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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

FALL 2004

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
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.
ALI-ABA's Direct-to-Desktop CLE®
Estate Planning
Techniques - 2004
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Taxing Decisions

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