Fifth Circuit Vacates Tax Court on Donation of Historical Facade Easement

The Fifth Circuit Court of Appeals vacated the Tax Court’s valuation of an historic fa├žade easement for charitable contribution purposes and remanded for further findings.

Whitehouse Hotel Limited Partnership v. Commissioner, Docket No. 09-60085 (5th Circuit August 10, 2010)

2nd Circuit: Entire Transferred Interest in Home Not Included in Estate

In a decision that prompted a 20 page dissent, the Second Circuit reverses the Tax Court on the application of Section 2036 to the transfer of a 49% interest in a home that the donor continued to occupy.

Estate of Stewart v. Commissioner, Docket 07-5370-ag (2d Cir. August 9, 2010)

For additional commentary click here.

Tax Court: Variable Prepaid Forward Contracts Are Taxable Sales

The Tax Court holds that variable prepaid forward contracts were current taxable sales of the underlying stock and not a qualified lending arrangement under Sec. 1058.

Anschutz v. Commissioner, 135 T.C. No. 5 (2010)

For just a little more about Anschutz please click HERE and HERE.