Tax Court upholds the IRS’s income tax deficiency determination and penalty assessments made against taxpayer’s for the 2005 tax year in which he filed a zero income return as part of plan to implement a lifetime “get out of income taxes free” Monopoly card.
The Supreme Court of Virginia ruled that custodians of UTMA accounts were in breach of their duty of care owed under the Uniform Transfers to Minors Act and awarded children compensatory damages, attorney fees and costs.
The Supreme Court of Virginia concludes that although a person may be declared legally incompetent, he may nonetheless possess the requisite capacity to execute a valid last will and testament.
The Tax Court has held that a married couple was not allowed to take a charitable contribution deduction of appreciated stock transferred into their 501(c) entity account because the funds were used to pay their son’s college tuition and expenses.
A New York trial court ruled against adult children’s request for a preliminary injunction against their mother for breach of contract since no consideration was given by children and contract was executed solely to qualify their father for Medicaid.
The Tax Court has held that the full fair market value of an 1,100 acre parcel of land previously divided and transferred to the decedent’s five children was includible in his estate since he continued to use and treat the land as his own during his lifetime.
If your business is one of millions of small employers, it may be eligible for the new tax credit for employee provided health care insurance.
The U.S. Court of Appeals, Third Circuit, has ruled against a Medicaid applicant who requested a “credit” towards her Medicaid ineligibility penalty period after receiving returned countable assets that she previously gifted to family members.
The Tax Court has held that a home occupied by an individual at her death was includible in the value of her estate even though the home was previously purchased and owned by her daughter and son-in-law at the time of the decedent’s death.
Health reform law effective January 1, 2011 includes added benefit of free preventive care for Medicare recipients.