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Estate Taxation

  • What Does the Use-It-or-Lose-It Proposition Really Mean Estate Tax Planning-Wise?

    By:
    David M. Barral CPA/PFS, CFP®, MST
    |
    Oct 1, 2022
    In 2022, taxpayers have at their disposal a $12,060,000 Basic Exclusion Amount (BEA) for federal gift and estate tax purposes, as well as for the Generation-Skipping Transfer (GST) tax. The act known as the Tax Cuts and Jobs Act (TCJA) doubled the BEA from $5,000,000 to $10,000,000 for the years after December 31, 2017, and before January 1, 2026. 
  • Testamentary Transfers to Non-Citizen Spouses

    By:
    Gary Forster
    |
    Oct 1, 2022
    U.S. citizens may delay the imposition of either the U.S. gift tax or estate tax on transfers between citizen spouses. If both spouses are citizens, either may transfer assets to the other spouse and receive a tax deduction for the entire value of the property transferred.
  • Taxation of NFTs: The Hottest Digital Assets, Part 2

    By:
    Andrea S. Kramer, JD
    |
    Sep 1, 2022
    Gain or loss is treated as capital or ordinary, depending on whether the taxpayer is an investor or trader (capital), or a creator or dealer (ordinary). Ordinary losses are fully deductible; capital losses are subject to the special loss limitations that apply to capital assets. 
  • Taxation of NFTs: The Hottest Digital Assets, Part 1

    By:
    Andrea S. Kramer, JD
    |
    Aug 1, 2022
    Non-fungible tokens (NFTs) were the hottest digital asset class in 2021. They were so hot, in fact, that the Collins Dictionary named “NFT” its 2021 word of the year.[1] An indication of the explosive growth in NFTs was shown by reports that NFT purchases in 2021 increased by more than 11,000% from 2020, generating sales of close to $25 billion.

  • Estate Planning with Digital Assets

    By:
    Melissa Gillespie, JD, CPA, MST
    |
    Jun 1, 2022

    When we think of digital assets, we usually think of cryptocurrency, Bitcoin, etc. Although, the definition of  “digital asset” does not appear in the Merriam Webster, Macmillan or Britannica dictionaries, it did appear in Free Dictionary.


  • Estate Tax Planning for NRNCs Using the Foreign Corporation

    By:
    Gary A. Forster, JD, LLM
    |
    May 1, 2022
    Lifetime gifts of U.S. intangibles by non-resident non-citizens (NRNCs) are exempt from gift tax. However, all U.S. situs assets, both tangible and intangible (unless falling within a limited exemption), are subject to estate tax. Those same assets held in a foreign corporation are excluded from estate tax.
  • Five CAA Benefits Changes and their Tax-Exempt Entity Impact

    By:
    Daniel N. Kuperstein, Esq.
    |
    Apr 1, 2022
    Although extraordinarily helpful to benefit plan participants, the coronavirus (COVID-19) tax relief available under the Consolidated Appropriations Act, 2021 (CAA) has caused many headaches for CFOs and other managers of tax-exempt (TE) entities. These headaches have continued into 2022.

 
Views expressed in articles published in Tax Stringer are the authors' only and are not to be attributed to the publication, its editors, the NYSSCPA or FAE, or their directors, officers, or employees, unless expressly so stated. Articles contain information believed by the authors to be accurate, but the publisher, editors and authors are not engaged in redering legal, accounting or other professional services. If specific professional advice or assistance is required, the services of a competent professional should be sought.