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Mismanagement of assets didn't cause exclusion of QTIP

Article Abstract:

The Tax Court held against co-executrices who argued that mismanagement of a marital trust in the second spouse's estate caused noninclusion of the trust assets in the estate. The court in Estate of Soberdash agreed with the IRS that three contested items of income would be included in the estate. The assets satisfied the qualified terminable interest property rules and had received a deduction in the first estate. Mismanagement was not proved by the co-executrices, but would be irrelevant to the issue of asset inclusion.

Qualified terminable interest property, Qualified terminable interest property trusts, Marital deduction

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Alimony arrearages to mother's estate taxable to sons

Article Abstract:

The Tenth Circuit appropriately upheld in 'Kitch' a Tax Court decision that overdue alimony collected by the payee's estate from the payor's estate is taxable to the recipients. Paul and Josephine Kitch, formerly married, died within days of one another, and her state filed a claim for unpaid alimony. The Service claimed the entire amount was taxable alimony income and so taxable to the recipients under pass-through 'distributable net income' rules. It also denied a deduction for a capital loss carryover.

Alimony

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Sums received in negligence actions included in estate

Article Abstract:

The damages received by a person in negligence actions were regarded as part of his estate for federal estate tax purposes. The sums spent by the decedent's parents were for his benefit and reverted to his estate on his death. Large tort settlements often have income tax or estate tax consequences that can often be reduced by estate planning provisions.

Estate Planning, Personal Taxes, Laws, regulations and rules, Negligence, Damages, Damages (Law)

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