October 24, 2011  Volume 3, No. 3

This estate tax edition of Currents is from Robert F. DeMeter, Esq., a taxation and estate planning partner of the firm. Please contact Robert F. DeMeter to inquire about the subject matter of this issue.

The IRS recently issued Rev. Proc. 2011-48 which contains a procedure for executors who wish to file a protective claim for a refund due to potential deductible expenses under IRC §2053. This procedure is most useful in circumstances where an estate is in litigation or there is a potential for litigation when the decedent's federal estate tax return is filed.

Under recent IRS Regulations certain items which may be ultimately deductible may not be deductible at the time of filing the return. The new procedure allows a protective claim to be filed to preserve the deductibility of these expenses when they mature.

Contact Us
If you would like a copy of the Revenue Procedure or would like to discuss its applicability to a current matter please contact Bob DeMeter or any of the Clark & Trevithick estate planning lawyers: Dean I. Friedman, Robert W. Renken, James Q. Fisher or Carrie E. Miller. Telephone: (213) 629-5700. Website: www.ClarkTrev.com.

Currents is intended to be educational only.  It is designed to provide our clients and friends with the discussion of current topics and legal authorities as applied to those topics.  Currents is not intended to constitute legal advice or provide any opinion about the application of such legal authorities to a particular circumstance, set of facts or situation.  In addition, that you have received transmission of Currents does not create any relationship of attorney and client between Clark & Trevithick, PLC and you.

Clark & Trevithick, PLC is a full service law firm representing clients throughout California and western states for more than three decades.  Our practice includes specialization in federal and state taxation law and tax reporting compliance, as well as estate planning for owners of closely-held businesses and other high net worth individuals. We also counsel on the sale of closely-held businesses. We develop methods for transferring wealth to surviving spouses and descendants by the most efficient and tax-advantaged methods available.  Our practice profile also includes corporate, real estate, litigation, creditors' rights and remedies and employment law matters.

CIRCULAR 230 DISCLOSURE

TO COMPLY WITH INTERNAL REVENUE SERVICE REQUIREMENTS, PLEASE BE ADVISED THAT ANY TAX ADVICE CONTAINED IN THIS EDITION OF CURRENTS IS NOT INTENDED OR WRITTEN TO BE USED, AND CANNOT BE USED, BY THE RECIPIENT TO AVOID ANY FEDERAL TAX PENALTY THAT MAY BE IMPOSED UPON THE RECIPIENT, OR TO PROMOTE, MARKET OR RECOMMEND TO ANY OTHER PERSON OR ENTITY, ANY REFERENCED ENTITY, INVESTMENT PLAN OR ARRANGEMENT.  FOR MORE INFORMATION, PLEASE GO TO WWW.CLARKTREV.COM.

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