Bloomberg and friedmans liquidating trust


Tax Management Portfolio, Income Taxation of Trusts and Estates, No. Legal or Equitable Life Estates and Remainder Interests c. Trust or Debt (1) Unsecured Debt (2) Secured Debt 3. 852-4th, provides detailed coverage of the rules governing the income taxation of estates, trusts, and their beneficiaries. Gifts to Custodians Under a Uniform Gifts or Transfers to Minors Act 2.

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You'll receive in-depth analysis of key issues necessary for developing and implementing optimal estates, gifts, and related income tax strategies for your clients.

The Detailed Analysis provides comprehensive coverage of the rules governing the gross income and exclusions of an estate or trust, allowable deductions, and credits.

The Portfolio also discusses the net investment income tax in effect for tax years beginning in 2013, insofar as it applies to trusts and estates.

- Debtor’s post-petition payment pursuant to a first-day wage order does not affect the calculation of preference liability and the new value defense.

- Statutory language is not clear but statutory context suggests that the petition date is the cutoff for the preference analysis: (1) the 90-day preference period in section 547 is prepetition, (2) the “hypothetical liquidation test” must be performed as of the petition date, (3) the statute of limitations for filing an action under section 547 begins running on the petition date, (4) extending the preference period beyond the petition date would be inconsistent with the “improvement-in-position” test set forth in section 547(c)(5), and (5) finding post-petition payments affect the preference analysis would suggest that post-petition extensions of new value would be available as a defense, and the vast majority of courts have rejected this interpretation of the defense.

- Policies underlying the preference statute are furthered by limiting the preference calculation to the prepetition period.

The two main policies underlying the statute are (1) to prevent dismemberment of the debtor during its descent into bankruptcy, and (2) equality of distribution among creditors.

852-4th, provides detailed coverage of the rules governing the income taxation of estates, trusts, and their beneficiaries.

The Portfolio discusses the types of entities covered by the rules of subchapter J of the Code, including the practical problems that may occur if an entity is classified as a business entity instead of a trust or the administration of an estate is unduly prolonged.

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