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Friday, May 2, 2014

Taite: The Two-Trust Tango in Trombetta

Tax Analysys Logo (2013)Phyllis C. Taite (Florida A&M), Trombetta: The Two-Trust Tango, 143 Tax Notes 503 (Apr. 28, 2014):

Taite discusses [Estate of Trombetta v. Commissioner, T.C. Memo. 2013-234 (Oct. 21, 2013)], in which the Tax Court held that the value of properties transferred to the annuity trust and residence trusts were properly includable in the gross estate of the decedent as retained interests. The court also held that the estate was entitled to deduct the full unpaid amount of a promissory note for mortgage indebtedness because the decedent was personally liable on the debt. Finally, the Tax Court concluded the estate was not entitled to a charitable deduction based on a postmortem trust reformation. 

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