Wealth Strategies Journal 2.0 (Beta)

Recent Posts from Wealth Strategies Journal 2.0 (Beta)

• PLR 200947006: IRS Comments on Treatment of Life Insurance Policies Owned by Partnerships and Trusts

  In PLR 200947006, the IRS ruled that the proceeds of two whole life insurance policies received by a limited partnership on a taxpayer's death will not be included in the taxpayer's gross estate under sections…

• PLR 200947021: Trust Income Exempt of Essential Government Function

  In PLR 200947021, the IRS ruled that income from a trust providing health and welfare benefits to retired state employees is excludable from gross income under section 115.  In addition, the IRS ruled that trust…

• Tax Court Memorandum by Julian I. Jacobs: Estate of Gertrude M. Ball et al. v. Commissioner

  The United States Tax Court has published a memorandum opinion by Judge Julian I. Jacobs, a U.S. Tax Court Judge, entitled "Estate of Gertrude M. Ball et al. v. Commissioner of Internal Revenue."    The…

• Steve Akers' Summary of Final Section 2053 Regulations

  Steve Akers, Associate Fiduciary Counsel, Bessemer Trust, provides the following summary of the final Section 2053 Regulations:Final regulations (effective for decedents dying after October 19, 2009) continue the general concept in proposed regulations of allowing…

• IRS Submits Forms and Regs for Office of Management and Budget Review

  The Treasury Department, acting on behalf of the IRS, has submitted various forms and regulations to the OMB for review and clearance.   Comments addressed to the OMB are due by December 16, 2009.  See 2009…

• IRS E-Mail Correspondence: Guidance on Revocable Trust Question

  Tax Notes has published IRS e-mailed advice that gave guidance on a revocable trust question, advising that the issue likely varies on a state-by-state basis.  See 2009 Tax Notes 218-81 (November 13, 2009)Posted by Jessica…

• PLR200946027: Extension Granted to Treat Marital Trust as Separate Trusts

  In PLR200946027, the IRS has granted cotrustees of a marital trust an extension to make an election to treat the martial trust as two separate trusts. Posted by Jessica DiLorenzo, Associate Editor, Wealth Strategies Journal.

• PLR 200946001: Extension Granted to Allocate GSTT Exemption

  In PLR200946001, the IRS granted an individual an extension to allocate his available generation-skipping transfer tax exemption to a transfer of trust. Posted by Jessica DiLorenzo, Associate Editor, Wealth Strategies Journal.

• PLR200946028: Utility's Trust Income is Tax Exempt as Exercise of Essential Government Function

  In PLR200946028, the IRS ruled that the income from a trust created by a public utility to provide medical benefits to eligible retirees and their dependents is excludable from gross income under section 115(1) because…

• PLR 200946010: Trust Income is Exempt as Exercise of Essential Government Function

  In PLR200946010, the IRS ruled that income from a trust providing health and welfare benefits to retired state employees is excludable from gross income under section 115 and that trust contributions and amounts for group-term…