Ltr. rul. permits beneficiary to replace trustee

Article Abstract:

The IRS in Letter Ruling 9746007 did not mandate that trust beneficiaries include in their gross estates the corpus of trusts in which they have removal and replacement rights of trustees. The ruling follows Revenue Ruling 95-58 where the IRS ruled that reservations of such powers by decedent grantors does not result in gross estate inclusion. Estate planning practitioners should limit the appointment and replacement powers of trust beneficiaries.

Beneficiaries, Powers and duties, Trusts and trustees, Trustees, Trusts (Law)

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Equitable tolling of statute of limitations not allowed for refund claims, rules S. Ct

Article Abstract:

The US Supreme Court ruled in 1997 that courts could not equitably toll the statute of limitations as it applied to tax refund claims. The Court's decision was based partly on historical considerations and partly on the need to maintain a manageable tax system. However, part of the tax simplification system proposed by the Clinton Administration would permit equitable tolling in some tax refund cases.

Public Finance Activities, Personal Income Taxes, Personal income tax, Tax refunds, Limitation of actions (Taxation), Statute of limitations (Taxation)

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Taxpayers liable for gain on appreciated stock transferred to charities

Article Abstract:

The Tax Court found in Ferguson that taxpayers donated property whose future sale was assured prior to transferring the property to a charitable trust, therefore obligating the donors to pay capital gains taxes when the property was sold. Estate planners should counsel clients contemplating a donation of property to do so swiftly and avoid tax liability.

SOCIAL SERVICES, Private Social Services, Social Assistance, Educational, religious, etc. trusts, Educational, Religious, Charitable Trusts, Grantmaking Foundations, Taxation, Cases, Stocks, Charitable trusts, Capital gains tax, Recognition of gain or loss (Taxation), Recognized gain or loss (Taxation), Charitable contributions, Charitable donations

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