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Recently, we published an article in Bloomberg BNA’s Pension & Benefits DailyTM that provides context for understanding the proposed Tax Reform Act of 2014’s penalties on excessive executive compensation for tax-exempt organizations and offers our thoughts about planning opportunities for the future. This is available for our readers at this link.…
You are interested in acquiring a gas lease on certain parcel. When you look at the real property records, however, you discover the record owner is deceased. Now what do you do? Who owns the interests? How do you evidence this ownership? This issue might be best discussed in the context of an example. Roger Farmer sold his farm, located in Muskingum County, Ohio, in 1978 and retained the mineral interests. That is, Roger “severed”…
As a part of the tax changes enacted by Congress in late 2010, the concept of “portability” was introduced into the estate tax law. The implications of this change will be of interest to professionals, business owners and executives.  Careful consideration must be given to the results of estate plans that incorporate this change in the law. Under portability, when the first spouse dies, his or her estate can elect to transfer any federal estate tax…