DOCSLIB.ORG

October 2003 Issue

Total Page：16

File Type：pdf, Size：1020Kb

Download full-text PDF Read full-text
October 2003 Issue THE TEXAS October, 2003 TAX LAWYER Vol. 31, No. 1 ✯ www.texastaxsection.org TABLE OF CONTENTS The Chair’s Message . 1 Jasper G. Taylor, III 2003-2004 Calendar . 3 Jasper G. Taylor, III Legislative Update: “No New Taxes” But Still Worth a Look: State Tax Developments . 6 in the Regular Session of the 78th Legislature Geoffrey R. Polma and Daniel L. Timmons Corporate Tax: Recent Developments . 13 Ron Kerridge Estate and Gift Tax: Recent Developments . 15 Stephen C. Simpson Property Tax: Recent Developments. 21 John Brusniak, Jr. Partnership and Real Estate Tax: Recent Developments . 30 Brandon Jones Tax Controversy: Recent Criminal Tax Developments. 30 Josh O. Ungerman Tax-Exempt Organizations: Recent Developments . 33 Tyree C. Collier Texas Nonprofits Navigate Ins and Outs of Tax Law. 34 Amy Gentry New Policies with Respect to the Business Purpose Requirement . 35 for Code Section 355 Transactions Shilpa N. Jariwala Pre-Immigration Tax Planning - Avoiding Installment Sale Treatment . 37 William H. Newton, III Disputes Among Partners Resulting in the Sale of Partnership Assets. 39 Martin M. Van Brauman From The Ground Up: An In-depth Analysis of Build-to-Suit and Related Party Exchanges. 41 Brad Borden What You Should Know About your GRAT (Grantor Retained Annuity Trust). 57 Noel Ice Tax Section Leadership Roster . 89 Committee Selection Form . 93 The name and cover design of the Texas Tax Lawyer are the property of the State Bar of Texas, Section of Taxation Texas Tax Lawyer, October, 2003 1 CHAIR'S MESSAGE While it is certainly a great honor to begin my term as Chair of the Section of Taxation, our Annual Meeting on Friday the 13th represented an inauspicious start - worthy of the connotation that day represents for those of us who are superstitious. Rather than the election of the Nominating Committee slate of Officers and Council members by acclamation - which has occurred on a regular basis for as long as I have been involved in Section activities - there instead was a hotly contested election that began with a group of five Section members nominating each other for the positions of Chair-Elect, Secretary, and the three Council member positions that were open. Although the person nominated for Chair-Elect by this group freely admitted that he had never participated in any Section activities previously - much less occupied leadership positions - this group indicated at the Annual Meeting that the nominations were occurring because the Section had ignored the concerns of solo practitioners/small firms and their clients. For a time that Friday the 13th, it appeared that this group would prevail, since there had been no notice of their intentions, and bad weath- er in Dallas had prevented some of our Section members from making it to Houston. Fortunately, because the word spread to Section members who were at meetings throughout the Houston meet- ing sites, the final votes were in favor - but by the slimmest of margins - in favor of the Nominating Committee's slate of R. David Wheat (Chair-Elect); William P. Bowers (Secretary); and Daniel J. Micciche and Josh O. Ungerman (two of the three Council member positions open). However, Christina Mondric, a member of a five lawyer firm in Austin who has provided years of hard work and leadership, was defeated by a single vote, resulting in one of the group's nominees - R. Rhett Buck - being elected. The other officers and Council members who will serve for 2003-2004 are Gene Wolf, Treasurer; Tina R. Green, Newsletter Editor; Kevin J. Thomason; Steven D. Moore; Jeffrey E. Sher; Allen B. Craig; Larry Jones; Tyree Collier; and G. Walter McCool, Chair Website/E-Communications. In sum, the Section was for a time on the brink of being taken over by a small group that took well-planned actions - without prior notice - at our Annual Meeting, rather than leadership passing to a slate of people who had worked for many years in leadership roles on behalf of the Section. Frankly, our Bylaws allow that sort of thing to occur, and one of the things that I will ask the Council to consider is amending our Bylaws in order to ensure that nominations are made with ample notice to the entire Section, and with an opportunity for Section members to consider the qualifi- cations of those who wish to serve as Officers or Council members, before a vote is taken. Other projects which I will ask the Council to consider and implement include the following: 1. Development of prototype committee meeting formats/mechanics. 2. Liaison with Texas Community Building with Attorney Resources (known as "Texas C-BAR"), a statewide pro bono initiative for transactional attorneys. 