Category Archives: Tax & Estate

Treatise Update – Stocker on Drawing Wills and Trusts (Fourteenth Edition)

Stocker on Drawing Wills and Trusts has been a staple in the library of attorneys and estate planners for more than 50 years, enhanced by hundreds of labor-saving sample forms and clauses. It provides high-quality, comprehensive, field-tested drafting guidance that ensures wills, trusts, and other estate planning documents fully express clients’ wishes without provoking costly legal challenges.

Highlights of the new release include:

Revised § 2:2.2 discusses a New York case addressing whether assets acquired by a testator’s estate after the death of the testator should be distributed pursuant to the terms of a will or by the laws of intestacy.
Updated Chapter 5 includes updated numbers regarding transfer tax rates; federal and state estate tax top rates; and gift, estate, and GST tax exemptions.
Expanded § 10:4.3 gives an update on proposed regulations in connection with the SECURE Act regarding required minimum distributions.
Revised § 13:1.2[B] explores new remote notarization rules.
New § 16:3.4 explains that attorneys should be mindful of their obligations to safeguard client data. For example, in New York State attorneys have an obligation to take reasonable care to protect clients’ confidential information with respect to data stored on attorneys’ electronic devices.

In addition, numbers indexed for inflation have been added throughout the text and the Index has been updated.

On a related note, check out this timely PLI Chronicle article on the new reporting obligations for trusts in Canada.

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Treatise Update – Langer on Practical International Tax Planning (Fifth Edition)

Regularly updated, Langer on Practical International Tax Planning gives you the latest news on the legal, tax, business, financial, social, political, technological, geographical, and regional factors to consider when developing and implementing customized planning strategies for clients. It is an invaluable tool for tax and estate planners, tax attorneys, accountants, and sophisticated investors.

This new release updates the treatise with up-to-date practical information and analysis to help preserve your clients’ assets.

Highlights include:

New section 36:6.1[E] explores a 2002 revenue procedure providing the exclusive steps for requesting a determination under section 4672(a)(2) that a substance be added to, or removed from, the “list of taxable substances” under section 4672(a).
New section 42:1.6[D][7][c] discusses whether a taxpayer is entitled to treat as DPGR gross receipts derived from providing customers access to computer software for the customers’ direct use.
New Chapter 88 explains that in 2022 the Fifth Circuit addressed whether agreements entered into by Exxon (with Qatar and Malaysia) were mineral leases, or mineral “sales.” The court noted that the answer was “worth” a billion dollars.
Miscellaneous revisions are found throughout the other chapters published in this release.

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Treatise Update – Business Taxation Deskbook: Corporations, Partnerships, Subchapter S, and International

Business Taxation Deskbook is a guide to a wide range of domestic and international business tax issues under the federal income tax law as it exists subject to the Internal Revenue Code after the enactment of the Tax Cuts and Jobs Act of 2017 (TCAJA). The book provides a brief introduction to state law issues in business taxation. It also addresses the life cycle of the three principal business entities (that is, C corporations, partnerships, and S corporations), and inbound and outbound cross border transactions.

Highlights of Release #2 include:

New § 1:19 – provides a brief introduction to the taxation of cryptocurrencies.
New § 1:21 – discusses some of the Biden administration’s business-related tax proposals.
New § 1:22 – briefly introduces the OECD’s Pillars One and Two for avoiding abuse in the international tax system.
New § 5:4.1[D][3] – explains a federal district court decision holding that temporary regulations implementing section 245A were invalid because they did not meet the APAs notice and comment requirements.
New § 8:6 – addresses a potential change in the definition of control both for purposes of section 351 and the reorganization provisions.
New § 21:4 – introduces the OECD’s Pillars One and Two, which are designed, inter alia, to prevent a parent company from avoiding tax on income earned by its foreign subsidiaries.

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New Edition! Internal Revenue Service Practice and Procedure Deskbook (Eighth Edition)

PLI Press is proud to announce the publication of the new edition of the Internal Revenue Service Practice and Procedure Deskbook.

