Holland & Knight Alert: How Can the Same Right Create 2 Separate Property Interests? (July 26, 2021)

James Dawson, Alexander R. Olama, and Chad M. Vanderhoef of Holland & Knight LLP, have made available for download their article, “How Can the Same Right Create 2 Separate Property Interests?” published as a Holland & Knight Alert. The article begins as follows:

The Internal Revenue Service (IRS) can file a lien and levy on any and all of a taxpayer’s property (and rights to property) regardless of how the property is held or titled. 26 U.S.C. § 6321. Whether the item is a taxpayer’s property is a subject of continuous and contentious litigation between third parties and the IRS.

Generally, a taxpayer’s property rights are a matter of state law. Once it is found that a taxpayer has a state-created interest in property, federal law takes over. However, sometimes whether a state-created interest exists is blurred, which was the precise situation in Goodrich v. USA, 125 A.F.T.R.2d 2020-1276 (W.D. La. 2020).

To view and download the article, click here: “How Can the Same Right Create 2 Separate Property Interests?”

Posted by Anthony Tran, Associate Editor, Wealth Strategies Journal

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