Overview of New Section 385 Regulations

The IRS has issued final and temporary regulations under Code Section 385. These provisions, intended to limit earnings stripping, will enhance the IRS’ ability to characterize related party ownership arrangements, purportedly established as debt, as equity instead.

One set of rules provides prerequisite requirements …

Recent News

11 Jan 2020

Private Foundations Gain a Small Tax Break on Investment Income

The SECURE Act stole all of the end of year thunder regarding changes in federal taxes. However, other changes were enacted. One of these was the repeal of Code Section 4940(e).

Code Section 4940 previously imposed. . .

30 Dec 2019

Lovest v. Mangiero

By Jenna G. Rubin, Esq.

This decision illustrates some of the difficulties that arise when guardianship and estate proceedings intersect. Here, after the ward died, the guardian and then personal representative sought to pay some of the ward’s creditors using artwork done by the decedent, an artist. One of the beneficiaries of the ward’s estate objected, arguing that the guardianship court’s orders violated her due process rights, the guardianship court lacked subject matter jurisdiction and the guardian should have provided proper accountings.

28 Dec 2019

NO REASONABLE CAUSE DEFENSE FOR FBAR FAILURE

08 Dec 2019

WHO SHOULD OWN THE CAR? [FLORIDA]

For liability protection, the question regularly comes up who in the family should own the cars. Ask a number of lawyers and you are likely to get a number of different answers.

Note that there are generally two (or more) people who can be liable when a negligently driven vehicle injures another person or another person’s property. The driver is going to be responsible for their own negligence. This is the primary liability, and is unlimited. The owner of the car is also liable – but this liability is limited to $500,000. If the driver has their own property and bodily injury insurance coverage, then this cap is even lower. See Fla.Stats. §324.021(9).

As between spouses, my rule of thumb is that when the wealth . . .

24 Nov 2019

Applicable Federal Rates – December 2019

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