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

Uncategorized

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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Improperly Prepared Estate Tax Return Costs Estate a Shot at the Marital Deduction

Cases, Estate Administration, Estate and Gift Tax, Tax, Tax Controversy, Tax Court

We have written before the importance of a property prepared Form 706 Estate (and Generation Skipping Transfer) Tax Return (“706”)[1] as well as the importance of a properly prepared Form 709 Gift Tax Return[2]. In our prior article discussing the 706, we highlighted a Private Letter Ruling (“PLR”) in which the Estate was granted a…
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Beneficiaries and Trustees May Face Personal Liability for Unpaid Estate Taxes

Cases, Estate Administration, Estate and Gift Tax, Tax Controversy, Tax Court

A recent federal district court decision[1] highlights the significant risk that beneficiaries and fiduciaries may face when estate assets are distributed before federal estate tax liabilities have been fully satisfied.[2] In United States v. Karst, the court granted summary judgment in favor of the government and held that the decedent’s sons, who were named as…
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Supervisory Approval and the Assertion of Penalties: Palmwood Holdings, LLC v. Comm’r

Charitable Giving, Income Tax, Tax, Tax Controversy, Tax Court

In Palmwood Holdings, LLC v. Comm’r, the United States Tax Court granted partial summary judgment in favor of the IRS, holding that the Service satisfied the supervisory approval requirement of section 6751(b) with respect to a civil fraud penalty first asserted in the IRS’ answer. The decision reinforces a growing body of Tax Court precedent…
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Mississippi Supreme Court Reverses Alimony Award Between Two Estates

Elder Planning, Estate Administration, Estate and Trust Controversy, Fiduciaries

The Mississippi Supreme Court recently revisited the intersection of family law and probate.[1] The decision offers a reminder that alimony obligations, while enforceable during a recipient’s life, remain subject to statutes of limitation and proper crediting principles that can determine whether an estate owes anything at all. The case at hand offers an interesting twist…
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Mississippi Court Affirms MDOR Tax Assessments in Ha v. Graham: The Importance of Recordkeeping and the Presumption of Correctness

Cases, State and Local Tax, Tax Controversy

When the Mississippi Department of Revenue (“MDOR”) conducts an audit, one can be surprised by how much discretion MDOR has in reconstructing sales and assessing liability. A recent decision from the Mississippi Court of Appeals, Ha v. Graham, 2025 WL 2397562 (Miss. Ct. App. Aug. 19, 2025), highlights the risks of failing to maintain adequate…
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A Costly Miscalculation: Civil Fraud Penalties in Beleiu v. Commissioner

Cases, Income Tax, Tax, Tax Controversy, Tax Court

In Beleiu v. Commissioner, T.C. Memo. 2025-70, the Tax Court sustained civil fraud penalties under Internal Revenue Code (“IRC”) § 6663 against the taxpayer for tax years 2012 through 2014. While the deficiencies themselves were not disputed by the time of trial, the heart of the controversy centered on whether the underpayments stemmed from fraud.…
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