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27 Prac. Tax Law. 1 (2012-2013)

handle is hein.ali/practax0027 and id is 1 raw text is: The Practical Tax Lawyer The Practical Tax Lawyer volume 27 | number 1 1 fall 2012 Estate Planning Considerations In Divorce Ben Schenker 5 The parties to a divorce aren't likely to be thinking about es- tate planning as the divorce progresses. But the divorce can have serious estate outcomes, and the attorney needs to be prepared to discuss those effects with the divorcing client. This article by Ben Schenker discusses the importance of tim- ing estate planning tasks in the wake of a divorce, matters of child custody and reconsidering who the beneficiaries will be, grantor trusts for alimony and child support, using life insur- ance as a probate avoidance tool, community property, sepa- rate property and quasi-community property, family limited partnerships, and the marital deduction. Eliminating Tax Debt Through Bankruptcy Ken Weil 9 While it's not the most attractive way to eliminate tax debt, bankruptcy is sometimes the most viable option. A working knowledge of how bankruptcy law works can be very valuable in helping the client to choose the right means of eliminating tax debt. In this article, Ken Weil discusses the difference be- tween secured and unsecured debt, what the IRS has to do to become a secured creditor, how to avoid the secret lien,' ex- empt assets, type 1 taxes (three-year rule, recently assessed taxes, trust fund taxes, and extenders), type 2taxes (nonfiled and late filed, willful intent to evade or defeat taxes, and ex- tenders), type 3 taxes, the importance of account transcripts, taxes and means testing, the benefits of Chapter 13, the con- tent of a Chapter 13 plan, the bankruptcy offer in compromise, community property and trust fund taxes, advantages and disadvantages of tax remedies (statute of limitations on col- lections, installment agreements, and offers in compromise), and Bankruptcy Code remedies (Chapter 7, Chapter 11, and Chapter 13).The author also provides a model intake form for new cases. The Nuts And Bolts Of Deficiency Cases: From Examination To The Tax Court Jaime Vasquez and Zhanna Ziering 25 A client facing a tax deficiency will want a lot of information about the process and what the options are. This article by Jaime Vasquez and Zhanna Ziering discusses how a return is selected, what occurs during the examination, what occurs after the examination, the appeals process, assessments and collections, collections due process, the CDP hearing, choice of forum for the hearing, litigating in Tax Court, and the Tax Court's opinion. Intangible Asset Economic Damages Measurements Robert F Reilly 41 An award of damages for an intangible asset is a taxable event. However, there is no way to inform your client of what might be due unless you know how intangible assets are valued.This article by Robert F. Reilly discusses recognized intangible as- sets (FASB ASC 805-20, Code section 197), intangible asset al- ternative bundles of legal rights, types of intangible asset torts, the damages period and the damages dates, the purpose of the damages analysis, damages analysis terminology, types of damages measurement, lost profits, economic damages methods, cost to restore value, the reasonable royalty method, economic damages considerations, the damages award as a taxable event, and the difference between intangible asset damages and value. To purchase the online version of this issue, go to www.ali-cle.org and click on Articles and Forms Online Back issues, individual articles, and forms are also available there.

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