Writings by James F. McDonough

James F. McDonough, Jr. concentrates on wealth preservation and estate planning for high net worth individuals, closely held business matters and ownership succession, estate administration and income tax planning.

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Former NBA Team Owner's Estate Challenges IRS on $1.9 Billion in Estate, Gift Tax Dispute

The estate of the former Detroit Pistons’ owner Bill Davidson is challenging the Internal Revenue Service over what could be one of the largest and most substantial estate tax law cases heard in recent years. Representatives for the late Davidson filed a suit in the U.S. Tax Court in Washington, D.C., arguing that the IRS […]

Author: James F. McDonough

June 27, 2013

Avoiding State Income Taxation on Portfolio Assets

It is not difficult to construct a trust that will permit an individual to avoid income taxation on portfolio assets in the jurisdiction where he or she resides. The trust is drafted in such a way as to avoid having the grantor of the trust receiving income distributions. The client may, at some point in […]

Author: James F. McDonough

June 26, 2013

Kansas Sues Sperm Donor for Child Support

This case in Topeka Kansas has been in the news since December 2012. Mr. William Marotta provided sperm for a child conceived through artificial insemination for a lesbian couple. The State of Kansas is seeking to hold Mr. Marotta responsible for child support despite the fact that Mr. Marotta relinquished his parental rights in a […]

Author: James F. McDonough

June 25, 2013

Domestic Asset Protection – Why State Legislation Is Not Set In Stone

The State of Nevada spent considerable time and effort in crafting its asset protection and dynasty trust statute. Nevada worked hard to attract trust business to the state in an effort to broaden its economic base and decrease its reliance upon tourism and mining. Yet, one amendment to a piece of legislation nearly upset years […]

Author: James F. McDonough

June 19, 2013

IRS Loses Court Case Against Yankees Co-Owner Hal Steinbrenner

A court case against Yankees co-owner and managing partner Hal Steinbrenner ruled that he will not be required to repay the Internal Revenue Service $670,000 in what the agency called an “erroneous” tax refund that it mistakenly extended to Steinbrenner and his wife in 2009, a federal court ruled. The issues go back to IRS audits […]

Author: James F. McDonough

June 18, 2013

IRS Audits

IRS Collection Standards

This firm represents delinquent taxpayers and it is difficult to negotiate with taxing authorities because they must abide by certain numerical guidelines. Recently, I was struck by an article in a quarterly newsletter of the American Bar Association Section of Taxation (Spring edition). Jane Zhao, a Public Servicer Fellow and resident of Chicago, attempted to […]

Author: James F. McDonough

June 11, 2013

Is Income Tax Planning Now More Important Than Estate Tax Planning?

Two changes to federal estate tax law suggest that income tax planning may become more important than estate planning for most taxpayers. First, the $5,250,000 federal estate tax exclusion (the “Exclusion”) is permanent. Thus, most estates will not be subject to federal estate tax now that the Exclusion is law. A married couple may pass […]

Author: James F. McDonough

June 6, 2013

Income Tax

Apple, Tim Cook And Judge Learned Hand

Apple executive Tim Cook was called to testify before Congress on May 21, 2013 regarding its use of Irish subsidiaries and the tax savings that resulted. My initial thought was that, in his opening statement, Mr. Cook should have quoted the distinguished jurist; however, I suspect Apple’s public relations department would have advised him otherwise. […]

Author: James F. McDonough

May 29, 2013

Apple

IRS and the Tea Party

One of the many controversies in Washington, D.C. is the dispute arising out of the Internal Revenue Service’s extensive review of applications of exempt organizations using the names with words such as “Tea Party,” “Patriots” and “We The People.” I spent some time explaining to a client how the review process between the IRS and […]

Author: James F. McDonough

May 22, 2013

The MarketPlace Fairness Act: Does It Foreshadow a Value Added Tax

The Senate passed The Marketplace Fairness Act (the “Act”) and sent the bill for consideration to the House. The Senate passed The Marketplace Fairness Act (the “Act”) and sent the bill for consideration to the House. The Act provides that internet retailers must collect sales tax on out-of-state transactions reversing the holdings of cases and […]

Author: James F. McDonough

May 13, 2013

Are Bitcoins Taxable? Uncertainty Persists

Are Bitcoins Taxable? Bitcoins are becoming more visible and popular among consumers, and many investors are even focusing on the prospects that this digital currency may yield. As the demand for Bitcoins – which are used in a digital environment as real cash – increases significantly, the Internal Revenue Service may set its sights on […]

Author: James F. McDonough

May 8, 2013

Investors

Asset Protection – State Law Does Matter

State law does matter in the selection of a jurisdiction in which to create a domestic asset protection trust (APT). A brief (and incomplete) history of APTs may help the reader understand why. Common law prevented an individual from establishing a trust to protect one’s assets from the claims of creditors where he or she […]

Author: James F. McDonough

April 30, 2013

Income Tax

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