A couple of days ago, I sent out a newsletter about new estate planning attorneys whom we have brought on in the last year or so. Unfortunately, some folks thought that meant that I, Jim Roberts, am either retiring or slowing down. That’s not the case. Not at all. As my colleagues here know, I…
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Taxpayer Wins in Kaestner – Beneficiaries’ Residence Alone is Insufficient to Justify State Tax on Trust Income
On June 21, 2019, the United States Supreme Court handed down its decision in North Carolina Department of Revenue v. Kimberly Rice Kaestner 1992 Family Trust (no. 18-457)(https://www.supremecourt.gov/opinions/18pdf/18-457_2034.pdf). The issue in the case was whether the state of North Carolina could tax the income of the trust based solely on the North Carolina residence of…
2019 Standard Mileage Rates
On December 14, 2018, the IRS released optional standard mileage rates for 2019, determined in accord with Rev Proc 2010-51, 2010-51 IRB 883. The IRS provided rates to be used in determining deductible costs of operating automobiles for business to be 58¢ per mile, for charitable work at 14¢ per mile, and for medical/moving purposes…
Merry Christmas!
The year has gone by so quickly! Now we are in the middle of the holidays and the end of 2017 is just a couple of weeks away. For me and my family, this is the Christmas season during which we celebrate the birth of Jesus. If you too are celebrating Christmas, we wish you…
Thank You, Veterans
At 7:55 AM (11:55 AM Dallas time), on December 7, 1941, Japanese planes attacked the US at Pearl Harbor. Over the next few years, an epic struggle ensued, and our freedoms here were protected by the men and women of America’s armed forces. Fewer than ten percent of those who served then are still with…
Election to Board of Governors of the Dallas Estate Planning Council
Glast, Phillips & Murray, PC is pleased to announce that James V. “Jim” Roberts has been elected to a two-year term on the Board of Governors of the Dallas Estate Planning Council 2016-2018 Jim is Board Certified in Estate Planning and Probate Law by the Texas Board of Legal Specialization, and has been honored by…
NOLO Riverboat Pilot Sunk by IRS
On February 18, 2015, the United States Tax Court handed down its decision in 436 Ltd. v. Commissioner, in which Robert Heitmeier, the taxpayer, was sunk by the IRS, losing his claimed deductions in a Joe Garza vintage Son-of-BOSS tax shelter. Two takeaways: Son-of-BOSS tax shelters are almost always losers, and, when you think you…