The IRS issued Rev. Proc 2000—37, ‘ which provides a new safe harbour that may be used to qualify a reverse like-kind exchange for real estate as a tax-deferred exchange under section 1031. Read More
TRA ’97 added IRC Section 645, which permits an executor and a trustee to elect that a qualified revocable trust be treated and taxed as part of a descendent’s estate for income tax purposes. Read More
In a recent case, the Tax Court held that a withdrawal from an IRA (individual retirement account) was a taxable event even though the IRA owner claimed that it was a nontaxable transfer pursuant to a divorce decree. Read More
Being able to gain control of one’s individual personal finances is an almost impossible task. Read More
Gifts to family members, charities and others who may be object of the donor’s bounty, are an effective way to reduce the taxable estate and to split income for income tax purposes. Read More