Investment advisors subject to the fiduciary standard or the suitability standard (Part I)
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
, 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.
, 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.
, 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.
, 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
, 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
, 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
, 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
, 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
, 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
, 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
, October 2001
Historically, interest and dividends have been treated as income while capital gains have been treated as principal.
Spot an error in your article? Contact Sara Anderson at email@example.com. For information on obtaining a copy of an article,visit the ISBA Newsletters page.
Select a Different Author