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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
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.

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