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Highlights
U.S. ESTATE PLANNING TAX ISSUES
Ten Key Principles to Keep in Mind When Planning for U.S.
Clients With Non-U.S. Family or Property and Non-U.S. Clients With U.S.
Family of Property
Ryan Lay
Ryan Lay highlights some of the key
points made by Michael Galligan in a recent article in the Trusts and
Estates journal, which focused on planning for U.S. residents with non-U.S.
family or property, and for non-U.S. clients with U.S. family or
property.
CHANGE OF TRUSTEES
Change of Trustees and Acquisition of Control
Sabina Mexis
Sabina Mexis discusses the Canada
Revenue Agency's recently released Income Tax Technical News No. 34, in which
the Agency reported on and expanded its position concerning the effect of
changes of trustees of trusts that control corporations.
TRUSTS
Refund of Premiums Legacy to a Spousal Trust
Sabina Mexis, Goodman and Carr LLP
Sabina Mexis discusses the Canada
Revenue Agency's recently released technical interpretation 2005-0161941E5,
where it was asked to consider if an estate trustee and the surviving spouse
could make a joint designation under subsection 146(8.1) of the Income Tax Act
to treat a withdrawal from the capital of a testamentary spousal trust as a
refund of premiums.
GENERAL ANTI-AVOIDANCE RULE
MIL Investments S.A. v. The Queen – Potential Insights
Into the Future of the General Anti-Avoidance Rule
Ryan Lay
Ryan Lay comments on the recent
decision of the Tax Court of Canada in MIL Investments S.A. v. The Queen,
which deals with the application of the general anti-avoidance rule in a
treaty-shopping context, and whether there is an inherent anti-abuse rule in
Canada's bilateral tax treaties. Amended reasons for judgment were released by
the Court on September 5, 2006.
VENTURE PHILANTHROPY
The Internal Revenue Service Releases Two Private Letter
Rulings Dealing With Venture Philanthropy
Sabina Mexis
Sabina Mexis discusses two recently
released Private Letter Rulings in which
the Internal Revenue Service ruled that certain innovative "venture
philanthropy" investments of U.S. charities would not be in violation of
Internal Revenue Code rules.
RECTIFICATION
Di Battista et al. v. 874687 Ontario Inc. –
Application for an Order Rectifying Certain Share Purchase Agreements
Ryan Lay
Ryan Lay examines Di Battista et
al. v. 874687 Ontario Inc., a recent Ontario Superior Court of Justice case
that taxpayers faced with the prospect of applying for relief in the form of
rectification will find helpful.
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Board
Dr. Wolfe D. Goodman, QC, LSM, SJD
Editor-in-Chief
Goodman and Carr LLP
Elisabeth Atsaidis
Goodman and Carr LLP
Paul Bleiwas
Goodman and Carr LLP
D. Bernard Morris
Goodman and Carr LLP
David P. Stevens
Goodman and Carr LLP
Clare A. Sullivan
Goodman and Carr LLP
Martin J. Rochwerg
Miller Thomson LLP
Janine A.S. Thomas
Sole Practitioner |