Taxation

Supreme Court Rulings

Analyzing the Supreme Court’s Connelly v. Commissioner Decision

By James E. Hickmon, JD, MBA, CFP® / July 31, 2024 / Comments Off on Analyzing the Supreme Court’s Connelly v. Commissioner Decision

The June 6, 2024, U.S. Supreme Court ruling in Connelly v. Commissioner of Internal Revenue has captured significant attention in legal and financial circles due to its profound implications for estate taxation and corporate succession planning. The Court’s unanimous decision, delivered by Justice Clarence Thomas, addressed the complex issue of whether a corporation’s obligation to…

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U.S. Treasury Issues Rev. Proc. 2023-34 & SECURE Act 2.0 Revisions for 2024 & Beyond

U.S. Treasury Issues Rev. Proc. 2023-34 Detailing Changes to Estate, Gift & Generation Skipping Transfer Tax Rates & SECURE Act 2.0 Revisions for 2024 & Beyond

By James E. Hickmon, JD, MBA, CFP® / November 27, 2023 / Comments Off on U.S. Treasury Issues Rev. Proc. 2023-34 Detailing Changes to Estate, Gift & Generation Skipping Transfer Tax Rates & SECURE Act 2.0 Revisions for 2024 & Beyond

On November 11, 2023, the U.S. Treasury Department issued Rev. Proc. 2023-34 releasing the 2024 inflation-adjusted exemptions for estate, gift, and generation-skipping transfer tax as follows: The estate and gift exemption amount (currently $12.92 million in 2023) will increase to $13.61 million per taxpayer for 2024 ($27.22 million per married couple).  The generation-skipping transfer tax…

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