Estate not allowed interest deduction
Article Abstract:
The authors discuss the Tax Court 1999 memorandum case Estate of Lasarzig where estate beneficiaries obtained a loan, the interest upon which the estate later attempted to claim a deduction under IRC section 2053. The court denied the deduction because it was not a necessary administration expense.
Publication Name: Estate Planning
Subject: Law
ISSN: 0094-1794
Year: 2000
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Estate may deduct interest on loan to pay taxes
Article Abstract:
IRS Letter Ruling 200020011 discusses the deductibility of interest by an estate for expenses incurred when it takes out a loan to pay deferred estate taxes. Interest is deemed deductible if the loan was taken out primarily to benefit administration of the estate.
Publication Name: Estate Planning
Subject: Law
ISSN: 0094-1794
Year: 2000
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Deduction ok'd for ex-wife's interest in trust
Article Abstract:
The IRS in Technical Advice Memorandum 9826002 ruled that an estate was allowed a deduction for the value of an irrevocable trust included in the estate of the grantor decedent who transferred the interests therein to his former spouse as part of a divorce settlement. The ruling is not clearly stated, but is correct under IRC sections 2043 and 2053 in the differentiation between obligations pursuant to property settlements and those created to fund obligations such as alimony or child support.
Publication Name: Estate Planning
Subject: Law
ISSN: 0094-1794
Year: 1998
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