Tag: 102

What are the Income Tax Consequences of Bequests?

Estate Administration, Estate Planning, Fiduciaries, Income Tax, Tax

When receiving a bequest, many people question whether they will be subject to income tax.[1] As a basic matter, an individual’s income “does not include the value of property acquired by gift, bequest, devise, or inheritance.”[2] However, that does not mean the individual receiving assets by bequest has no income tax consequences to consider. Those consequences…
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Gifts to Employees – Fields v. Commissioner

Cases, Income Tax, Tax, Tax Court

Being in the midst of the holiday season, many people are making gifts to friends, family members, employees, and others important to them. Rarely is much thought given to the income tax consequences of such gifts. A recent case from the Tax Court illustrates how gifts between an employer and employee are treated.[1] Income Tax…
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