Charitable activities are favored under the Internal Revenue Code. The income of a charitable entity can be subject to favorable income taxation, and transfers to a charitable entity can realize income tax and estate tax deductions. One type of charitable
There are two types of reporting companies – “domestic reporting companies” and “foreign reporting companies.” It is important to remember that reporting companies that were formed or registered to do business in the United States on
“Buy sell” agreements often are funded by life insurance policies. Life insurance proceeds can affect the “estate tax” valuation of a deceased business owner’s ownership interest. And can have material implications for the terms of “buy-sell”
Relative to its decisions concerning other areas of the law, the United States Supreme Court generally does not issue many decisions concerning tax law. Thus, when the Supreme Court does issue a tax decision, it definitely is noteworthy and deserves
Succession is an important issue in estate planning. Usually, succession is discussed in terms of an asset owner’s or business owner’s death. Who should succeed me as owner and manager of my assets or business on my death? A less often discussed,
Simplicity can be advantageous in making decisions concerning your business. On the important decision of choice of entity, based on simplicity, it may seem appropriate to use an Illinois entity to operate an Illinois business. By using an entity formed