September 2011 - The Tax Adviser

This two-part article examines developments in estate, gift, and generation-skipping tax planning and compliance between June 2010 and May 2011. Part I considers estate tax reform, cases and rulings, changes made by the 2010 the Tax Relief Act, and other estate tax developments.

This article discusses the differing tax consequences of a borrower’s default and/or indebtedness discharge on recourse versus nonrecourse loans on principal residences. It then addresses what constitutes business indebtedness for purposes of the Sec. 108(a)(1)(D) exclusion from taxation for discharge of qualified real property business indebtedness.

Thousands of readers responded to the annual tax software survey, and for the first time this year they revealed what they like and dislike about their tax research services.