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The team at Dodson Parker Behm & Capparella, PC shares updates and thoughts on developments in the law.

Have you had your “Paycheck Checkup”?

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...

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State Judicial Reformation of Trust Sufficient to Prevent Asset Inclusion for Federal Tax Purposes

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...

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Avoiding Private Foundation 507(c) Termination Tax Means Less Pain for the Gain

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...

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Guidance Issued for Private Foundations with Foreign Grantees

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...

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How Trump’s Tax Proposal Affects You

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...

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Proposed Minority Discount Regulations Bite the Dust

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...

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