3. Consideration of a grant program or other financial assistance for projects at law schools or other academic institutions that will be of benefit to the Section. 4. Increasing the profile of Section members with federal, state and local tax officials. Finally, as provided for in our bylaws, I have appointed three ex-officio members of Council to serve for the 2003- 2004 term (in alphabetical order): Eleanor Kim (formerly of the Comptroller's General Counsel office, but soon to be Chief Administrative Law Judge); Bernard B. Nelson, IRS Area Counsel (Natural Resources); and William P. Streng, Professor at the University of Houston Law Center. We are quite fortunate to have Eleanor, Bernie, and Bill agree to serve, and I feel sure their perspectives will be of great value to the Council over the coming year. Please feel free to e-mail me with any suggestions you have for projects your leadership should consider over the next year. Jasper G. Taylor, III Chair, Section of Taxation State Bar of Texas 2 Texas Tax Lawyer, October, 2003 CONGRATULATIONS!! to Vester T. Hughes, Jr 2003 recipient of the Outstanding Tax Lawyer Award The first presentation of the Outstanding Tax Lawyer Award was made to Vester T. Hughes, Jr. at the 2003 Advanced Tax Course held in Dallas, Texas, on September 19, 2003. The selection of Vester Hughes sets a high standard for all future recipients. His career as a tax lawyer spans six decades during which he has been an important part of the local, state and national tax practice. Contrary to popular opinion, Mr. Hughes did not start life as the Tax Czar. He grew up in a small ranching community close to San Angelo. In 1949, he graduated from Rice with degrees in physics and math, and in 1952, graduated from Harvard Law School. Following graduation, Mr. Hughes served as the law clerk to U.S. Supreme Court Justice, Tom Clark, and then after his judicial clerkship, he served in the U.S. Army during the Korean War. Mr. Hughes returned to Dallas after the war and started law practice as an associate with the law firm that would become Jackson Walker. He continued with that firm for 16 years until 1976 when he joined the law firm that would become the firm that bears his name, Hughes & Luce. Mr. Hughes is one of the world’s top tax experts and his accomplishments are many. He has served as the Chairman of the Tax Section of the Texas State Bar; as member of the Council of the Taxation Section of the ABA; member of the Council of the American Law Institute; visiting professor of law at Southern Methodist University Law School; Institute Chairman of the Taxation Division of the Southwestern Legal Foundation. He is also the author of many tax publications and a frequent lecturer at tax institutes. Mr. Hughes is an active participant in a number of charities. He has served as a trustee of the Texas Scottish Rite Hospital for Children since 1967 and has served as a member of the Board of Directors of the Juvenile Diabetes foundation since 1982. Mr. Hughes has argued a number of cases before the U.S. Supreme Court and U.S. Court of Appeals, advised congressional committees and administrative agencies regarding tax laws, and represented public companies such as American Airlines and Electronic Data Systems. With all that said, when thinking of words to describe Vester T. Hughes, Jr. and the values he has taught those that have followed him in practice, people choose such words as: ethical, and principled, a lawyer of integrity and character, and a friend and mentor to many. Texas Tax Lawyer, October, 2003 3 SECTION OF TAXATION OF THE STATE BAR OF TEXAS 2003-2004 CALENDAR July 11 New Chair/Treasurer Orientation, Texas Law Center - Austin 15 Quarterly dues check mailed to section treasurers August 1-2 Local Bar Leaders Conference, Omni Mandalay, Las Colinas 10 Texas Bar Foundation grant application deadline September 1 Inform State Bar of section's Annual Meeting program chair 12 Council of Chairs meeting, Austin 21 State Bar of Texas CLE 21st Advanced Tax Law Course (co-sponsored by the Section of Taxation) in Dallas, Texas. For more information, visit www.TexasBarCLE.Com click on "Courses" and search Practice Areas for "Tax" 26 10:00 a.m. - 12:00 p.m. Council/Committee Chairs Meeting MANDATORY IN PERSON ATTENDANCE BY ALL COUNCIL MEMBERS AND EITHER CHAIR OR VICE CHAIR Fulbright & Jaworski L.L.P. 1301 McKinney, Suite 5100 Houston, Texas 77010-3095 713-651-5100 October 3 SBOT section program chair: Select program and proposed speakers for SBOT Annual Meeting 2004 15 Quarterly dues check mailed to section treasurer 4 Texas Tax Lawyer, October, 2003 November 14 10:00 a.m. - 12:00 p.m. Council/Committee Chairs Meeting Fulbright & Jaworski L.L.P. 1301 McKinney, Suite 5100 Houston, Texas 77010-3095 713-651-5100 December 12 Prepare section mid-year report (due Jan.
