Leimberg Weekly Digest: October 17-24, 2020

LISI WEEKLY DIGEST [Subscription Required]

 Steve Leimberg’s Estate Planning Newsletter
October 20 –Alan Gassman & Wesley Dickson – When to Unplug Great Grandpa and Other Tax Strategies to Consider
October 19 –Ed Morrow: How Donees Can Hit the Undo Button on Taxable Gifts
Steve Leimberg’s Employee Benefits and Retirement Planning Newsletter
October 22 –Natalie Choate: PLRs 202031007 & 202039002 Illustrate Transferring IRAs from Estate to Beneficiaries
Bob LeClair’s Finance and Markets Newsletter
October 18 –Finance 10.17.2020 
Actual Text
October 23 –United States v. Estate of Dean R. Danielson, No. 2:19-cv-00496 (21 October 2020) Estate Is Liable for $6.4 Million in FBAR Penalties
October 23 –IR-2020-240 (22 October 2020) IRS Releases Draft Form 1065 Instructions on Partner Tax Basis Capital Reporting
October 23 –Pine Mountain Preserve LLLP et al. v. Commissioner, No. 19-11795 (22 October 2020) 11th Circuit Finds Partnerships Easement Donations Satisfy Granted-in-Perpetuity Requirement
October 23 –PLR 202039002 (25 June 2020) Trustee-to-Trustee Transfer of Decedent’s IRA Is Not Taxable Distribution
October 23 –PLR 202031007 (20 May 2020) IRS Addresses Trustee-to-Trustee Transfer of Decedent’s IRA
October 22 –PLR 202042001 (5 July 2020) IRS Finds Termination of S Corp Was Inadvertent
October 22 –PLR 202042011 (23 July 2020) IRS Allows Extension to Adjust Basis of Partnership Property
October 22 –S. ____ Hospitality and Commerce Job Recovery Act of 2020
October 21 –S.____ American Innovation and Jobs Act
October 21 –United States v. Peter Horowitz et ux., No. 19-1280 (20 October 2020) Taxpayers Are Responsible for FBAR Penalty on Swiss Bank Account
October 20 –T.D. 9914 (20 October 2020) IRS Issues Final Regs. on Eligible Terminated S Corporations
October 18 –Notice 2020-77, 2020-45 IRB 1 (16 October 2020) Updated Weighted Average Interest Rates, Yield Curves, and Segment Rates for October 2020
October 18 –Rev. Rul. 2020-24, 2020-45 IRB 1 (16 October 2020) Payment from Qualified Report Plan Is Subject to Income Tax Withholding
October 18 –Rev. Proc. 2020-46, 2020-45 IRB 1 (16 October 2020) IRS Identifies New Reason for Self-Certification of IRA Rollover Waiver Eligibilty
October 18 –T.D. 9918 (16 October 2020) Effect of Section 67(g) on Trusts and Estates
October 18 –PLR 202042012 (22 July 2020) Trust with Decedent’s IRA Proceeds Is See-Through Trust
October 18 –PLR 202042007 (15 July 2020) No Self-Dealing in Proposed Transaction between Private Foundation, Decedent’s Estate and Couple’s Trusts
LISI Podcasts
October 22 –60-Second Planner: PLR 202042012 — RMDs from IRA Payable to Trust
October 20 –60-Second Planner: IRS Finalizes Regulations on S Corporation Post-Termination Distributions
LISI Links
October 24 –Draft Instructions — 2020 Schedule K-1 to Form 1041
Draft Instructions explain the application of final regulations on the excess deductions on termination of an estate or trust (TD 9918).
Blog Watch
October 21 –NUA in the Covid-19 Era
“For many people, 2020 has meant leaving a job. … This means that many workers are receiving distributions from employer plans.”
October 21 –Tax Planning by Accelerating Gain Recognition into 2020
“For taxpayers with closely-held business interests, with expectations of selling such business interests in 2021 or 2022, there are a number of ways to recognize the gain at today’s 20% rate…”
October 20 –SE Property Holdings, LLC v. Judkins: Eleventh Circuit Affirms Punitive Damages For A Fraudulent Transfer
“The net effect of all these transactions was to take the Judkins’ property that would otherwise have been available to Russell’s creditors and convert them into exempt TBE property…”
October 20 –Trial Begins in Fairbairn v. Fidelity case
Included in this article are links to the trial briefs of the parties.
October 20 –The Future of Long Term Care Facilities Post-COVID
“Across 26 countries, elder-care home residents have accounted for an average of 47 percent of recorded coronavirus deaths,…”
October 19 –Fairbairn v. Fidelity implications for DAFs
“The general public may think of competition among charities as focusing on who can best put gifts to charitable use. It turns out this is an antiquated notion: the intense competition centering on seamlessly receiving and converting complex assets for donors presents a stark contrast.”
October 19 –Planning a Domicile Change from New York
“…a change of domicile is a question of fact, not a question of law. The circumstances surrounding the changes can vary widely depending on the individual.”
October 19 –Due to Misleading Information Being Posted to BSA E-filing Website, FinCEN Grants FBAR Filing Extension to October 31, 2020
“The relief is granted due to a mistake made by FinCEN on October 14 when the agency posted a statement on the Bank Secrecy Act (BSA) e-filing website…”
Additional coverage: Forbes Taxes (Wood)
October 19 –Can Individuals with Dementia Vote?
“… for some, voting is still possible.”
October 19 –In Recent Ruling, IRS Again Concludes That Daily Fantasy Sports Are Gambling
“In the ruling issued last week, the IRS concluded that DFS entry fees are gambling expenses. This is bad news for the industry, because in many states, the very existence of sites like DraftKings and FanDuel is predicated on the premise that playing DFS is NOT gambling, but rather a ‘game of skill’.”
October 18 –Distribution Made to a State Unclaimed Property Fund Added to Self-Certification Reasons for Late Retirement Plan Rollover
Revenue Procedure 2020-46, October 16, 2020, https://www.irs.gov/pub/irs-drop/rp-20-46.pdf
LISI Journals
October 20 –Inheritance Crimes David Horton and Reid K. Weisbord – Washington Law Review
October 20 –Distribution of Inheritance under Islamic Law: An Appraisal of Online Inheritance Calculators Shahbaz Ahmad Cheema – SSRN
October 17 –Discounts for Lack of Control and Marketability in Business Valuations Seth Webber, Casey Karlsen, and Cameron Scott – Estate Planning
October 17 –Powers of Attorney and Medical Decision Making Louis A. Silverman – Estate Planning
October 17 –Funding Advocacy Efforts with Private Foundations Ronald M. Jacobs and Christopher N. Moran – Estate Planning

Posted by Bella Hoang, Managing Associate Editor, Wealth Strategies Journal.

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