Lessons from the Tax Court: Smaldino v. Commissioner
A recent Tax Court case, Smaldino v. Commissioner, T.C. Memo. 2021-127, provides important lessons on gifting. The Tax Court found that Louis Smaldino understated the size of his gift to a trust set up for his children because he never effectively transferred a portion of the assets to his wife…
Make Your Year-End Charitable Gifts to Take Advantage of Expanded Tax Benefits
November 17, 2021
by Ashley Edwards
Because of the hardships from the COVID-19 pandemic and several weather related events, the demand on charitable organizations has increased significantly this year, increasing the need for charitable giving. Tax benefits to both individual and corporate donors for contributions made to charitable…
Like-Kind Exchanges Under IRC Section 1031: A Primer
October 22, 2021
by B. Wade Bowen
Individual and business clients engaging in real estate transactions often have an interest in like-kind exchanges under Internal Revenue Code Section 1031 (hereinafter “1031” or “Section 1031”). Clients are usually aware that a properly structured 1031 exchange can reduce tax liability, but have…
Do I Need to Update My Estate Plan?
If your life changes, so should your estate plan. Marriage, divorce, death of a spouse, a birth and a changing relationship with a child are just some of the life changes that may affect your estate plan. Unfortunately, as your life changes, updating your estate plan is often not the first thing on…
Asset Basis and the Future of the Federal Estate Tax
August 17, 2021
by Casey Dorman Lawson
The federal estate tax is often a topic of conversation especially in regards to the tax rate and the applicable credit or exemption amount; however, currently another aspect of the estate tax is getting attention – Basis. In order to evaluate and understand the proposed changes to the estate tax…