The New Jersey Tax Court recently released its opinion in Estate of Ruth Oberg, NJ Tax Court, Docket No 000240 (October 24, 2017), upholding the Division of Taxation’s assessment of additional New Jersey estate tax. The case provides some important reminders about doing proper estate planning.
The estate in this case had a date…
The IRS has withdrawn the controversial proposed regulations under Code §2704 that would have significantly affected the use of discounts in US estate planning.
Code §2704 provides that certain “applicable restrictions” on ownership interests in family entities – that is, entities where the transferor and family members control the entity – should be disregarded for…
Experts have started to calculate the inflation adjustments to key estate and gift exemption amounts for 2018. Note that these are not the official figures to be released by the IRS, but should be used as a guide. The IRS will officially release the numbers later this year.
For an estate of any decedent dying…
The US Tax Court recently held that a foreign corporation is not subject to US income tax on the sale of a partnership interest where the partnership conducts a US business. In so holding, the Tax Court rejected a 26 year old Revenue Ruling (Rev Rul 91-32) that reached the opposite conclusion. For foreign investors…
Anyone who has seen the current Broadway hit Hamilton knows that we are a nation of immigrants. Moreover, many U.S. persons who moved here from elsewhere have parents back in their home country.
When those “foreign” parents pass away and leave assets to their U.S. children, those assets become subject to the U.S. estate tax…
