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TAX ADVISORY GROUP MEMORANDUM 5- GUIDE FOR DISCUSSION 1 (1965)

handle is hein.ali/aliestate0021 and id is 1 raw text is: TAX ADVISORY GROUP MEMORANDUM NO. 5 GUIDE FOR DISCUSSION INTRODUCTION This guide for discussion is designed to direct your attention to the points in Tax Advisory Group Memoran- dum No. 5 on which the Reporter particularly desires discussion. It is not the intention to restrict discussion to these points. Thus anyone should feel free to raise for consideration any part of the Memorandum. DIVISION I UNIFED TwaI.SFEa TAx 1. The Rate Schedule The rate schedule proposed for the unified transfer tax is set out in § X2, beginning on page 2. Though this matter was considered in some detail at the last meeting, it is proposed that it be examined again. In connection with this re-examination, notice the comments on page 11. 2. Fiduciary Safeguards The safeguards which are available to a fiduciary operating under a unified transfer tax system are found in § X5, beginning on page 15. It is hoped that the discussion of these safeguards will disclose additional safeguards, if any, which should be provided. 3. Exe.utor Liability in Connection with Deferred Tax Payments Some dissatisfaction has been expressed from time to time in relation to the executor's position when the pay- ment of estate taxes is deferred in whole or in part. A suggestion is made in § X7, beginning on page 19, which would give the executor some relief. The feasibility of this suggestion and the desirability of other types of relief will be examined. 4. Disclaimers An attempt has been made on page 22 and again on page 27 to provide some concrete rules as to what con- stitutes a disclaimer. The soundness of these rules will be explored. 5. Life Insurance Even though the present estate tax provisions with respect to life insurance are retained in § X11c, begin- ning on page 30, an attempt has been made to solve some problems growing out of the transfer of only part of the incidents of ownership and the continued payment of premiums by the insured in the light of a unified tax system. These aspects of the life insurance problem will be surveyed. 6. Current Beneficial Enjoyment The location of the right to current beneficial enjoyment is vital in applying the provisions of § X23, begin- ning on page 60, and § X24, beginning on page 66. On page 61, an attempt has been made to define what is meant by current beneficial enjoyment and at various places in § X23 and § X24 illustrations are given of where current beneficial enjoyment is under different circumstances. A thorough discussion of this concept is planned in the hope it will provide additional light as to its meaning. 7. Property Previously Taxed As a result of the meeting in New Orleans, the provisions of § X29, beginning on page 97, have been redone and alternative proposals appear under that section. Sentiment in regard to these two proposals will be tested.

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