Uncategorized Archives

From Schedule I to Schedule III: Tax and Estate Planning Consequences of Rescheduling State-Licensed Medical Marijuana

May 7, 2026

On April 22, 2026, Acting Attorney General Todd Blanche signed a final order (“Final Order”)[1] immediately rescheduling state-licensed medical marijuana from Schedule I to Schedule III of the Controlled Substances Act (“CSA”),[2] pursuant to President Trump’s 2025 Executive Order directing federal agencies to expedite the rescheduling of medical marijuana.[3] This change may materially affect the…
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A Tale of Two Loans – Galli and Bolles

Cases, Income Tax, Tax, Tax Court, Uncategorized

Dec 17, 2025

Two different cash advances from a mother to a son highlight when a purported loan will be respected as such for tax purposes. One case is Estate of Bolles,[1] which is an opinion I wrote about previously.[2] The other case is Estate of Galli.[3] The outcomes of the two cases are opposites – one finding…
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Inter Vivos QTIP Trusts: A Strategic Estate and Asset Protection Planning Option

Uncategorized

Aug 20, 2025

Estate planning requires the careful balancing of family priorities with tax and asset protection concerns, and the tools available to practitioners to address these priorities and concerns change over time amid legislative reforms and judicial determinations. Among the tools available to practitioners, the inter vivos Qualified Terminable Interest Property trust, aka the inter vivos “QTIP”…
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Conveyance Without a Deed – A Mississippi Case

Cases, Estate Administration, Estate Planning, Uncategorized

Aug 27, 2024

In a recent case out of the Court of Appeals for the State of Mississippi, the Court held that a writing titled an “Article of Agreement” (the “Agreement”) was sufficient to convey an interest in real estate to the decedent’s sisters.[1] The primary issue to be decided by the Court was whether the Agreement executed…
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Loans Against Life Insurance – Failure to Make Premium Payments May Result in Tax Liability

Uncategorized

Sep 18, 2023

Life insurance policies are held by many American taxpayers. While valuable, policies are generally illiquid, making them a candidate to use as collateral to borrow against. As illustrated in a recent United States Tax Court summary opinion[1], failure to make the requisite premium payments on the life insurance policy used to secure a loan may…
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Recent CCA Addresses Valuations

Compliance, Estate and Gift Tax, Estate Planning, Tax, Uncategorized

Feb 3, 2022

The IRS Office of Chief Counsel recently issued CCA 202152018 (“CCA”), in which the IRS is attacking yet another business valuation.[1] The IRS takes the position in the CCA that because the valuation used failed to account for a potential acquisition, the grantor retained annuity trust (“GRAT”) failed to properly qualify as a GRAT even…
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LLC v. S Corp.: Is That Really the Question?

Income Tax, Uncategorized

Jul 16, 2021

We regularly see continuing education materials, blog posts, publications, and other materials titled “LLC v. S Corp. – Which is Right for Your Business?” or something similar. Regardless of the exact title, these items purport to ask the question of whether an LLC or S Corp. is the better choice of entity. But is that…
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Warne Case gives Insight on Valuation and Gifting

Charitable Giving, Estate Planning, Income Tax, Tax Controversy, Uncategorized

Mar 3, 2021

Many know the old adage of “it’s the thought that counts” when it comes to gifting. According to a recent Tax Court opinion, when it comes to charitable contributions, what the recipient receives is significantly more important than what is given by the donor. Charles Allen previously discussed this issue in his article on the…
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Is that Side Hustle a Business or Hobby?

Income Tax, Tax, Tax Controversy, Uncategorized

Jan 5, 2021

Hobby loss tax rules of IRC § 183 are nothing new. However, there are a couple of recent developments that make the application of those rules especially relevant: Starting in 2018, the Tax Cuts and Jobs Act (“TCJA”) went into effect. Under the TCJA, taxpayers lost the ability to take miscellaneous itemized deductions. Previously, taxpayers…
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Category: Uncategorized

From Schedule I to Schedule III: Tax and Estate Planning Consequences of Rescheduling State-Licensed Medical Marijuana

A Tale of Two Loans – Galli and Bolles

Inter Vivos QTIP Trusts: A Strategic Estate and Asset Protection Planning Option

Conveyance Without a Deed – A Mississippi Case

Loans Against Life Insurance – Failure to Make Premium Payments May Result in Tax Liability

Recent CCA Addresses Valuations

LLC v. S Corp.: Is That Really the Question?

Warne Case gives Insight on Valuation and Gifting

Is that Side Hustle a Business or Hobby?

Directions

From Schedule I to Schedule III: Tax and Estate Planning Consequences of Rescheduling State-Licensed Medical Marijuana

Amplatz – The Toothless Section 7517 Without Remedy

Lapsed Life Insurance Policy Generated Taxable Income and Limited Interest Deductions