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<p class="MsoNormal">I’m looking forward to seeing everyone in Tucson! The Estate and Gift Tax Committee will meet on Wednesday, March 5<sup>th</sup> from 3:00 to 6:00 pm.<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">The materials for the meeting can be found on the private side of the web site:<o:p></o:p></p>
<p class="MsoNormal"><a href="http://www.actec.org/private/ACTECAnnual2014/EstGift/Estate-and-Gift-Tax-Committee-Annual-2014-Materials.pdf">http://www.actec.org/private/ACTECAnnual2014/EstGift/Estate-and-Gift-Tax-Committee-Annual-2014-Materials.pdf</a>
<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">Special thanks to Jonathan Blattmachr, Turney Berry, Jerry Levine, Carlyn McCaffrey, Charlie Nash, Eric Viehman, Stephanie Loomis-Price and David Pratt for their willingness to share their thoughts. I am still looking for a volunteer to
take minutes!<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal">The agenda is copied below:<o:p></o:p></p>
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3:00-3:10<o:p></o:p></p>
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<p class="MsoNormal" style="margin-bottom:6.0pt;text-align:justify"><span style="font-size:12.0pt;font-family:"Times New Roman","serif"">Welcome; Approval of Minutes; Housekeeping<o:p></o:p></span></p>
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3:10-3:40<o:p></o:p></p>
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<i>Trombetta vs. Comm’r,</i> T.C. Memo. 2013-234: Taxpayer’s lifetime transfers of real property to two trusts held to be transfers with retained interest, and therefore includible in gross estate.
<b>Jonathan Blattmachr</b><o:p></o:p></p>
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3:40-4:00<o:p></o:p></p>
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<i><span style="font-size:12.0pt;font-family:"Times New Roman","serif"">Kite v. Comm'r</span></i><span style="font-size:12.0pt;font-family:"Times New Roman","serif""> (Rule 155 Order and Decision, Cause No. 6772-08, unpublished): Interpreting Section 2519 to
mean that full amount of deemed transfer of QTIP trust remainder interest is gift, without offset for consideration received by surviving spouse.
<b>Turney Berry</b></span><b><span style="font-size:12.0pt;font-family:"Times New Roman","serif""><o:p></o:p></span></b></p>
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4:00-4:20<o:p></o:p></p>
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<p class="MsoNormal"><i><span style="font-size:12.0pt;font-family:"Times New Roman","serif"">Estate of Tanenblatt v. Comm'r</span></i><span style="font-size:12.0pt;font-family:"Times New Roman","serif"">, T.C. Memo. 2013-263: Taxpayer's characterization of
transferred interests as assignee interests disallowed and IRS's valuation upheld;
<i>Estate of Helen A. Richmond v. Comm'r</i>, T.C. Memo 2014-26: Taxpayer's and IRS's capitalization-of-earnings and built-in gain valuation methodology reject and court's methodology substituted—valuation penalties imposed.
<b>Jerry Levine on behalf of the FLP/FLLC Valuation Subcommittee</b></span><span style="font-size:12.0pt;font-family:"Times New Roman","serif""><o:p></o:p></span></p>
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4:20-4:40<o:p></o:p></p>
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<i><span style="font-size:12.0pt;font-family:"Times New Roman","serif"">Estates of Woelbing
</span></i><i><span style="font-size:12.0pt;font-family:"Times New Roman","serif"">v. Comm'r</span></i><i><span style="font-size:12.0pt;font-family:"Times New Roman","serif"">,
</span></i><span style="font-size:12.0pt;font-family:"Times New Roman","serif""> Docket Nos. 30261-13 and 30260-13, United States Tax Court: IRS challenge of sale to IDGT transactions for both gift and estate tax purposes.
<b>Carlyn McCaffrey</b><i><o:p></o:p></i></span></p>
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4:40-5:00<o:p></o:p></p>
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<i><span style="font-size:12.0pt;font-family:"Times New Roman","serif"">Sharp v. Comm’r</span></i><span style="font-size:12.0pt;font-family:"Times New Roman","serif"">, TC Memo 2013-290;
</span><i><span style="font-size:12.0pt;font-family:"Times New Roman","serif"">Estate of Helen A. Richmond v. Comm'r</span></i><span style="font-size:12.0pt;font-family:"Times New Roman","serif"">, T.C. Memo 2014-26</span><span style="font-size:12.0pt;font-family:"Times New Roman","serif"">:
Suggestions for steps advisors can take in proving reasonable cause to avoid accuracy-related penalties.
<b>Charlie Nash on behalf of the 706/709 Reporting/Audits/Pymts/Deferral/<o:p></o:p></b></span></p>
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<b><span style="font-size:12.0pt;font-family:"Times New Roman","serif"">Penalties Subcommittee<o:p></o:p></span></b></p>
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5:00-5:40<o:p></o:p></p>
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<i>Open Forum</i>: Has your client "script" changed in view of portability and high exemptions? Where are your conversations taking you and your clients?<b> – Led by Eric Viehman</b><o:p></o:p></p>
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5:40-5:50<o:p></o:p></p>
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<i>IRS Settlement Survey</i>. <b>Stephanie Loomis-Price and David Pratt</b><o:p></o:p></p>
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5:50-6:00<o:p></o:p></p>
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<i>Rev. Proc. 2014-18, </i>2014-7 IRB 513—Extension of time to file portability returns. –
<b>Led by Mickey R. Davis</b><i><o:p></o:p></i></p>
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6:00<o:p></o:p></p>
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Adjourn<o:p></o:p></p>
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<o:p> </o:p></p>
<p class="MsoNormal">Safe Travels,<o:p></o:p></p>
<p class="MsoNormal"><o:p> </o:p></p>
<p class="MsoNormal" style="line-height:90%"><span style="color:black;letter-spacing:-.3pt">Mickey R. Davis<o:p></o:p></span></p>
<p class="MsoNormal" style="line-height:90%"><span style="color:black;letter-spacing:-.3pt">Davis & Willms, PLLC<br>
</span><span style="color:black;letter-spacing:-.3pt">Fellow, American College of Trust and Estate Counsel</span><span style="color:black;letter-spacing:-.3pt"><o:p></o:p></span></p>
<p class="MsoNormal" style="line-height:90%"><span style="color:black;letter-spacing:-.3pt">Board Certified - Estate Planning & Probate Law Texas Board of Legal Specialization<o:p></o:p></span></p>
<p class="MsoNormal" style="line-height:90%"><span style="color:black;letter-spacing:-.3pt">3555 Timmons Lane, Suite 1250<o:p></o:p></span></p>
<p class="MsoNormal" style="line-height:90%"><span style="color:black;letter-spacing:-.3pt">Houston, Texas 77027<o:p></o:p></span></p>
<p class="MsoNormal" style="line-height:90%"><span style="color:black;letter-spacing:-.3pt">(281) 786-4502 voice<o:p></o:p></span></p>
<p class="MsoNormal" style="line-height:90%"><span style="color:black;letter-spacing:-.3pt">(281) 742-2600 fax<br>
</span><a href="mailto:mickey@daviswillms.com"><span style="color:black;letter-spacing:-.3pt">mickey@daviswillms.com</span></a> |
<a href="http://www.daviswillms.com/"><span style="color:black;letter-spacing:-.3pt">www.daviswillms.com</span></a><span style="color:black;letter-spacing:-.3pt"><o:p></o:p></span></p>
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