According to Internal Revenue Code Section 1014 the basis of property acquired from a decedent is the fair market value of the property at the date of the decedent’s death. In an environment of inflating asset prices this usually means that the…
What is an "alter ego" allegation? Aside of course being one of several nuanced yet distinct stages of intoxication, when it comes to the IRS it seems from my perspective that there are several elements of the alter ego doctrine…
IRS Notice 2011-82 makes available the ability for taxpayers to pass along their unused estate & gift tax exclusion amounts to their surviving spouse if an estate tax return is filed. This new portability election allows estates of married taxpayers to…
Under IRC §170(c)(2)(A) generally speaking when a trust uses its income to buy an asset and in a later year gives that asset to a charity it is allowed a charitable deduction. Chief Counsel Advice 20104202 stipulates however that if the deduction was…
For tax purposes a Simple Trust requires that all income generated by the trust be distributed each year to the trust’s beneficiaries. Even if a trust distributes all its income every year this alone does not necessarily make it a…
IRS PTIN: P00605639
Enrolled Agent #: 85353
Email: john@johnrdundon.com
