Robin Klomparens
On February 17, 2009, President Obama signed the American Recovery and Reinvestment Act of 2009 (“ARRA”) into law. ARRA contained $787 billion of tax incentives and spending provisions intended to revitalize the economy. The provisions ranged from significant relief for businesses that restructure their debt to those that encourage individuals to make investments in houses […]
READ MOREAB 205, as amended by AB 2580, the Domestic Partner Rights and Responsibilities Act (“Act”), was a complicated but landmark piece of legislation. This California state law, which took effect on January 1, 2005, expanded domestic partner rights to include most, but not all, rights of opposite sex married couples. The legislation provided rights but […]
READ MOREIRC §2053(a)(3) states, in relevant part, that, “[f]or purposes of [the federal estate tax], the value of the taxable estate shall be determined by deducting from the value of the gross estate such amounts … for claims against the estate … as are allowable by the laws of the jurisdiction … under which the estate […]
READ MOREAlthough estate tax only occurs upon one’s death, it has in prior years reached almost sixty percent (60%). It is currently thirty-five percent (35%) for two years and will remain at that rate until new legislation is enacted for 2013 and beyond. Upon an individual’s death, his or her entire estate over the exemption amount […]
READ MORE2010 Estate Tax Election Although EGTRRA provided for no federal estate tax for decedents dying in 2010, Congress’ passage of the Tax Relief, Unemployment Insurance Reauthorization and Job Creation Act of 2010 modified the 2010 repeal. Rather than having no estate tax, estates of decedents dying in 2010 are now generally subject to estate tax. […]
READ MORESale of Stock or Assets. Stock. A stock sale is simpler than an asset sale, and will result in one level of tax to the selling shareholders of a C-corporation. With an S-corporation that does not have C-corporation earnings and profits, or in the case of an unincorporated business treated as a partnership for federal […]
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