The newsletter of the ISBA’s Section on Trusts & Estates
Browse articles by year: 2014 (51)
Newsletter articles from 2009
The what ifs… Tax reflections
Once again the estate tax is being used as political leverage rather than being thoughtfully and appropriately revised to reflect the modern dynamics of families and wealth.
A year-end opportunity to wash your dirty stocks: Harvesting losses with wash sales
The Internal Revenue Code Section 165(a) permits deductions for any loss sustained during the taxable year and not compensated for by insurance or otherwise. The broad language of Section 165 seemingly allows deductions for almost any type of loss. Logically, the language has of this Section has resulted in abuse, causing Congress to respond by creating limitations on the deductibility of losses. One of the deductions that Congress has disallowed is the deduction for losses resulting from wash sales of stock or securities.
Year-end tax tips
Before the calendar year ends, consider the following tax planning techniques.