In two recent estate tax cases—Estate of Powell and Estate of Cahill—the Tax Court sided with the IRS and included assets in a taxpayer’s estate that had been previously gifted to family members. These cases have significantly altered planning considerations for family limited partnerships (“FLPs”) and family limited liability companies (“FLLCs”).
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On April 23, 2015, North Carolina’s state fiduciary income tax was held to be unconstitutional as imposed upon the income earned and accumulated by an out-of-state trust in the case of The Kimberly Rice Kaestner 1992 Family Trust v. North Carolina Department of Revenue by the North Carolina Business Court.
READ MORE In August, the U.S. Tax Court issued an extremely taxpayer favorable Section 1031 like-kind exchange decision.
READ MORE While your middle-market business may be thriving, you must act to preserve and protect your accomplishments with an eye on the horizon.
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