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An "Unnecessary" QTIP Election May Not be Disregarded for Portability Purposes
By on September 28, 2016
In recently issued Revenue Procedure 2016-49, the Service has confirmed that both a QTIP election and a portability election may be made on the same estate tax return, thereby maximizing exemption planning and flexibility in your estate plan. This new guidance was issued to clarify a gray area posed by Revenue Procedure 2001-38 whereby a QTIP election could possibly be void where the executor also makes a portability election.
Congress Takes Aim at the Proposed 2704 Regulations
By on September 28, 2016
As I discussed in detail in my August 4, 2016 blog post, the new proposed regulations are undoubtedly controversial. In their current form, they disregard longstanding valuation principles backed by decades-old legal precedent, and, in doing so, virtually eliminate minority and lack of marketability discounts. To no surprise, the regulations have come under fire from family business owners, tax practitioners, and appraisers, who criticize the new rules as regulatory overreach and the Treasury's attempt to change and make law.
IRS Will Once Again Rule on Corporate Business Purpose and Device Under §355
By on September 16, 2016
The IRS announced in Rev. Proc. 2016-45 that it will once again issue private letter rulings on issues of corporate business purpose and device under §355, after a hiatus of 13 years.
Statute of Limitations: The Taxpayer's Ultimate Defense in a Criminal Tax Case
By on September 2, 2016
In a previous post, I discussed the civil statute of limitations (SOL) the IRS has for assessing additional tax, penalties and interest against a taxpayer. In this post, I will briefly discuss the SOL for criminal tax cases and a recent case where the defendant effectively used the SOL as a defense.
