In Landow, TC Memo 2011-177, the Tax Court has determined that a 90% “loan transaction program” was in fact a taxable sale of the debt instruments that purportedly collateralized the loan. The Court also rejected the taxpayer’s argument that he should qualify for nonrecognition of gain under Code Sec. 1042, noting that the fact that the debt instruments were ultimately sold by the “lender” was irrelevant since the operative sale for Code Sec. 1042 purposes was

Continental Airlines in Brown v. Continental Airlines, Inc., (2011, CA5) 2011 WL 2780505 was not entitled to recover pension plan distributions that were paid to the ex-spouses of a group of divorced plan participants, even though the payments were made on account of alleged “sham” divorces, since ERISA does not authorize plan administrators to consider the subjective intentions or good faith underlying a divorce. Beliveau Law Group: Massachusetts | Florida | New Hampshire The attorneys at

In Zapara v Comm (CA 9 7/18/2011) 108 AFTR 2d ¶ 2011-5084 , the IRS appealed Tax Court’s ruling to the Court of Appeals for the Ninth Circuit.  This appeal presented the question, inter alia, of whether the Tax Court had jurisdiction in a hearing conducted pursuant to 26 U.S.C. § 6330 to review the Internal Revenue Service’s failure to comply with its statutory mandate under 26 U.S.C. § 6335(f).  The Appeals Court conclude that it did

The AARP has published Valuing the Invaluable 201:1 Update The Growing Contributions and Costs of Family Caregiving showing huge tolls on family caregivers.  The 2009 estimated economic value of family contributions was approximately $450 billion. See National Public Radio article relating to the study.  (audio available) The Beliveau Law Group: Massachusetts | Florida | New Hampshire The attorneys at The Beliveau Law Group provides legal services for estate planning (wills and trusts), Medicaid (planning and applications),

On July 7, IRS announced on its website that it will no longer pursue the issue of whether the gift tax applies to contributions made to Code Sec. 501(c)(4) social welfare organizations. An accompanying memo from IRS’s Deputy Commissioner for Services and Enforcement formalizes the decision with instructions to IRS personnel to stop pursuing the issue. IRS’s decision to throw in the towel on the issue comes in the wake of withering criticism from Congressional Republicans

The Ninth Circuit Court of Appeals has affirmed a March 2009 memorandum opinion of the U.S. Tax Court which held that a decedent’s estate included assets that she transferred to two family limited partnerships. There was no bona fide sale, and she retained control over the assets transferred. The Beliveau Law Group: Massachusetts | Florida | New Hampshire The attorneys at The Beliveau Law Group provides legal services for estate planning (wills and trusts), Medicaid (planning

The Internal Revenue Service will open the doors to dozens of its Taxpayer Assistance Centers across the country this coming Saturday, July 16, 2011, to answer taxpayer questions and provide help with tax filing issues.

Illinois has enacted Public Act 96-1195 in an effort to curb the rise of financial abuse on elders by their agents under the power of attorney. The Beliveau Law Group: Massachusetts | Florida | New Hampshire The attorneys at The Beliveau Law Group provides legal services for estate planning (wills and trusts), Medicaid (planning and applications), probate (estate and trust administration), business law (formation and operation), real estate (residential and commercial), taxation (federal and state), and