By way of background, in 2012, the basic exclusion amount and GST exemption were permanently increased to $5 million, with that amount indexed for inflation. The 2017 Tax Cuts and Jobs Act (TCJA), temporarily increased the...more
On Friday, June 21, 2019, the Supreme Court of the United States ruled in North Carolina Department of Revenue v. Kimberley Rice Kaestner 1992 Family Trust that a state cannot tax a trust based only on a trust beneficiary’s...more
6/26/2019
/ Beneficiaries ,
Due Process ,
Estate Tax ,
Exclusive Control ,
Forum State ,
In-State Beneficiaries ,
Income Taxes ,
Minimum Contacts ,
North Carolina Department of Revenue v The Kimberley Rice Kaestner 1992 Family Trust ,
SCOTUS ,
State Taxes ,
Trust Distributions ,
Trustees ,
Trusts
On December 22, 2017, President Trump signed Public Law No. 115-97, formerly known as the Tax Cut and Jobs Act of 2017[1], into law (the “2017 Tax Act”).
Increase of Gift, Estate, and GST Exclusions and Exemptions in 2018...more
In a recent taxpayer victory, the Tax Court found in favor of the taxpayer with respect to three hotly contested gift and estate planning issues involving family limited liability companies. The Tax Court decided the case of...more
On February 11, 2014, the United States Tax Court issued a memorandum opinion (i) determining the proper method for valuing a holding company (i.e., an S or C corporation holding marketable securities or appreciated...more