Gift Tax

U.S. Tax Court – Single Member LLCs Not Disregarded for Gift Tax Purposes

Posted on: August 26th, 2009
Unlike in the income tax and asset protection arena, single member limited liability companies (LLCs) are not disregarded for gift tax purposes. Pierre v. Commissioner, 133 T.C. No. 2 (Aug. 24, 2009). See Paul Caron’s recent TaxProf Blog entry for a brief summary....

Another Lesson on What Not To Do in FLLCs

Posted on: August 2nd, 2009
This is from the latest edition of the GiftLaw eNewsletter: Note from Greg: Family Limited Partnerships (FLPs) were previously the preferred entity for obtaining discounts on transfers of wealth to younger family members. FLPs have largely been replaced by Family Limited Liability Companies (FLLCs). The writer of the article below often refers to FLPs even though the case involved FLLCs....

Intra-Family Loans – Make Sure You Follow the Rules

Posted on: July 11th, 2009
Loans among family members, especially from parents to children, are very common. However, most people are not aware of the tax laws regarding such loans. ...

Tax Discounts Alive and Well – For Now

Posted on: February 5th, 2009
The U.S. Tax Court issued an opinion on January 29, 2009 in the Estate of Marjorie deGreeff Litchfield v. Commissioner (T.C. Memo. 2009-21). ...

Gift Tax Annual Exclusion to Increase in 2009

Posted on: October 16th, 2008
The IRS has announced many annual inflation adjustments for 2009, including an increase in the annual gift exclusion. The annual gift tax exclusion for present interest gifts will be $13,000....

IRS Publishes Report on 2005 Gifts

Posted on: August 19th, 2008
The IRS recently published a report on lifetime wealth transfers in 2005 as disclosed to the IRS on federal gift tax returns. ...
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