As announced in Rev. Proc. 2015-53, IRS has announced that the following inflation-adjusted amounts are effective January 1, 2016: Annual
“Contrary to recent commentary, the Cunningham decision should come as no surprise and is consistent with our past advice to clients who are residents of other states but spend time in Ohio: simply meeting the three mechanical tests is not enough, you must also act in a manner consistent with being a resident of another state.”
The following inflation-adjusted amounts are effective January 1, 2015: Annual exclusion from gift tax remains at $14,000 per donee. Annual
The Pease limitation, named after former Congressman Donald Pease, was first incorporated into the tax law in 1990. The purpose of the Pease limitation, or phase-out, was to raise revenue by limiting some common itemized deductions among high-income earners.
Rev. Rul. 2011-28 Clarifies that Power of Substitution creating Grantor Trust treatment does not also cause inclusion of life insurance in gross estate under facts presented in the Ruling.