Questions - FAQ
- Estate and Trusts
Tax Basis of inherited and gifted property
- Is it true that if I gift low basis assets, like
stock I bought in 1960, to a terminally ill person
and he or she then Wills the items back to me, that
such inherited property that I receive will be
granted a tax cost basis equal to the fair market
value on the date of death and that upon sale of
that property at that price I will not have any
capital gain taxes to pay?
- Q: Gift
Planning Techniques - Why is there an
annual gift tax exclusion? Why does the
government impose a gift tax? Does a gift of
any interest in property qualify for the annual
exclusion? What type of gifts are excluded
from gift tax?
- Q: Self
Taxes on Executors, Trustees, and Directors
- Are Self Employment Taxes (Social Security Taxes)
Assessable on Executors, Trustees, or Directors
- Q: Trust
Fund Designation Rules - Who and when
are employees or company officials responsible to
payroll tax liabilities?
- Q: Gifts
Spouse - Qualified Terminal Interest Property QTIP
- What is a QTIP, how does it work, what are the
essential elements of such as trust?
- Q: What
is the most dangerous and common estate tax
- Q: Cure
to make timely reverse QTIP election -
If a reverse QTIP election was not made on form 706
to absorb the unused portion of the $1,000,000
Generation Skipping Tax exemption, can this problem
be cured after the death of the second to die (death
of surviving spouse)?
- Q: Reimbursement
federal estate tax by independent trustees
- Does an estate have a right to be reimbursed for
Federal Estate Taxes attributable to the portion of
the gross taxable estate from trust sources (QTIP
Trust for example) for which the executor can not
- Q: In
your CPA firm's experience, what is the most
material overlooked deduction in the estate, gift
and trust income tax area?
- Q: Reasonable
Case for Failure to File Extension - What is
considered reasonable cause vs. wilful neglect?
- Forms 1099
- Q: Form
1099 Harassment - Can issuing a Form
1099 under false pretenses come back to haunt you?
- Q: Real
Estate Professionals - Who is considered
as a real estate professional? What are the
penalties for failure to file Form 1099?
- Q: Nanny
Tax - What is the Nanny tax? Who should
not issue Forms 1099 to health care workers?
- Other Matters
- Q: Record
Retention - Records should be preserved
for only as long as they serve a useful purpose or
until all legal requirements are met.
- Q: Personal
Goodwill - In marital dissolutions, how
does the valuation of a privately held company and
the determination of alimony result in double
benefits to the so called non-monied spouse?
- Q: IRS
Employees - Termination Act and Omissions
- What 10 acts or omissions result in the
termination of IRS employee?
- Q: Dual
Residency and Sale of Principal Residence Home
- Can married taxpayers qualify for the exclusion
from gross income of the gain from the sale of a
principal residence, when one of the taxpayers is a
resident of one state and the spouse is a resident
of another state?
- Q: Annual
Meetings of Partners - Why is it necessary to
conduct annual meetings?
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