charitable set-aside deduction where contribution was subject of litigation

No estate charitable set-aside deduction where contribution was subject of litigation

Estate of John D. DiMarco, TC Memo 2015-184 The Tax Court has held that an estate wasn’t entitled to a deduction under Code Sec. 642(c)(2) for an amount that it claimed was permanently set aside for two churches. The estate, which was involved in active litigation with potential heirs seeking a portion of the funds […]

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Donee’s assumption of Code Sec. 2035(b) estate liability reduced value of gift

Donee’s assumption of Code Sec. 2035(b) estate liability reduced value of gift

Jean Steinberg, Donor, (2015) 145 TC No. 7 The Tax Court has concluded that where a taxpayer gave her children property in exchange for their promise to pay any estate tax liability arising under Code Sec. 2035(b)’s “gross-up rule”—which increases a decedent’s gross estate by the amount of any gift tax paid by the decedent […]

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IRS issues proposed regs on transfer tax on covered gifts and bequests from covered expatriates

IRS issues proposed regs on transfer tax on covered gifts and bequests from covered expatriates

Preamble to Prop Reg 09/09/2015, Prop Reg § 28.2801-1, Prop Reg § 28.2801-2, Prop Reg § 28.2801-3, Prop Reg § 28.2801-4, Prop Reg § 28.2801-5, Prop Reg § 28.2801-6, Prop Reg § 28.2801-7 IRS has issued proposed regs on the tax under Code Sec. 2801 on U.S. citizens and residents who receive gifts or bequests […]

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Court of Appeals 5th Circuit: statute limits donees’ liability for unpaid gift tax and interest to value of gift

Court of Appeals 5th Circuit: statute limits donees’ liability for unpaid gift tax and interest to value of gift

U.S. v. Marshall, (CA 5 08/19/2015) 116 AFTR 2d ¶2015-5156 The Court of Appeals for the Fifth Circuit, withdrawing its earlier decision and reversing in part the district court, has ruled in a per curiam opinion that donees of an indirect gift were liable for gift tax and interest only to the extent of the […]

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No Charitable Deduction For Estate That Failed To Permanently Set Aside Amounts

No Charitable Deduction For Estate That Failed To Permanently Set Aside Amounts

Estate of Belmont, (02/19/2015) 144 TC No. 61   The Tax Court has held that an estate did not qualify under Code Sec. 642(c)(2), which provides an income tax charitable deduction for any part of the gross income of an estate, which, pursuant to the terms of the will, is permanently set aside during the […]

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No-rule guidance calls attention to uncertain aspects of popular estate planning tool

No-rule guidance calls attention to uncertain aspects of popular estate planning tool

Rev Proc 2015-37, 2015-26 IRB In a Revenue Procedure, IRS has ruled that it will no longer provide a ruling letter that assets in a grantor trust will receive a Code Sec. 1014 basis adjustment on the death of the owner where those assets aren’t included in the owner’s estate. Practitioners have speculated that this […]

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Final Regs modify and clarify earlier guidance on deceased spousal unused exclusion amount

Final Regs modify and clarify earlier guidance on deceased spousal unused exclusion amount

Preamble to TD9725, 06/12/2015; Reg. § 20.2001-2, Reg. § 20.2010-1, Reg. § 20.2010-2 , Reg. § 20.2010-3, Reg. § 25.2505-1, Reg. § 25.2505-2 IRS has issued final regs that provide guidance on the estate and gift tax applicable exclusion amount, in general, as well as on the requirements for electing portability of a deceased spousal […]

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IRS will only issue estate tax closing letters on request

IRS will only issue estate tax closing letters on request

IRS has announced that, for estate tax returns filed on or after June 1, 2015, estate tax closing letters will be issued only upon request by the taxpayer. It has also clarified whether it will, under various circumstances, issue a closing letter with respect to estate tax returns filed before June 1, 2015. Click here […]

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IRS Finalizes Regs on Gift/Estate Tax Portability Election

IRS Finalizes Regs on Gift/Estate Tax Portability Election

Preamble to TD9725, 06/12/2015; Reg. § 20.2010-1, Reg. § 20.2010-2, Reg. § 20.2010-3 , Reg. § 25.2505-1, Reg. § 25.2505-2 Click here for TD 9725, 06/12/2015. IRS has issued final regs that provide guidance under Code Sec. 2010 and Code Sec. 2505 on the estate and gift tax applicable exclusion amount, as well as on […]

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Proposed regs would add carryover basis rules for property inherited from 2010 decedents

Proposed regs would add carryover basis rules for property inherited from 2010 decedents

IRS has issued proposed regs that would incorporate the modified carryover basis rules under now-repealed Code Sec. 1022 into a number of existing regs that in some way involve the basis of property acquired from a decedent.IRS noted that while Code Sec. 1022 was applicable only to decedents dying in 2010, basis determined under Code […]

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Meet Paul Raymond

Meet Paul Raymond

Mr. Raymond is a sought after speaker in tax controversy law by many attorney, accountant, and business groups and at the request of the Internal Revenue Service, has presented programs at the IRS Nationwide Tax Forum, attended by tax professionals throughout the United States.

Additionally, he continues to be an active member in the Section of Taxation, American Bar Association, where he was the Past Chair of the Employment Taxes Committee.

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Member CA Bar Member Orange County Bar US Tax Court Attorney