Tennessee Supreme Court Tackles Liquor Tax, School Funding, & Judicial Canons of Construction in Five Related Opinions
Understanding Tennessee’s liquor laws is not for the faint of heart. Some counties are “bone dry.” Some are “dry” but sell beer. Some have “liquor by the drink,” but only if a local referendum has approved that type of sale. Wine in grocery stores is a saga unto itself. The collection and distribution of liquor taxes is no less confusing, as a...read more
The 2017 federal tax reform legislation is just now beginning to show its impact for many filers. As April 15 approaches, many individual taxpayers may begin to see different totals than they have been used to on their tax returns. The change in the standard deduction has gotten lots of attention, but the new limits on deductibility are also having an effect on the bottom line. Last year, the...read more
The most recent tax reform laws could have a significant impact on filers who have itemized their deductions in the past. (Many people have historically itemized their deductions to take advantage of mortgage interest deductions and deductions for donations to charity.) People who’ve itemized deductions on past tax returns should consider doing a “paycheck checkup.” You can use the updated IRS...read more
A state law provision that enables a court to reform errors in a trust document was sufficient for IRS purposes under I.R.C. § 2041 to prevent the inclusion of the trust assets in the estate. While letter rulings are, of course, limited to their facts, this is generally good news for the correction of errors and the implementation of tax-planning in Tennessee. In this case, a Grantor created an...read more
Becky Farr Seidel of the Leaffer Law Group wrote a great piece recently for Bloomberg BNA’s Estates, Gifts and Trusts Journal addressing issues in terminating private foundations. Here are some salient points, and you can read the entire article here. Unlike other 501(c)(3) entities, private foundations are subject to additional stringent regulations under Chapter 42 of the Code. For that...read more
New guidance for private foundations from the IRS addresses treatment of foreign grantees. The groups may wish to treat grants to foreign grantees as qualifying distributions that satisfy the minimum distribution requirements rather than as expenditures requiring expenditure responsibility. If a private foundation makes a “good faith determination” that a foreign grantee qualifies as a...read more
Under I.R.C. § 213, a deduction is available for medical services provided to a taxpayer, his/her spouse, and dependents. But this doesn’t mean that all IVF procedures and other pregnancy-related costs are covered simply because the taxpayer’s dependent is ultimately conceived by virtue of the procedures… Joseph Morrissey and his partner decided to try to have children...read more
Trump’s new tax proposal makes some changes that could affect your estate planning. Both the estate and generation-skipping taxes get the boot. What about stepped up basis under I.R.C. § 1014? R.C. § 1014 provides that, for most property, a decedent’s beneficiaries receive a step up in basis to fair market value at the decedent’s date of death. Thus far, the proposed changes don’t affect...read more
Practitioners had been worried that the Section 2704 proposed regulations were going to affect minority discount valuations for gift and estate tax purposes. Worry no more.The U.S. Department of the Treasury’s Second Report to the President on Identifying and Reducing Tax Regulatory Burdens, Executive Order 13789, October 2, 2017, notes that the main difficulty with the proposed...read more
ICYMI: @Tennessean did a round-up of some Nashville startups.
We're proud to have represented some of these names. Congrats to Nashville's entrepreneurs for willing to take on the challenges of a startup & making Nashville a thriving place for business.