Load more

Recommended publications
  • Report of the Tax Fairness Commission Commonwealth of Massachusetts March 1, 2014
    Report of the Tax Fairness Commission Commonwealth of Massachusetts March 1, 2014 I. EXECUTIVE SUMMARY Introduction The Tax Fairness Commission was established by the Massachusetts Legislature in 2013 as part of the Act Relative to Transportation Finance. The Commission was charged with analyzing a broad array of the Commonwealth’s tax laws and focused on the equity of current tax policies. The fifteen member bipartisan Commission met publicly eight times from September 2013 until February 2014. The Commission reviewed data and analysis prepared by the Department of Revenue, the Institute on Taxation and Economic Policy, the Joint Committee on Revenue, Massachusetts Budget and Policy Center, the Massachusetts Taxpayers Foundation, the Pioneer Institute, and others. After fully engaging in a broad, comprehensive, and lively debate, the Commission now issues this report. Finding The Commission concluded the following: That the overall tax system in Massachusetts is regressive, meaning middle- and low- income taxpayers pay a larger share of their income in taxes than high-income taxpayers. Recommendations The Commission voted on a number of proposals that strive to make the overall tax system fairer in Massachusetts. By majority vote, the Commission recommends the following: • Institute a graduated income tax through a Constitutional amendment. • Institute the following package proposal: o Increase the state funded match of the federal EITC from its current 15% rate and retain its refundability. o Expand the property tax circuit breaker, which is currently limited to senior citizens, to make all low-income individuals and families eligible. o Raise the current personal exemption on single filers, heads of households, and married filing jointly.
    [Show full text]
  • Effects of Federal Tax Policy on Agriculture
    Effects of Federal Tax Policy on Agriculture. By Ron Durst and James Monke. Food and Rural Economics Division, Economic Research Service, U.S. Depart- ment of Agriculture, Agricultural Economic Report No. 800. Abstract This report analyzes the effects of the current Federal tax code on farming and evaluates tax proposals to assist beginning farmers. Investment, management, and production decisions in agriculture continue to be influenced by Federal tax laws. Farmers continue to benefit from both Federal income and estate tax policies tar- geted to agriculture. These provisions exert upward pressure on farmland values and help support ongoing trends that increase the number of very small and large farms. However, the influence of the current tax structure with lower marginal tax rates and a broader income base is less than in earlier decades and may be small relative to government farm programs. Tax proposals to assist beginning farmers would likely increase the availability of land for lease or purchase, but would do little to make land more affordable. Keywords: Federal tax policy, income tax, social security tax, structure, small farms, estate and gift tax, capital gains, farm losses Disclaimer: Readers should not construe information in this report as advice given by the U.S. Department of Agriculture but should consult with their own attorneys or the Internal Revenue Service for tax advice. Washington, DC 20036-5831 April 2001 Contents Summary . .iv Introduction . .1 Federal Taxes and Farmers . .1 Farm Typology and Data . .2 Federal Income Tax Policies . .5 Individual Tax Rates and Taxable Income . .5 The Farm Income Tax Base . .6 The Farm Household Income Tax Base .