The eighth edition contains guidance for representing a client undergoing a civil or criminal tax examination. It presents an overall discussion of IRS procedures and practical and strategic considerations. The Deskbook is an indispensable resource for any individual or entity appearing before the IRS including lawyers, accountants, in-house tax directors, and tax counsel.

Some of the highlights from the new edition include:

Informal guidance to reject research credit claims as nonprocessible to the extent claims do not meet the “sufficiency standard” with respect to five different items of information (see section 8:1.2);
A recommendation that Congress should extend the lookback period when the filing deadline is postponed by the IRS due to a disaster declaration, to the period of the postponement plus three years, plus any extension of time for filing the return (see section 8:1.9[B]);
An explanation that many taxpayers preparing their 2021 returns are now grappling with the 80 percent limit under section 172(a) for the first time (see section 8:3); and
A discussion of whether a partnership may recover litigation costs paid by its partners (see section 18.7.1).

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New Edition! Legal Guide to the Business of Marijuana: Cannabis, Hemp and CBD Regulation (2022 Edition)

PLI Press is proud to announce the publication of the new edition of Legal Guide to the Business of Marijuana.

Updated annually, the book is a unique resource offering critical guidance on a wide range of interrelated topics for lawyers who represent clients in the fast-growing legal cannabis industry. It sorts through the complex and varying state regulation of medical and non-medical marijuana with an appendix providing the latest key state legislation (see Chapter 3 and Appendix C).

It also looks into the various aspects of establishing and managing a marijuana enterprise, including the growing, licensing, labeling, transporting, and distribution of marijuana and related products (see Chapters 7, 10, 11, 13, and 15). In addition, the guide addresses federal law, enforcement, and preemption and their implications for employment, taxes, and banking (see Chapters 8 and 9).

For lawyers new to representing cannabis clients, the authors provide an understanding of the definitions of marijuana and other cannabis products, as well as a review of the policy and political issues that have led to the controversy and uncertainty of the current environment (see the Table of Contents).

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New Edition! Net Leases and Sale-Leasebacks: A Guide to Legal, Tax and Accounting Strategies (2022 Edition)

PLI Press is proud to announce the publication of the new edition of Net Leases and Sale-Leasebacks: A Guide to Legal, Tax and Accounting Strategies.

The treatise covers all aspects of the ownership, financing, documentation, taxation, and accounting for net leases with a focus on those areas where the treatment of net leases differs from the treatment of other forms of real estate investment. It includes in-depth guidance on sophisticated and complex structuring issues, particularly with respect to the latest tax and financial accounting rules, and provides readers with several appendices to assist with the nuts and bolts of net leasing practice, including a sample Net Lease and a sample Ground Lease.

Highlights of the 2022 Edition include:

Tenant Purchase Options. Chapter 2 (The Lease) has been updated with an expanded discussion of the risks to the landlord arising from a tenant purchase option.
Tax Considerations. Chapter 5 (Tax Considerations) has been updated with new material on section 1031(f) and related party exchanges, allocating interest payments between deductible and non-deductible uses, transfer tax liability, series LLCs, promoted interests, and more.
Sample Net Lease: Appendix E (Sample Net Lease) has been updated with new Force Majeure and Right to Go Dark provisions.

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Treatise Update – Langer on Practical International Tax Planning (Fifth Edition)

This new release updates the treatise with up-to-date practical information and analysis to help preserve your clients’ assets.

Highlights include:

Revised section 2:4.2 explores the Tenth Circuit holding about whether the government had the right under section 7345 to revoke the passport of a “seriously delinquent taxpayer.”
New section 6:8 recognizes that there are a number of different types of Son-of-Boss transactions, but identifies what they all have in common.
Revised sections 8:5.6, 50A:3, 52B:2, and 78:4 explain that the USMCA modernizes NAFTA, is entered into by the same parties, and governs the standards for trade and investment among the parties going forward.
Expanded section 26:4.1 examines the revenue procedure providing the domestic asset/liability percentages and domestic investment yields needed by foreign life insurance companies and foreign property and liability insurance companies to compute their “minimum effectively connected net investment income” under section 842(b).
Miscellaneous revisions are found throughout the other chapters published in this Release #6.

