Tax Law News and Insights

In Short The Situation: A new nondeductible 1% excise tax imposed on certain stock repurchases (enacted as new section 4501 as part of the Inflation Reduction Act on August 12, 2022) (the "Stock Buy-back Excise Tax") went into effect on January 1, 2023. On December 27, 2022, Treasury issued Notice...

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The Internal Revenue Services has announced the inflation-adjusted figures for estate, gift, and generation-skipping transfer ("GST") tax exemptions for 2023. The annual gift tax exclusion amount (i.e., the amount you can give each year to someone free of gift tax) is increased from $16,000 to $17,000 (or $34,000 for a...

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Recently, there seems to be some confusion regarding section 643(b) of the Internal Revenue Code of 1986, as amended (the "Code"), and its application to trusts. Indeed, that provision—particularly to those not well-versed in federal trust taxation—can confound many. This article seeks to dispel some of the complexity surrounding section 643(b)....

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