The Tax Court held that an estate could deduct as an administration expense interest incurred when a trust that was part of the estate borrowed funds to enable the estate to pay its federal estate tax.
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Category Archives: Estate Tax
Estate May Deduct Interest on Loan Between Two Trusts
4 Reasons Boomers Need Bigger Nest Eggs than Their Parents
People often ask how baby boomers compare with their parents in terms of being prepared for retirement. The easiest way to answer that question is to look at the ratio of wealth to income from the Survey of Consumer Finances (SCF), the Federal Reserve’s comprehensive survey of household wealth in the United States. The notion…
The 10 Most Powerful Postmortem Planning Pointers for Trusts and Estates
After a client passes away, there is much more to do than just prepare a final Form 1040, U.S. Individual Income Tax Return. Taking control of the postmortem planning process can be a powerful way to save tax dollars for the decedent’s estate and family. Postmortem planning also applies to federal Form 706, United States…
Deadline Looms for Filing Estate Tax Election for 2010 Decedents
The Section 1022 election to opt out of the federal estate tax and into the modified carryover basis regime for the estates of people who died in 2010 is coming up in mid-January. The election must be made on a Form 8939, “Allocation of Increase in Basis for Property Acquired from a Decedent,” and must…
Congressman Proposes Raising the Estate Tax
A senior member of the tax-writing House Ways and Means Committee has introduced legislation to roll back the estate tax rates to pre-Bush tax cut levels. Rep. Jim McDermott, D-Wash., introduced the bill, known as the Sensible Estate Tax Act of 2011, on Thursday. The bill would bring the estate tax rates back to their…
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