Kentucky Estates: articles about tax planning for private clients, estates, trusts, and family businesses
You can tell your readers care about you when for four weeks you don’t post, and they begin to inquire after your health. Thank you, and your publisher is pleased to report that he is alive and very well! This has been a very busy month. No one seems to have gotten the memo that […]
As we approach the Congressional midterm elections (still with no action on the estate tax), one often hears opinions in certain quarters that the government isn’t efficient. Studiously expressing no opinion about these claims generally, KYEstates is pleased to report that they’re untrue in at least one respect: the IRS has become very efficient at […]
At KYEstates, we’re happiest reporting on taxpayer victories, but if we have to report a loss, it mitigates our disappointment when the case is interesting. Anschutz v. Comm’r, 135 T.C. No. 5 (July 22, 2010), is that sort of case: an interesting taxpayer loss. In this instance, a very expensive taxpayer loss (likely exceeding $21 […]
Anyone who has been following Elena Kagan’s confirmation hearings is up to speed on the judicial activism/strict construction debate. Strict construction of an exclusion from taxable income powered a notable win for the IRS in Gates v. Comm’r, 135 T.C. 1 (July 1, 2010), a very interesting income tax case that will have implications for private […]
On the estate tax front, it’s been a Macbeth/Faulkner fortnight in Congress – full of sound and fury, signifying nothing. Meanwhile, however, the clock is also ticking on expiration of the 2001 and 2003 Bush tax cuts, potentially affecting many private clients and business owners. To that end, readers may be quite interested in the […]
Although normal activity in much of Louisville seems to be temporarily suspended this weekend due to one of the most impressive logistical enterprises since the Berlin Airlift, the children’s swimming City Meet, the T&E Community still needs tax updates, and KYEstates is happy to share this report on Matthies v. Comm’r, 134 T.C. No. 6 (Feb. 22, 2010). In Matthies, […]
It may be a lazy summer day in the Eastern United States, but not on the transfer tax news front. The Hill reports here and Pat Lynch’s blog reports here that Senators Kyl and Lincoln introduced legislation late on Tuesday, July 13 that would require the Senate Finance Committee to amend to amend H.R. 5297 […]
It is not often that the GWOT affects the world of T&E law, but the Supreme Court’s June 21 6-3 opinion in Holder v. Humanitarian Law Project, 561 U.S. ____ (2010) is an exception to the general rule. The opinion upheld the Patriot Act provision providing for fines and up to 15 years’ imprisonment for persons […]
KYEstates readers, thanks for your patience. Yes, post volume has been down. That’s not because the transfer tax world has suddenly become boring – perish the thought. Rather, it’s been an extraordinarily busy month. First, your publisher visited his brother in Brooklyn and then went to his 10th Reunion. That was a little tough, because […]
Although we wish it were otherwise, taxpayers don’t always win FLP cases. In fairness, the IRS ought to win a case from time to time, given that they’re usually the party making the decision to settle or litigate. When the facts are as unfavorable to the taxpayer as they were in Estate of Malkin v. […]
It’s possible KYEstates readers are focused on the Paul–Grayson Senate race, or the Louisville mayoral race (see latest polls here, and here, respectively). If you want a break from politics, however, we can take you back to the normal state of things (i.e., all transfer taxes, all the time) with a report on a truly resounding taxpayer […]
Readers, thank you for your patience. A tax season full of 1065s, 1041s, and 709s reduced posting frequency at KYEstates during the last two weeks. But we have been hard at work on something really good, something we hope will be quite useful. We’re proud help your Florida residency planning with our Florida v. Kentucky residency […]