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Estate Taxation

  • Common Traps To Avoid When Making Section 754 Elections

    By:
    Randy Schwartzman, CPA, MST; Jeffrey Bilsky, CPA; Patricia Brandstetter, JD, LL.M.
    |
    Apr 1, 2015

    Generally, a partnership seeking to adjust the basis of partnership property upon the transfer of an interest under Section 743(b), or following a distribution under Section 734(b), must have a valid Section 754 election in place. Although a seemingly simple election, it is not uncommon that a partnership intending to make a valid Section 754 election inadvertently fails to satisfy all of the regulatory requirements. Under those circumstances, however, there may be limited recourse available to the partnership to pursue corrective action.

  • Estate Tax Planning After ATRA: What’s Left?

    By:
    Joseph Septimus and Tara Thompson Popernik
    |
    Apr 1, 2015

    For the overwhelming majority of US taxpayers, the American Taxpayer Relief Act of 2012 ("ATRA") eliminated the need for federal estate tax planning. It did so by making the $5 million applicable exemption amount (indexed for inflation) permanent. Additionally, in April 2014, the New York State estate tax exemption increased, so fewer New York taxpayers would need state estate tax planning. 

  • Capitalizing on the Repair Regulations

    By:
    STEWART BERGER, CPA
    |
    Mar 1, 2015
    After several years of study, the IRS has finalized regulations known as the Tangible Property Regulations or the Repair Regulations.

  • To Live and Die in New York: The Tax Department’s Guidance on the 2014 New York State Estate Tax Law Changes

    By:
    Kevin Matz, JD, LLM, CPA
    |
    Nov 1, 2014
    On Aug. 25, 2014, the New York State Department of Taxation and Finance (DTF) issued TSB-M-14(6)M to provide guidance on the significant changes in the New York State estate tax system that became effective on Apr. 1, 2014 (see this author's prior TaxStringer article on the subject). In its guidance, the New York DTF clarified certain points, left open by the language of the April statute, concerning the following:

  • The Lapsing Policy Crisis: An Intervention Plan Is Needed

    By:
    E. Randolph Whitelaw, AEP, and Henry Montag, CFP, CLTC
    |
    Sep 1, 2014
    For the past 35 years, flexible premium nonguaranteed death benefit policies—adjustable life, universal life, variable universal life, and equity indexed universal life—have been the life insurance products of choice; however, only a few of these policies will achieve their originally illustrated values.

  • New York’s 2014 Trust Income Tax Changes

    By:
    Jonathan J. Rikoon
    |
    Sep 1, 2014
    The estate tax law changes that New York enacted earlier this year were accompanied by new rules intended to close two perceived loopholes in New York’s taxation of trust income. Although the original version of the proposals would have been far-reaching, the final changes that went into effect on Apr. 1, 2014, are somewhat more modest.

  • Trusting the Trustees and Additional Trust-Related Issues

    By:
    Shahnaz Mahmud
    |
    Aug 1, 2014
    The first article in this series discussed trusting the beneficiaries, but what about trusting the trustees? At the NYSSCPA Family Office Committee conference, Randy Werner, a loss prevention executive at CAMICO, urged participants to truly think about what is involved.
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Views expressed in articles published in Tax Stringer are the authors' only and are not to be attributed to the publication, its editors, the NYSSCPA or FAE, or their directors, officers, or employees, unless expressly so stated. Articles contain information believed by the authors to be accurate, but the publisher, editors and authors are not engaged in redering legal, accounting or other professional services. If specific professional advice or assistance is required, the services of a competent professional should be sought.