    [Show full text]
  • Report of the Tax Study Commission of the State of North Carolina
    REPORlS REPORT of the TAX STUDY COMMISSION of the STATE of NORTH CAROLINA f/J/^^y>U.i \^ ^^ If] ' ^-^U ore I RALEIGH, NORTH CAROLINA 1956 INSTITUTE OF GOVERNMENT LIBRARY This book must not be taken from the Institute of Government Building THE COMMISSION FOR THE STUDY OF THE REVENUE STRUCTURE OF THE STATE Raleigh, North Carohna November 10, 1956 Honorable Luther H. Hodges Governor of North Carolina Raleigh, North Carolina Dear Governor Hodges: Transmitted herewith is a report of recommendations for changes in the tax statutes suggested by The Commission for the Study of the Revenue Structure of the State. An extensive and intensive study of the revenue structure and the economic im- pact thereof was conducted in accordance with the requirements of Joint Resolu- tion No. 49 of the 1955 General Assembly. Based on the findings of this study the recommended changes are considered both advisable and necessary. Respectfully submitted, Brandon P. Hodges Chairman C. Gordon Maddrey, Vice-Chairman W. P. Kemp, Sr. Frank Daniels E. M. O'Herron, Jr. Howard Holderness James M. Poyner J. Y. Jordan, Jr. R. Grady Rankin ORGANIZATION AND CONTENT OF THE REPORT This report is presented in two parts and an appendix. Two studies made for the Commis- sion on a contract basis are being published separately without any editing by the Commission. If the studies and surveys made at the direction of the Commission and by the staff of the Com- mission were incorporated into this report the length would require several volumes. The limita- tions of publication time and monetary resources preclude the printing of the briefs, studies and surveys.
    [Show full text]
  • Demystifying Tax Deferral Christopher H
    SMU Law Review Volume 52 | Issue 2 Article 5 1999 Demystifying Tax Deferral Christopher H. Hanna Southern Methodist University, Dedman School of Law, [email protected] Follow this and additional works at: https://scholar.smu.edu/smulr Part of the Law Commons Recommended Citation Christopher H. Hanna, Demystifying Tax Deferral, 52 SMU L. Rev. 383 (1999) https://scholar.smu.edu/smulr/vol52/iss2/5 This Article is brought to you for free and open access by the Law Journals at SMU Scholar. It has been accepted for inclusion in SMU Law Review by an authorized administrator of SMU Scholar. For more information, please visit http://digitalrepository.smu.edu. DEMYSTIFYING TAX DEFERRAL Christopher H. Hanna* TABLE OF CONTENTS I. INTRODUCTION ........................................ 384 II. IMMEDIATE DEDUCTION ............................. 386 A . INTRODUCTION ........................................ 386 B. PARTNERSHIP ANALOGY .............................. 388 C. KEY STEPS IN THE PARTNERSHIP ANALOGY ........... 390 III. INSTALLMENT SALES ................................. 391 A . INTRODUCTION ........................................ 391 B. ATTACKING TAX DEFERRAL .......................... 392 C. VARYING TAX RATES ................................. 395 1. Known Capital Gains Tax Rate .................... 395 2. Unknown Capital Gains Tax Rate ................. 396 IV. DEFERRAL OF PREPAID INCOME ................... 398 V. DEFERRED COMPENSATION ......................... 401 A . INTRODUCTION ........................................ 401 B. EMPLOYER IN
    [Show full text]
  • Forest Landowners' Guide to the Federal
    Forest Landowners’ Guide to the Federal Income Tax Forest United States Department of Forest Landowners’ Agriculture Forest Service Guide to the Federal Agriculture Handbook Income Tax No. 731 February 2013 United States Department of Forest Landowners’ Agriculture Forest Service Guide to the Federal Agriculture Handbook No. 731 Income Tax February 2013 John L. Greene, Research Forester, U.S. Department of Agriculture (USDA) Forest Service, Southern Research Station, Research Triangle Park, NC William C. Siegel, Attorney and USDA Forest Service Volunteer, River Ridge, LA William L. Hoover, Professor of Forestry, Purdue University, West Lafayette, IN Mark Koontz, Purdue University, West Lafayette, IN The Office of the Chief Counsel of the Internal Revenue Service reviewed this publication and made valuable suggestions for improvement. Supersedes “Forest Landowners’ Guide to the Federal Income Tax,” Agriculture Handbook No. 718, issued March 2001. The U.S. Department of Agriculture (USDA) prohibits discrimination in all its programs and activities on the basis of race, color, national origin, age, disability, and where applicable, sex, marital status, familial status, parental status, religion, sexual orientation, genetic information, political beliefs, reprisal, or because all or a part of an individual’s income is derived from any public assistance program. (Not all prohibited bases apply to all programs.) Persons with disabilities who require alternative means for communication of program information (Braille, large print, audiotape, etc.) should contact USDA’s TARGET Center at (202) 720-2600 (voice and TDD). To file a complaint of discrimination write to USDA, Director, Office of Civil Rights, 1400 Independence Avenue, S.W., Washington, D.C. 20250-9410 or call (800) 795-3272 (voice) or (202) 720-6382 (TDD).
    [Show full text]
  • Installment Sale to an Intentionally Defective Grantor Trust John B
    College of William & Mary Law School William & Mary Law School Scholarship Repository William & Mary Annual Tax Conference Conferences, Events, and Lectures 2011 Planning for the Next Generation: Installment Sale to an Intentionally Defective Grantor Trust John B. O'Grady Repository Citation O'Grady, John B., "Planning for the Next Generation: Installment Sale to an Intentionally Defective Grantor Trust" (2011). William & Mary Annual Tax Conference. 665. https://scholarship.law.wm.edu/tax/665 Copyright c 2011 by the authors. This article is brought to you by the William & Mary Law School Scholarship Repository. https://scholarship.law.wm.edu/tax ; 1.1 i' , l ! PRESENTED BY: John B. O'Grady Benjarnin S. Candland Relationships That Drive Results 900 LAWYERS I 17 OFFICES I www.mcguirewoods.com ( Step 1: Fund the Trust You establish a grantor trust and make a gift to the Trust. The gift should be between 10-20%) of the appraised value of the asset to be sold. The gift will use some or all of your remaining unified credit. You ~ _____G_if_t ____~~ Trust Step 2: The Sale You sell the assets to the Trust. The Trust gives you a promissory note. Because you are treated as the owner of the Trust, there is no gain or loss recognized as a result of the sale. Transfer of Stock ~ You Trust < Promissory Note Step 3: Payments on the Note Each year the Trust makes principal and interest payments to you. Because the Trust is a grantor trust, you will continue to be taxed individually on the Trust's income and gain.
    [Show full text]
  • Tax Expenditure Report
    Government of the District of Columbia Muriel E. Bowser Mayor Jeffrey S. DeWitt Chief Financial Officer District of Columbia Tax Expenditure Report Produced by the Office of Revenue Analysis Issued September 2018 (this page intentionally left blank) District of Columbia Tax Expenditure Report Office of the Chief Financial Officer ________________________________________________________________________________________________ District of Columbia Tax Expenditure Report Table of Contents ACKNOWLEDGEMENTS ............................................................................................ II INTRODUCTION........................................................................................................... III SUMMARY DATA ON DISTRICT OF COLUMBIA TAX EXPENDITURES .... XII I. FEDERAL CONFORMITY TAX EXPENDITURES ............................................................................. XIII II. LOCAL TAX EXPENDITURES ....................................................................................................... XX III. LOCAL INDIVIDUAL TAX EXPENDITURES .................................................................................. XXXI PART I: FEDERAL CONFORMITY TAX EXPENDITURES ................................. 35 INCOME TAX ................................................................................................................ 36 EXCLUSIONS ..................................................................................................................................... 36 ADJUSTMENTS ...............................................................................................................................
