The 7520 rate for July 2017 has decreased to 2.2%.
The July 2017 Applicable Federal Interest Rates can be found here.
In light of this week’s $448 million lottery jackpot – the 7th largest in Powerball history – the following is a re-posting of our blog entry from January 12, 2016. If you ever do hit it big, make sure to do everything you can to avoid the “curse of the lottery.”
With up to $1.4 Billion at stake in Wednesday’s Powerball, those who play the lottery are busy making plans for what to do with all the money they may win. If you win it, you won’t ever have to worry about money again – right?
In a recent Notice, the Internal Revenue Service set forth some administrative procedures helping taxpayers recalculate gift and generation-skipping transfer tax exemption with respect to gifts and bequests made to or for the benefit of a same-sex spouse, or descendants of same-sex spouses before the Supreme Court Case United States v. Windsor was decided, even though the statute of limitation for claiming such exemption had expired.
Prior to the Windsor decision, the U.S. government (and by extension, the Internal Revenue Service) did not recognize marriages of same-sex couples. In the Windsor case, the estate of a decedent sought to claim the estate tax marital deduction for bequests to the decedent’s same-sex spouse (the couple was legally married in Canada and their marriage was recognized by their home state of New York prior to
Originally posted on BryanCaveFiduciaryLitigation.com.
Divorce should put an early end to the marriage vow of “’til death does us part.” But, when it comes to estate disputes, neither divorce nor death can part the path to the courthouse. In In re: Estate of Boyd, the husband and wife may have suspected their marriage could end: after 15 years of marriage, they separated, reconciled, and then entered into a post-nuptial agreement. The agreement provided how assets would be distributed if the parties were married at the time of either’s death and provided for distribution of assets if the parties separated or filed for divorce prior to death. The latter provision is relevant.
On Wednesday afternoon the White House again proposed eliminating the so-called death tax as part of its tax reform plan, but the details remain sparse. When pressed for specifics Director Cohn simply stated that with the implementation of the administration’s tax plan, the death tax would disappear.
The phrase “death tax” entered the popular lexicon by way of tax reformers wanting to summarize and caricature the several parts of the Federal transfer tax system.
Billionaire David Rockefeller, the grandson of John D. Rockefeller, passed away recently at the age of 101. In 2017, Forbes estimated that his fortune, investments in real estate, share of family trusts, and other holdings were worth $3.3 billion. However, because of his family history, it is quite possible that a large portion of that $3.3 billion will not be subject to the estate tax upon his death.
Written by Emily Manns and originally posted on BryanCaveCharityLaw.com
Every year, the IRS issues its “Dirty Dozen” Tax Scams list, a compilation of tactics and devices used by scam artists against taxpayers. While the threat exists year-round, the IRS promulgates the list ahead of filing season. As susceptible taxpayers prepare their returns, they face a higher risk of being targeted.
Billionaire David Rockefeller passed away this week at the age of 101. According to Forbes magazine, during his lifetime, the well-known philanthropist gave away nearly $2 billion.
In light of this newsworthy charitable donation, we thought now would be a good time to remind everyone of some of the basic income tax deductions available for gifts to charities.