News & Analysis as of September 27, 2024

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Estate taxes, also known as inheritance or death taxes, are taxes on an individual's right to transfer property at death.

Business Owners: How to Avoid Additional Estate Taxes after Connelly v. Commissioner

Foster Swift Collins & Smith on 7/22/2024

In early June, the Supreme Court issued an opinion that clarifies how company-owned life insurance impacts the value of the company for estate tax purposes. As a business owner, you may need to re-evaluate the use of those...more

Supreme Court to Rule on Estate Tax Valuation of Stock Purchased with Corporate-Owned Life Insurance Proceeds

Roetzel & Andress on 2/28/2024

If a shareholders agreement sets forth a fixed and determinable price that satisfies the requirements of Code Section 2703(b) and cases interpreting that term, then that price will be respected for federal estate tax...more

Gift & Estate Tax Valuation: 5 Things To Remember

Opportune LLP on 4/28/2021

Here are five things to remember when performing the valuation of shares of a closely held entity for gift and estate tax reporting...more

Owners of Family Controlled Entities Must Act Quickly in Light of New IRS Regulations Attacking Valuation Planning

Butler Snow LLP on 8/31/2016

Chapter 14 of the Internal Revenue Code consists of four Code Sections (Sections 2701 – 2704) designed to close valuation loopholes. Prior to Congress’s enactment of Chapter 14 in 1990, estate planners had a host of tools...more

Parties Settle Closely Watched Tax Court Cases Involving Defined Value Clause

McGuireWoods LLP on 4/4/2016

The IRS and executors have settled two cases in the United States Tax Court involving members of the Woelbing family, who own Carma Laboratories, Inc., of Franklin, Wisconsin, the maker of Carmex skin care products, and a...more

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