    [Show full text]
  • Forest Landowners' Guide to the Federal Income
    United States Department of Agriculture Forest Landowners’ Forest Service Guide to the Federal Agriculture Handbook No. 718 Income Tax United States Department of Forest Landowners’ Agriculture Guide to the Federal Forest Service Income Tax Agriculture Handbook No. 718 Harry L. Haney, Jr., Garland Gray Professor of Forestry, Department of Forestry, Virginia Polytechnic Institute and State University, Blacksburg, Virginia William L. Hoover, Professor of Forestry, Purdue University, West Lafayette, Indiana William C. Siegel, Attorney and Forest Service Volunteer, River Ridge, Louisiana John L. Greene, Research Forester, USDA Forest Service, Southern Research Station, New Orleans, Louisiana The Office of the Chief Counsel of the Internal Revenue Service reviewed the manuscript and made many valuable suggestions for improvement March 2001 Supersedes “Forest Owners’ Guide to the Federal Income Tax,” Agriculture Handbook No. 708, issued October 1995 The U.S. Department of Agriculture (USDA) prohibits discrimination in all its programs and activities on the basis of race, color, national origin, sex, religion, age, disability, political beliefs, sexual orientation, and marital or family sta- tus. (Not all prohibited bases apply to all programs.) Persons with disabilities who require alternative means for com- munication of program information (Braille, large print, audiotape, etc.) should contact USDA’s TARGET Center at (202) 720-2600 (voice and TDD). To file a complaint of discrimination, write USDA, Director, Office of Civil Rights, Room 326-W, Whitten Building, 1400 Independence Avenue, SW, Washington, DC 20250-9410 or call (202) 720-5964 (voice and TDD). USDA is an equal opportunity provider and employer. ii Abstract Harry L. Haney, Jr., William L. Hoover, William C.
    [Show full text]
  • Selected Recent Federal Income Tax Developments Ira B
    College of William & Mary Law School William & Mary Law School Scholarship Repository William & Mary Annual Tax Conference Conferences, Events, and Lectures 1998 Selected Recent Federal Income Tax Developments Ira B. Shepard Repository Citation Shepard, Ira B., "Selected Recent Federal Income Tax Developments" (1998). William & Mary Annual Tax Conference. 355. https://scholarship.law.wm.edu/tax/355 Copyright c 1998 by the authors. This article is brought to you by the William & Mary Law School Scholarship Repository. https://scholarship.law.wm.edu/tax SELECTED RECENT FEDERAL INCOME TAX DEVELOPMENTS Questions to The Honorable Mary Ann Cohen Chief Judge, United States Tax Court By Professor Ira B. Shepard University of Houston Law Center December 5, 1998 i. Pages 1-2 (#A2): In Straight the Tax Court penalized the I.R.S. $5,000 because the revenue agent made changes to her report and later testified inconsistently about the matter, thereby causing the taxpayer to incur extra attorney's fees. Fees were not awarded under §7430, presumably because the taxpayer did not prevail in the case. What sanctions are available in these circumstances? ii. Page 23 (#C2):Estate of Davis is a valuation case, and you told us in prior years that valuation cases and other factual cases are typically memorandum opinions. What was special about this one that causes you to characterize it as a published opinion? Note, also, the Eisenberg case at #C3. II:./ Page 25 (#D6): Last year we discussed Winn, which was withdrawn simultaneously with the release of the opinion in Mel T. Nelson. Can you say anything more about the change of position? Iv.
