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New PLR Addresses Special Trustee's Power to Limit or Eliminate Testamentary General Power of Appointment
Category: Tax
IRS Rules Appointment of Special Trustee and Special Trustee’s Subsequent Exercise of Power to Limit or Eliminate Trust Beneficiary’s Testamentary General Power of Appointment Will Not Constitute Exercise or Release for Purposes § 2514 or § 2041 of the Code The IRS recently issued a private letter…
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Why 2019 Will Be the Year of Opportunity (Zones)
Category: Tax
One of the more significant additions to the Tax Code under the 2017 Tax Cuts and Jobs Act was the creation of an incentive program for investment in certain low income communities called “Opportunity Zones.” The program is designed to spur economic investment in distressed areas by allowing…
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Divorce and the New Tax Law
Category: Tax
A change in the tax law will eliminate a tax break for alimony payments made pursuant to divorces that are finalized after December 31, 2018. For 2018, alimony (or spousal support or spousal maintenance) is tax deductible by the payor and taxable to the payee. This means that if you are the person…
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Repeal of the Personal Property Like-kind Exchange (… or, the Swap of §1031 for Increased Bonus Depreciation and Expensing)
Category: Tax
One of the lessor discussed items in the recently enacted Tax Cuts and Jobs Act (“TCJA”) has been the change to Section 1031, limiting the like-kind exchange provisions to exchanges of real property only. Section 1031 of the Internal Revenue Code provides an exception to the general gain…
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Tax Practitioners May Use Return Information to Market to their Return Preparation Clients, But Some Use and Disclosures Require Written Consent Beforehand
Category: Tax
Accounting firms have specific rights and duties that come into play when they market to their clients using data gleaned from the return preparation process. The general rule is that returns and return information cannot be disclosed without consent. For example, on the government side Section…
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