What is meant by the uniform basis rule?
We have learned elsewhere that the tax basis for gifts carries over to the recipient, in contrast acquisitions from a decedent get a new tax
klaus.gottlieb
October 30, 2021
How is community property valued for the surviving spouse? The ‘full-step up’.
Summary and Background “Bifurcated” describes the two-pronged approach in the taxation of property received as a gift or inheritance. In simple terms, if you receive
klaus.gottlieb
October 28, 2021
Who pays gift taxes and how much?
The recipient does not pay gift tax Receipt of a gift or bequests is not taxed, in other words, the value of property so received
klaus.gottlieb
October 28, 2021
What is the split, dual or bifurcated basis rule?
In a nutshell The split, dual or bifurcated basis rule refers to a principle in tax law that applies in certain situations where an asset’s
klaus.gottlieb
October 28, 2021
What’s the difference between a grantor and non-grantor trust?
Trusts can be classified in a number of different ways. The terms grantor and non-grantor trust are related to the status of the trust as
klaus.gottlieb
October 27, 2021
What’s the difference between a law firm and a law office in California?
None now, but the rules were previously different. Prior to 2018 when the new California Rules of Professional Conduct went into effect, a law firm
klaus.gottlieb
October 25, 2021
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