    [Show full text]
  • Form IT-203-I)
    Department of Taxation and Finance IT-203-I Instructions Instructions for Form IT-203 Nonresident and Part-Year Resident Income Tax Return New York State • New York City • Yonkers • MCTMT (including instructions for Forms IT-195, IT-203-ATT, and IT-203-B) Before you prepare a paper return, consider filing electronically • Electronic preparation and filing is fast, easy, and secure. • Electronic filers get their refunds up to twice as fast as paper filers. • The user-friendly software ensures you file all the right forms and don’t miss out on valuable credits. Visit www.tax.ny.gov to file and learn more. If you do file a paper return, you may need these additional forms, as well as credit claim forms. Use Form: to: IT-2 report wages and NYS, NYC, or Yonkers tax withheld (do not submit Form W-2). IT-195 allocate all or a portion of your personal income tax refund to a NYS 529 account. IT-196 claim the New York itemized deduction. IT-201-V make a payment by check or money order with your return. IT-203-B allocate nonresident and part-year resident income and use the college tuition itemized deduction worksheet. IT-1099-R report NYS, NYC, or Yonkers tax withheld from annuities, pensions, retirement pay, or IRA payments (do not submit Form 1099-R). IT-203-ATT report other NYS or NYC taxes or to claim credits other than those reported on Form IT-203. IT-225 report NY addition and subtraction modifications not reported directly on Form IT-203.
    [Show full text]
  • Liens, Taxes, and Foreclosures
    Liens, Taxes, and Foreclosures This course will provide a comprehensive study of all aspects of liens, titles and foreclosures, addressing all types of liens and their classifications. The course also will discuss taxes and their importance in the real estate industry. Finally, it will cover foreclosures and how to delay and dispute them. Chapters: • Chapter One: Liens • Chapter Two: Real Estate Tax Liens • Chapter Three: Taxes • Chapter Four: Foreclosures Learning Objectives: • Understand the difference between general and specific liens • Describe Ad Valorem taxes and the governmental bodies that impose them • Describe special assessment taxes and why they are in place • Identify the two components of depreciation and the basis of depreciation • Understand installment sales and how they are determined • Identify capital gain on home sales and the types of capital gain • Comprehend various types of foreclosures • Understand how to delay a foreclosure • Identify the obligations required of a buyer in a foreclosure Liens, Taxes, and Foreclosures Page 1 Chapter One: Liens all others, with some exceptions. The exceptions are for the following: • a judgment lien creditor who acquired a right, title, Introduction or interest, prior to the recording of the property A lien is a claim against property, made in order to tax lien; secure payment of a debt. The lien makes the property • holders of a security interest or mechanic’s lien; collateral against monies or services owed to another • a person or entity who bought the property or took person or entity. Collateral is an asset that has been title to it without knowledge of the lien. pledged by the recipient of a loan as security on the value of the loan.
    [Show full text]
  • Slides for 4.1.21
    Senate Estate And Gift Tax Bill Presented by: Alan Gassman [email protected] Brandon Ketron [email protected] Saturday, April 3rd, 2021 11 to 11:30 AM EDT (30 minutes) 1 1245 Court Street, Clearwater, FL 33756 https://leimbergservices.com/wdev/register.cfm?id=1098 Copyright © 2021 Gassman, Crotty & Denicolo, P.A. | Estate and Gift Tax | 4.3.21 2 Protective Trust Logistical Chart Life Insurance During both Trust First Dying Spouse’s Surviving Spouse’s (Irrevocable and spouse’s Owns Life Insurance lifetimes: on First Dying Revocable Trust Revocable Trust Spouse) Upon first Remaining death in $11,700,000* 2021: Assets During Family Held for surviving QTIP Non- Surviving Spouse’s Revocable Trust Surviving Spouse (By-Pass) (Will include assets owned jointly on first spouse’s GST Trust & Children Generation Skipping Trust (Marital Deduction Trust that death) remaining (Not taxed in surviving spouse’s estate) is not generation skipping) lifetime: Surviving spouse $6,500,000? Upon can have the right $15,000,000? Remaining to redirect how Assets second assets are Who knows? distributed on death: second death. May be Generation Children’s Skipping to be held After deaths Generation Skipping Generation Skipping Children’s Trust (or as Separate Trusts of both Trusts for Children Trusts for Children Trust (or for Children distributions) (Will merge with first dying spouse’s Generation spouses: Skipping Trusts shown on left) distributions) Benefits children and grandchildren. Benefits children. Benefits children and grandchildren. Benefits children. Not estate taxable in their estates. Taxable in their estates. Not estate taxable in their estates. Taxable in their estates.
    [Show full text]