In a case of first impression the tax court has broadened when an estate can claim a theft loss. If the property of an estate is stolen, then the estate can report it as a “theft loss” and not pay estate taxes on the value of the asset. That is not a controversial issue. However, [...]
Fans eager to hear the many unreleased recordings that Prince left behind might get their wishes granted sooner than they anticipated thanks to the estate tax. Prince passed away with a lot of unreleased songs still in his vault. It would most likely be best for his estate to release that music slowly over time [...]
The estate tax is 100 years old. The landmark birthday has caused many people to reflect on whether the estate tax should be repealed. Discussing whether to repeal the estate tax is always a political discussion. Liberals and conservatives rarely agree with each other about it. However, as the estate tax is now 100 years [...]
After a loved one passes away someone has to file a final tax return with the IRS. It is more complicated than filing your own returns. The IRS does not forgive any tax on the income a person makes during the final tax year of his or her life. Taxes are owned on all the [...]
In the estate tax dispute between the estate of Michael Jackson and the IRS the two sides are ridiculously far apart over how much tax is due. One reason is that the IRS has never before asked for estate taxes to be paid for the same type of property disputed in this case. The pending [...]