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19 Prac. Tax Law. 3 (2004-2005)

handle is hein.ali/practax0019 and id is 1 raw text is: THE PRACTICAL TAX LAWYER FALL 2004 VOLUME 19/NUMBER 1 Published by The American Law Institute-American Bar Association Committee on Continuing Professional Education with the cooperation of the Section of Taxation, American Bar Association Through The Looking-Glass: The Future Of Estate And Financial Planning (With Form) Mark B. Edwards 7 What are the consequences of estate tax repeal, an aging boomer population, and extended lifespans? In this intriguing article, Mark Edwards suggests that estate planners will need to spend less time as tax technicians and more time as counselors advis- ing their clients on how to make their assets last longer. In particular, durable powers of attorney will become increasingly important to more and more clients, and a sample of such a form appears in the appendix. The Tax Consequences Of Mortgages David A. Schmudde 31 Only certain interest paid on a residential mortgage is deductible. To qualify for deduction, mortgage interest must meet a number of rules and limitations. Mortgage interest on rental properties is subject to even further rules. A good grasp of these rules is nec- essary if you are going to advise clients in this last remaining area of deductible personal interest. The ABCs Of UBTI: A Practical Guide To Avoiding Unrelated Business Taxable Income From Real Estate Investments William M. Funk 43 The unrelated business income tax (UBIT) imposes corporate tax rates on the unrelated business taxable income (UBTI) of tax-exempt organizations (TEOs). Short of outright disqualification as a TEO, imposition of the UBIT is the most important financial consequence a TEO can experience. UBTI generally is a tax on income from unrelated business operations and rentals of prop- erty purchased with borrowed funds. But there are exceptions, and practitioners advising TEOs must know how those exceptions work to be able to represent their clients effectively Is There A COBRA Lurking In Your Client's Reimbursement Plan? Lowell J. Walters and Michael J. Canan 59 When reimbursement plan participants terminate employment, some complicated circumstances may arise. In particular, Treas. Reg. §54.4980B-2 classifies these plans as health plans, meaning they are sub- ject to the same COBRA requirements as other group health plans. This article reviews several COBRA issues that may arise with reimbursement plan par- ticipants who terminate employment. CLICK HfR.( ALI-ABA's Direct-to-Desktop CLE® Presents Advanced Estate Planning Techniques - 2004 Now available online! Subscribe to an entire year's worth of online course materials in the area of Estate Planning, choose another area of practice from our continuously expanding online library, or just buy a single online course book or outline. ALI-ABA CLE Calendars Taxing Decisions 1 Programs, Publications, 5 and Playbacks

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