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 façade 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.