Join us for a tax day diversion! Lawyer’s Workshop makes Downstate debut April 15By Alice M. Noble-AllgireRacial and Ethnic Minorities and the Law, February 2005A distinguished slate of Metro East lawyers and judges has been assembled for this year's Lawyer's Workshop, which is making its debut in downstate Illinois with a mix of "nuts and bolts" and "cutting edge" presentations on Family Law, Civil Discovery, Attorney Ethics and Federal Practice.
Illinois’ license fee increases under attackBy Stanley R. KaminskiState and Local Taxation, January 2005On November 29, 2004, Judge Patrick McGann of the Circuit Court of Cook County (Chancery Division) struck down as unconstitutional the surcharge imposed on Employers' Workers Compensation Insurance Premiums by Public Act 93-0032 (the fiscal year 2004 budget implementation act). 215 ILCS 5/416.
In re Application of the County Treasurer et al David Wright v. Glen InvestmentsBy Steven KandelmanState and Local Taxation, January 2005Petitioner, David Wright, was the owner of the home in which he resided. Petitioner's procrastination in paying his taxes caused his house to be sold three times at a tax sale and each time he redeemed it before the deadline.
Corporate and partnership tax updateBy Kelli E. MadiganFederal Taxation, December 2004The tax court in Comtek considered, after stipulation of facts by the taxpayer and the Service, whether the taxpayer, a Connecticut corporation, and Crocus International, a Russian corporation, were joint venturers.
CorrectionState and Local Taxation, December 2004In the November 2004 issue of Tax Trends, John Norris was mistakenly listed as author of the article entitled, "2004 IDOR Practitioners' Meeting Questions and Answers."
Estate and gift tax updateBy Sarah Delano PavlikFederal Taxation, December 2004Two significant opinions have been released regarding family limited partnerships and Section 2036 of the Internal Revenue Code, one by the Fifth Circuit Court of Appeals and one by the Third Circuit Court of Appeals
Individual income tax updateBy James H. SchultzFederal Taxation, December 2004The Working Families Tax Relief Act of 2004 and American Jobs Creation Act of 2004 represent an election year gift for the individual taxpayer.
Tax rulingsBy James K. SayTrusts and Estates, December 2004PLRs 2004-32027, 2004-32028, and 2004-32029 (8/6/04) were requests brought by three siblings to determine whether an IRA owned by their father could still be subdivided to each of them, even though the IRA had passed through a trust which had itself paid various estate and administrative expenses from IRA assets.
2004 IDOR Practitioners’ Meeting Questions and AnswersState and Local Taxation, November 20041. Why must refunds of state and local income taxes, other than Illinois, previously deducted on US 1040 schedule A in prior years and included on current year US 1040 page 1, be reported as a subtraction on line 9? Why not change the reporting for IL 1040 line 7?
The 24th Annual State and Local Taxation ConferenceBy Alexander P. WhiteState and Local Taxation, October 2004The 24th Annual State and Local Taxation Conference of the National Conference of State Tax Judges took place in Chicago, Illinois on Thursday, September 30 through Saturday, October 2, 2004.
Illinois enacts new tax shelter legislationBy John B. TruskowskiState and Local Taxation, October 2004On July 30, 2004, Governor Blagojevich signed Senate Bill 2207 (Public Act 93-0840), which includes three sets of new tax shelter provisions that are now added to the Illinois Income Tax Act. 35 ILCS 5/101 et seq.
State tax consequences for community college student housingBy John CumminsBusiness Advice and Financial Planning, October 2004Recently community colleges in Illinois began exploring the possibilities of constructing housing facilities for their students.
Exchange tax dollars for investment dollarsBy Hugh E. PollardState and Local Taxation, September 2004Would you like to show your clients how to increase their wealth using tax-deferred dollars?
The 7 percent assessment cap creates uncertainty in residential real estate closingsBy John K. NorrisState and Local Taxation, August 2004I'm back," and with those often-heard remarks still ringing, let us revisit an issue that our Section Council was involved in during the past year: Public Act 93-715 is the embodiment of three bills that the Section collectively opposed.
Changes to Illinois’ tax lawsBy Stanley R. KaminskiState and Local Taxation, August 20041. New Watercraft Use Tax enacted on the privilege of using any watercraft acquired by any means other than a purchase at retail from a retailer which is already subject to Illinois Sales\Use Tax.
The ins and outs of understanding the Illinois Income TaxBy Stanley R. KaminskiState and Local Taxation, July 2004This article is taken from the recent Illinois State Bar Association (Law Ed Services) Seminar presented by the ISBA State and Local Taxation Section Council at the 2004 ISBA Annual Meeting on June 19, 2004, at the Abbey in Fontana, Wisconsin.
Swilley, et al. v. County of Cook, et al.By Steven KandelmanState and Local Taxation, July 2004Factual Background: The Plaintiffs, a group of taxpayers, challenged the Cook County Treasurer's authority to transfer property to the City of Chicago, for no cash.
Case summaryBy Steven KandelmanState and Local Taxation, June 2004Procedural History: The Illinois Department of Revenue found that the Plaintiff, the Calvary Baptist Church of Tilton ("Calvary"), did not qualify for the religious purposes tax exemption.
Corporation and partnership tax updateBy Kelli E. MadiganFederal Taxation, June 20041. Charles Schwab Corp., 122 T.C. 191 (March 9, 2004). The taxpayer successfully showed the value and useful life of discount brokerage customer accounts purchased from a discount stock brokerage and was therefore entitled to amortize them under Internal Revenue Code Section 167.
Estate and gift tax updateBy Edward J. Schoen, Jr.Federal Taxation, June 2004In TAM 200341002, a father created an irrevocable trust and appointed one of his children as trustee.
Real property tax advantages of a Class L (Landmark) designationBy Karen DimondState and Local Taxation, June 2004Under the Cook County Real Assessment Classification Ordinance, non-residential property that has been designated a landmark building or a contributing building in a historic or landmark district may be eligible for a "Class L" designation.
Estate and gift tax updateBy Sarah Delano PavlikFederal Taxation, May 20041. 2004 Numbers. As of January 1, 2004, the federal and Illinois estate tax exemption amount is $1.5 million, and the unified credit amount is $555,800.
Individual income tax updateBy James S. ZmudaFederal Taxation, May 2004In Montgomery, 122 T.C. No. 1 (2004), the Montgomerys filed a joint return reporting tax due of $196,006. The taxpayers did not remit the payment. The Internal Revenue Service ("IRS") assessed the reported tax, accepted the return as filed and did not audit the return or issue a notice of deficiency.
Tax administration and procedure updateBy Thomas F. Arends & Richard M. ColombikFederal Taxation, May 2004The editorial staff of the newsletter would like to inform members of the Federal Taxation Section that Mr. Thomas Arends and Mr. William Gasa of the Section Council currently serve as liaisons for the Section to the Internal Revenue Service.