Late alternate valuation election forced estate to value property at the date of death
Article Abstract:
The authors discuss a 2000 Tax Court ruling that the IRS did not have authority to allow an executor to make an untimely election to use an alternate valuation date for the decedent's estate.
Publication Name: Estate Planning
Subject: Law
ISSN: 0094-1794
Year: 2001
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Assets included in estate because of prior QTIP election
Article Abstract:
In Estate of Cavanaugh, the Fifth Circuit held that assets received from a wife's estate and named in a QTIP election could not be excluded by the husband's estate. Of more interest was the court's decision that half of the life insurance proceeds transferred from the estate of the wife to that of the husband upon the wife's death were not includable in his estate because they constituted community property in Texas, a community property state.
Publication Name: Estate Planning
Subject: Law
ISSN: 0094-1794
Year: 1995
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Decedent's estate includes value of five and five power
Article Abstract:
The 1996 Dietz Tax Court decision held the value of the decedent's five and five trust power was includible in the gross estate. Practitioners should be aware that, in some situations, five and five powers should not be routinely granted, since their inclusion may inflate an estate's value. Other estate planning techniques can be used to limit these powers and any resulting estate tax liability.
Publication Name: Estate Planning
Subject: Law
ISSN: 0094-1794
Year: 1997
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