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Treatise Update – The Circular 230 Deskbook: Related Penalties, Reportable Transactions, Working Forms

The Circular 230 Deskbook is an essential compliance resource for every tax professional who practices before the IRS. It helps practitioners comply with complex Circular 230 amendments more easily — and avoid costly penalties and sanctions. In addition to demonstrating prescribed duties when advising clients in the preparation of tax returns, it offers laminated, quick-reference compliance tools.

This thirty-second release updates the treatise with the latest developments in tax and estate law relating to IRS Circular 230. Highlights from the new release include:

Chapter 1, Section 1:3: Discusses Wilson v. Commissioner, a case concerning whether the IRS’s “publicly stated positions” in the IRS manual or instructions “constitute rules carrying the force of law as required for Chevron deference.”
Chapter 3, Section 3:5: Explains whether the Anti-Injunction Act would preclude pre-enforcement judicial review if Congress amended the disclosure rules to impose a tax on a reportable transaction rather than a disclosure obligation backed up by a penalty for those who fail to comply.
Chapter 4, Section 4:13.6[B]: Explores Rodgers v. United States, in which the Ninth Circuit decided whether willfulness for purposes of section 6694(b) can be predicated on the basis of willful blindness or if it must be based on a finding of specific intent to understate liability.
Updated Appendix N, IRS Form 2848, Power of Attorney and Declaration of Representative.
Updated Table of Authorities is included.

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Treatise Update – International Tax & Estate Planning: A Practical Guide for Multinational Investors (Third Edition)

In International Tax & Estate Planning: A Practical Guide for Multinational Investors (Third Edition), one of the nation’s leading multinational investment authorities presents a clear and practical approach to managing and disposing of private wealth. Featuring detailed planning checklists and formulas for calculating taxes and tax credits, the treatise is an indispensable resource for lawyers, private bankers (both investment and commercial), corporate personnel of multinational corporations, accountants, and investment advisers.

The twenty-fourth release of the book provides updated practical information that enables multinational investors (and those who advise them) to protect investments, minimize taxation, maintain confidentiality, and assure proper disposition of assets upon an investor’s death.

Specifically, the latest iteration of the book includes:

A revised Chapter 1, Conflict of Laws, which explores topics including the definition of domicile in various states and countries, and revisions to, and ratification of, the Convention on the Conflicts of Laws Relating to the Form of Testamentary Dispositions.

A revised Chapter 4, Jointly Held and Community Property, which explores topics including the New Jersey statute regarding tenancy by entirety and the Texas law regarding the creation of joint estates with rights of survivorship.

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Treatise Update – Langer on Practical International Tax Planning (Fifth Edition)

Langer on Practical International Tax Planning gives you the latest news on the legal, tax, business, financial, social, political, technological, geographical, and regional factors to consider when developing and implementing customized planning strategies for clients. It is an invaluable tool for tax and estate planners, tax attorneys, accountants, and sophisticated investors.

This new release updates the treatise with up-to-date practical information and analysis to help preserve your clients’ assets. Highlights include:

Revised section 20:9, Abusive Transactions, explores the difference between “forfeiture” and “restitution,” pointing out that the two items have different purposes.
Revised section 38:1.3[F], No Reduction for Deductions or Expenses, discusses final regulations issued in January 2021 providing additional guidance regarding the limitation on the deduction for business interest expense under section 163(j); specifically, the regulations address the application of the limitation in contexts involving passthrough entities, regulated investment companies (RICs), and controlled foreign corporations.
New section 43:2.2[B], Microcaptive Insurance Companies, examines the four-part test used by the Tax Court to determine whether these arrangements actually constitute deductible “insurance” (that is, as involving risk-shifting, risk-distribution, insurance risk, and whether the arrangement “looks like” commonly accepted notions of insurance).

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