New York Court of Appeals adds new wrinkle to international taxation of estates
Article Abstract:
The New York Court of Appeals applied an expansive definition of inheritance tax to the will in question in Matter of Herz to find that the will called for taxes which included the German Erbschaftsteuer to be paid out of the estate. The German tax applied solely because the beneficiary was domiciled in Germany, even though the decedent and the property were in the US. In previous decisions, New York courts had found that this tax was not an inheritance tax. The Court overturned precedent and found that the tax should be paid by the estate and not the German beneficiary.
Publication Name: Journal of Taxation of Investments
Subject: Law
ISSN: 0747-9115
Year: 1996
User Contributions:
Comment about this article or add new information about this topic:
Tax Court finds a related-party rule in Section 265(a)(2)
Article Abstract:
The Tax Court's 1995 decision in the H Enterprises (HEI) case relied on IRC section 265(a)(2) to determine the taxpayer should be treated as a single taxpayer, despite the absence of a statutory related-party rule in that section. The Court's reasoning may be flawed, but it may provide the IRS with an argument for single-taxpayer treatment in other situations involving consolidated groups such as HEI. The Court used the legislative history of the section as its justification for finding and applying the section's implicit related-party rule.
Publication Name: Journal of Taxation of Investments
Subject: Law
ISSN: 0747-9115
Year: 1996
User Contributions:
Comment about this article or add new information about this topic:
International trade legislation modifies taxation of some partnership distributions
Article Abstract:
Legislation implementing the General Agreement on Tariffs and Trade in the US contains a change in the tax treatment of gain from partnership distributions of marketable securities. Generally, partners receiving a distribution of property took the partnership's basis in the property, unless the property was cash. Marketable securities distributions beginning in 1995 will result in gain to the extent fair market value exceeds the partner's basis in the partnership interest. Exceptions exist for investment partnerships.
Publication Name: Journal of Taxation of Investments
Subject: Law
ISSN: 0747-9115
Year: 1995
User Contributions:
Comment about this article or add new information about this topic:
- Abstracts: Retail distribution channel barriers to international trade. So you want to be an international financial center ... are you prepared to spit in the giant's eye?
- Abstracts: Proportionality and force in international law. New ways to make international environmental law. The international response to the dissolution of the Socialist Federal Republic of Yugoslavia
- Abstracts: Consequential damages in the international sale of goods: analysis of two decisions. Automated trading systems and the concept of an "exchange" in an international context proprietary systems: a regulatory headache!
- Abstracts: Consultation on disability regulations. New regulations on health and safety consultation. Consultation on "check-off."(deduction of trade union subscriptions from pay checks)