Archive for the ‘legal updates’ Category

White v. Marks

April 19th, 2021 by Charles Rubin

By Jenna G. Rubin This decision involves a strange set of facts under which a purported heir attempted to assert rights as a beneficiary and child of the decedent, even though she was neither the biological child of the decedent nor adopted by him. The decedent’s will specifically provided that the decedent “intentionally made no […]

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Taxpayers and planners love to use valuation reductions for partial interests in entities as a method for reducing transfer taxes. Such reductions and discounts can be a two-edged sword, however. The Ahmanson and Chenoweth cases point out that when a majority interest in an entity is included in a taxpayer’s gross estate, the valuation discounts will typically be substantially […]

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Cryptocurrency is treated like any other investment asset for federal income tax purposes and not “money.” Therefore, taxpayers that sell cryptocurrency for a gain incur taxable capital gains for income tax purposes. It is likely that a fair amount of cryptocurrency has been sold for gain by U.S. taxpayers without that being reported – either […]

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  • Comments Off on Cryptocurrency and the IRS – Some Important Updates

The IRS may assess penalties for a person’s failure to file a required FBAR. If the person’s failure to file was willful, the IRS can impose a penalty equal to 50% of the account balance or $100,000, whichever is greater.  If an individual dies, can the IRS assess and collect an FBAR penalty for failing […]

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  • Comments Off on FBAR Penalties Survive Death

In an interesting case, two doctors co-signed a promissory note with others of an LLC where they were members, and that was their employer, payable to a bank. They later left the practice, and the LLC sought to collect from them their share of the liability to the bank. An interesting aspect of suretyship law […]

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  • Comments Off on A Co-Maker of a Promissory Note Is Not Always Liable to the Co-Signer [Florida]

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