section u date
Tax Law Section Update
B Julian A. Fortuna
The Saylor Law Firm LLP
O
n Thursda , October 6, 2011, the Tax Law Section
co-s onsored with the Real Estate Law Section
a Brea fast CLE meeting at the Buc head Club.
The meeting featured a resentation entitled Real Estate
Tax Law U date b Trey Webb and Tim Watt of Section
s onsor Bennett Thrasher. The resenters initiall held the
attention of the audience b awarding Starbuc s gift cards
for correct answers to o qui questions concerning tax
legislation enacted in 2010.
e tax lanning ideas for 2011 and 2012 were as follows
1. Individual tax a ers should consider accelerating
income from 2013 into 2012, articularl ca ital gains
and qualified dividend income because the highest tax
rates on these categories of income are scheduled to
increase from 15 to 23.8 and 43.4 , res ectivel ,
on anuar 1, 2013.
fortuna@sa lorlaw.com
The Tax Law Section will resent additional CLE Brea fast
Meetings at The Buc head Club on Februar 23, 2012 and
A ril 24, 2012. The s ea ers and to ics for these meetings
will be announced in the near future.
Next month I will re ort on the Tax Bar Liaison Committee
Meeting scheduled for November 16, 2011 at the Georgia
De artment of Revenue where members of Tax Law
Sections of the Atlanta Bar Association and the State Bar
of Georgia will gather to discuss current issues with State
Revenue Commissioner Douglas J. MacGinnitie and
select members of his staff. Atlanta Bar Association Tax
Law Section member Richard C. Litwin will be one of the
moderators of the rogram.
2. Businesses lanning large asset urchases in 2013
should consider accelerating them to 2011 or 2012
because of tem orar bonus de reciation available
in the ear of urchase at 100 for 2011 and 50
for 2012.
3. High net worth individuals should consider ma ing
significant generational wealth transfers in 2011 or
2012 to ta e advantage of the gift and generation
s i ing tax exclusions of 5,000,000. Among the
common gifting techniques mentioned were famil
limited artnershi s, defective grantor trusts and
charitable lead trusts.
The resenters also discussed in detail the Passive Activit
Loss and Credit rules contained in Section 469 of the
Internal Revenue Code and the recent Tax Court decision
in Canal Cor v. Commissioner, 135 T.C. No. 9 (2010),
which addressed a so-called disguised sale involving
a artnershi under Section 707(a)(2)(B) of the Internal
Revenue Code.
The Of cial News Publication of the Atlanta Bar Association
November 2011
THE ATLANTA LAWYER
27