Articles From Kelli E. Madigan

Investment advisors subject to the fiduciary standard or the suitability standard (Part I) By Kelli E. Madigan Business and Securities Law, May 2016 Newly proposed Department of Labor rules  include a modification of the existing “fiduciary standard” under the Employee Retirement Income Security Act. The expanded definition of fiduciary would now include many investment advisors, such as 401K plan advisors, IRA investment advisors, broker-dealers and insurance agents, to whom the fiduciary standard did not previously apply.
Estate, Gift, and Generation Skipping Tax Update By Kelli E. Madigan & Joseph P. O’Keefe Federal Taxation, April 2006 In Estate of Smith v. U.S., the District Court and the Fifth Circuit Court of Appeals held that the value of individual retirement accounts included in a decedent’s estate could not be discounted for the anticipated income tax to be paid by the estate or IRA beneficiaries upon receipt of the distribution of the IRA funds.
Amendments to Internal Revenue Code Sections 55 and 56 By Kelli E. Madigan Federal Taxation, August 2005 The alternative minimum tax (the “AMT”) is a system of income taxation that operates separate from the regular income tax system.
Chairman’s corner By Kelli E. Madigan Federal Taxation, May 2005 We are actively preparing for our annual trip to Washington, D.C., where we will meet with legislative representatives to discuss the expansion of Section 179 deductions, simplification of rules related to education plans, and the inclusion of attorney fees paid on contingency fee cases.
Chairman’s corner By Kelli E. Madigan Federal Taxation, March 2005 Each year the Section Council makes a trip to Washington, D.C. to promote our legislative agenda to members of the Illinois Congressional Delegation.
Chairman’s corner By Kelli E. Madigan Federal Taxation, December 2004 Greetings from the Chairman. As we begin the 2004-2005 year of the Federal Taxation Section Council, we look forward to serving all of the members of the Federal Taxation Section of the ISBA.
Corporate and partnership tax update By Kelli E. Madigan Federal Taxation, December 2004 The tax court in Comtek considered, after stipulation of facts by the taxpayer and the Service, whether the taxpayer, a Connecticut corporation, and Crocus International, a Russian corporation, were joint venturers.
Corporation and partnership tax update By Kelli E. Madigan Federal Taxation, June 2004 1. Charles Schwab Corp., 122 T.C. 191 (March 9, 2004). The taxpayer successfully showed the value and useful life of discount brokerage customer accounts purchased from a discount stock brokerage and was therefore entitled to amortize them under Internal Revenue Code Section 167.
Estate and gift tax update By Kelli E. Madigan Federal Taxation, February 2004 Decedent's estate was entitled to an estate tax charitable deduction under §2055(a) equal to the present value of the remainder interest in two trusts reformed under local law pursuant to Reg. §20.2055-2(e)(2).
Estate planning update By Kelli E. Madigan Federal Taxation, April 2003 As practitioners await the Tax Court's decision in Strangi, 15 T.C. 478, with respect to the IRS' section 2036 claim to include all of the assets held in the family limited partnership in the estate of the decedent, we see other section 2036 claims approved in Thompson and Kimbell.
Estate, gift and generation-skipping tax update By Kelli E. Madigan Federal Taxation, June 2002 IRS Notice 2002-25: The Notice extends the time period for donees who made charitable contributions in excess of $250 between the period of September 10 and December 31, 2001, to obtain a written acknowledgment from the charitable organization as required under Section 170 (f)(8), or to acquire evidence of a good faith effort to obtain the documentation from such charity, until October 15, 2002.
Estate and gift and generations gifting tax update By Kelli E. Madigan Federal Taxation, January 2002 In two different Private Letter Rulings the IRS acknowledged two different state court orders reforming trust documents to correct a scriveners' error in the underlying document.
A new definition of income By Kelli E. Madigan Federal Taxation, October 2001 Historically, interest and dividends have been treated as income while capital gains have been treated as principal.

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