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Schaefer Estate: No Estate Tax Deduction for Nonqualified NIMCRUTs

Wednesday, July 29, 2015

In Estate of Schaefer v. Commissioner, the Tax Court disallowed claimed deductions on a decedent's estate tax return for the remainders of two inter vivos NIMCRUTs which had not met the statutory requirement the present value of the remainder at inception be at least ten percent.

Six PLRs Approve Settlement Affecting GST Exempt Trust

Monday, July 27, 2015

In six identical rulings, numbered PLRs 201530008 through 201530013, the Service ruled the settlement of a controversy among beneficiaries of a pre-1985 trust would not affect its grandfathered GST tax-exempt status or trigger any income or transfer tax liabilities.

PLR 201530023 - Scholarship Exception Ruling

Monday, July 27, 2015

In PLR 201530023, the Service determined a private foundation's grants to individuals would fall within the scholarship exception to the general prohibition against taxable expenditures.

Art Advisory Panel Releases 2014 Report

Monday, July 27, 2015

Last week, the IRS Art Advisory Panel ("Panel") released its summary report for calendar 2014.

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