Tax Law Updates

David A. Handler (attorney, Chicago, IL) and Alison E. Lothes (attorney, Boston, MA) recently published the Tax Law Update, Trusts & Estates (2011). The updates they discuss include:

• Chief Counsel Advice 201047021 (Nov. 26, 2010). The IRS explained that an estate’s beneficiaries are not entitled to the estate’s loss carryovers.
• United States v. Kulhanek et al., 2010-2 USTC (Dec. 8, 2010). The U.S. District Court of the Western District of Pennsylvania held IRS action to recover estate taxes was timely.
• The IRS and the Office of Tax Policy released the Priority Guidance Plan for 2010-2011 (the Plan).