Publications

Section Newsletter Articles From David A. Berek

Tax and estate planning issues for non-citizens By Michael R. Pieczonka and David A. Berek International and Immigration Law, September 2012 The second installment of material culled from the May 3, 2012 CLE presentation, "What if Your Client is Foreign-Born? Good Lawyering in the Global Legal Environment."
Tax & estate planning issues for non-citizens By Michael R. Pieczonka and David A. Berek International and Immigration Law, August 2012 The first installment of material culled from the May 3, 2012 CLE presentation, "What if Your Client is Foreign-Born? Good Lawyering in the Global Legal Environment."
The Roth decision in 2010: Conversions and afterthoughts By David A. Berek Trusts and Estates, November 2009 2010 promises to be an opportunistic year for Roth IRA planning, and an interesting year to say the least from a tax legislation standpoint. 
A year-end opportunity to wash your dirty stocks: Harvesting losses with wash sales By David A. Berek and Jesse T. Coyle Trusts and Estates, January 2009 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.  
Return Preparer Accuracy Standards under 6694 now applicable to estate and gift tax returns By David A. Berek Trusts and Estates, February 2008 Just in time for tax return season, Congress and Treasury recently revised the preparer accuracy standards that govern the preparation of tax returns.
Estate planning with the increasing exclusion amount By David A. Berek Trusts and Estates, December 2006 Who would have thought we’d hear discussions around the water cooler about changes to the estate tax law?
Selected developments in income, estate, gift & generation-skipping transfer tax By David A. Berek Trusts and Estates, December 2006 Consistent with the holding in O’Neill, the Second Circuit affirmed the Tax Court in Rudkin v. United States, 124 TC No. 19 (June 27, 2005) that investment advisory fees paid by a trust are deductible only to the extent those fees exceed 2 percent of the trusts adjusted gross income.
Recent developments in federal tax By David A. Berek Trusts and Estates, October 2005 On August 22, 2005 the Service issued eight Revenue Procedures setting forth sample trust language for charitable remainder unitrusts.
Illinois modifies Illinois estate tax to apportion the state death tax credit amount among other states with tax situs real estate By David A. Berek Trusts and Estates, August 2005 On August 2, 2005 Governor Blagojevich signed HB 1570 (PA 94-0419) effective as of January 1, 2003, which modifies the calculation of the Illinois estate tax.
In brief: Case reviews By Katarinna McBride and David A. Berek Trusts and Estates, August 2005 In the Estate of Jelke, the Tax Court acknowledged that its position to reduce built-in capital gains was a controversial.
Strangi strikes again-The Fifth Circuit finds in favor of Service; assets transferred to Family Limited Partnership included in Decedent’s estate By David A. Berek Trusts and Estates, August 2005 The Fifth Circuit held in favor of the Service in Strangi v. Commissioner, (No. 03-60992, Jul. 15, 2005; 2005 WL 1660817) finding that assets transferred during the decedent's lifetime were includable in the decedent's estate under IRC section 2036(a)(1).
Recent developments in estate, gift, and income tax By David A. Berek Trusts and Estates, June 2005 Three recent cases, Estate of Bongard, Estate of Bigelow and In re Ehman illustrate the importance of non-tax reasons for creating family limited partnerships.
Other recent developments and cases By David A. Berek Trusts and Estates, March 2005 The Service issued Proposed Regulations under section 2702, 69 Fed. Reg. 44476 (2004), consistent with the holdings in Walton v. Commissioner, 115 T.C. 589 (2000), acq., Notice 2003-72, 2003-44 I.R.B. 964 (Nov. 3, 2003), and Schott v. Commissioner, T.C. Memo 2001-110, rev'd and remanded 319 F.3d 1203 (9th Cir. 2003).
Blount and Smith provide guidance on buy sell agreements: Restrictions disregarded under section 2703 for valuation purposes when safe harbor requirements are not met By David A. Berek and Bret R. Klemetson Trusts and Estates, October 2004 In two recent cases, the Service successfully applied Section 2703 to disregard the restrictions provided under a buy-sell agreement between shareholders in Blount2 and to disregard restrictive provisions of a family limited partnership in Smith,3 resulting in significantly higher valuations of the underlying property for estate and gift tax purposes.
Intestate transfer does not satisfy “otherwise given” for purposes of stock purchase agreement By Christopher M. Tietz and David A. Berek Trusts and Estates, September 2004 In Opiela v. Roth, decided June 17, 2004, the Illinois Supreme Court held that stock of a closely held company which was subject to a Stock Purchase Agreement (“the Agreement”) between the company and a decedent, was not given by the decedent on his death to his descendants through intestate succession, but rather remained subject to the Agreement, and accordingly the company was entitled to purchase the shares.
Illinois amends the estate tax to offset EGTRRA reductions in state death tax credit By David A. Berek Trusts and Estates, August 2003 On June 20th Governor Blagojevich signed into law legislation amending the Illinois Estate and Generation-Skipping Transfer Tax Act under 35 ILCS 405 applicable to decedents estates for deaths occurring on or after January 1, 2003.
Educational expenses in Illinois: An analysis of §529 Plans in Illinois after EGTRRA By David A. Berek Trusts and Estates, December 2002 As Trusts and Estates practitioners, we advise our clients and their families not only on estate planning matters, but also life planning matters.
Estate, gift and GST tax reform: The “Taxpayer Refund and Relief Act of 1999” By David A. Berek Trusts and Estates, September 1999 The "Taxpayer Refund and Relief Act of 1999" (hereinafter the "Act") was approved by both houses of Congress on August 5th, 1999.

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