Articles From Jason S. Ornduff

The new Illinois QTIP election: Answers to your questions and more questions By Jason S. Ornduff Trusts and Estates, November 2009 After significant discussion and lobbying, Illinois has joined 11 other states in enacting a state-qualified terminable interest property (QTIP) election separate and distinct from the federal QTIP election of I.R.C. Section 2044.
Deducting administration expenses at the first death By Jason S. Ornduff & Georgia Loukas Demeros Trusts and Estates, August 2008 If an estate elects to deduct its administration expenses on the estate tax return and those administration expenses exceed the amounts deducted, then the excess amounts can be deducted on the estate’s income tax return. However, a statement must accompany the estate’s income tax return notifying the IRS that the administration expenses exceed those deducted on the estate tax return and that the estate waives its right to deduct the excess expenses on the estate tax return.

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