Consistent tax basis reporting by the executor of an estate on the federal estate tax return and the beneficiaries of the estate on their individual income tax returns will be required under section 2004 of the Surface Transportation and Veterans … Continue reading
Tag Archives: Federal estate tax
The Internal Revenue Service has issued T.D. 9725 containing final regulations on electing portability for the deceased spousal unused exclusion (DSUE) amount. Among the revisions that were made (and not made) to the proposed and temporary regulations are the following: … Continue reading
According to the Analytical Perspectives volume from President Obama’s fiscal 2016 budget proposal, the President will be proposing that transfers at death or by gift should result in the recognition of gain. From the volume: In the case of a … Continue reading
The IRS has issued five identical private letter rulings, PLRs 201442042, 201442043, 201442044, 201442045, and 201442046, apparently to five different parties involved in the same transaction, agreeing that a court-approved reformation of a trust in accordance with § 415 of...
Auditor’s report was affirmed, and objections dismissed, that (a) approved the trustees’ liquidation of some family businesses, notwithstanding precatory language expressing desire that businesses continue under the management and control of testator’s immediate family, (b) relied upon previous findings of … Continue reading