The proposal aims to simplify the law pertaining to transfers with retained interests and powers under the estate and gift tax that are potentially within current IRC sections 2036-2038. Under the proposal, transfers with retained current-enjoyment interests would be deemed to be incomplete...

Suppose a parent “loans” her vacation home “Dellview” in Aspen to her adult child for a non-specified period of time without rent or other charge for the use of the property. The home has a rental value of $1,000 per day. There is no formal lease agreement. Therefore, the parent (as...

This article proposes replacing the federal estate and gift tax system with an accessions tax. An accessions tax is a tax, at progressive rates, on the aggregate lifetime gratuitous receipts of an individual in excess of a specified exemption. The main thesis of this article is that an...

This Estate and Gift Tax Rap column for Tax Notes is an extended discussion of the United States District Court (W.D. Pa.) decision in Estate of Palumbo v. U.S.. In that case, the court upheld a claimed estate tax charitable deduction for amounts passing to charity pursuant to a settlement of a...

This article provides an overview of the U.S. estate tax rules that apply to nonresidents who are not U.S.citizens. The long arm of the U.S. federal estate tax extends to individuals who have assets located in the United States even if the individual is neither a resident nor a citizen of the...

In this article, Professor Crawford proposes limiting the gift tax annual exclusion to outright transfers and transfers in trust that will be included in the beneficiary’s gross estate. The proposal is made as a part of the Shelf Project, a collaboration among tax professionals to develop...

At the end of 2010, the Tax Relief, Unemployment Insurance Reauthorization, and Job Creation Act of 2010 was enacted to extend many of the Bush-era tax cuts. It also increased the estate and gift tax exemption to $5 million, lowered the rate to 35% and implemented spousal portability for...