Three fiduciary cases

Article Abstract:

The authors discuss decisions regarding fiduciary duties in estate planning: Estate of Schlueter, Little v. Commissioner, Estate of Devlin v. Commissioner.

Cases, Estate planning, Power of attorney, Fiduciary duties

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Additional planning considerations under the new tax act

Article Abstract:

The authors discuss planning considerations necessary for grantor and grantor-retained annuity trusts to reduce estate taxes under the Economic Growth and Tax Relief Reconciliation Act of 2001.

Taxation, Tax planning, Decedents' estates, Grantor trusts

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Discount for unrealized capital gains taxes and value of estate's shares reduced based on decedent's Rule 144 restrictions

Article Abstract:

The authors discuss the 1998 cases of Estate of Davis which concerned valuation discounts for gift securities of a closely-held corporation and McClatchy v. Commissioner which concerned stock valuation for estate tax purposes in light of SEC Rule 144. The Tax Court in the first case allowed the consideration of built-in or unrealized capital gains tax in valuing gifts of shares. The U.S. 9th Circuit Court of Appeals in the second case valued the securities based upon their value in the hands of the decedent prior to transfer to the estate.

Tax Law, Public Finance Activities, Capital Gains Taxes, Accounting and auditing, Securities, Close corporations, Valuation, Closely held corporations, Discount (Finance), Capital gains tax

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