SCHEY, PILLER, ALSPAUGH & WONG, P.C.
Attorneys at Law

ANNUAL GIFT TAX EXCLUSION

The Internal Revenue Service has announced that the annual gift tax exclusion increased as of January 1, 2009 from $12,000 to $13,000.

ESTATE TAX APPLICABLE CREDIT AND EXCLUSION AMOUNTS FOR 2009

The estate tax applicable exclusion for decedents dying in 2009 has been increased to $3,500,000 per person from $2,000,000 from 2008.

TAX INCENTIVES FOR WATER STOCK

Enhanced Like-Kind Exchanges

P.L.110-234 amends the like-kind exchange rules under Code Sec. 1031 to permit the exchange of water rights in the form of mutal ditch, reservoir and irrigation company stock. The new like-kind exchange treatment would apply to exchanges completed after the date of enactment.

IMPACT This provision creates an exception to the general rule that stock is not property for like-kind exchange treatment and could open the door to future changes to the strick like-kind exchange rules. For the time being, however, this provision narrowly applies to certain stock representing a holding of water rights that is recognized as real property under state law.

(from the CCH Tax Briefing: Farm/Military Tax Relief Acts of 2008 May 27, 2008 Speical Report: 2008 CCH)

James H. Nelson

Admitted: 1983, Colorado

Jim Nelson is a refugee from southern Illinois. He grew up in Carbondale where his father was a professor at Southern Illinois University. Jim did his undergraduate work at Johns Hopkins University where he earned a BA in American History. He continued his education at University of Virginia where he was awarded a Master’s degree in American Legal History. He then attended University of Colorado where he earned his law degree and was a Moot Court finalist. Jim served as Editorial Assistant for the American Law of Mining, 2d Edition and Supplement, and also worked as a Contributing Editor for the Honorable William Erickson and the Honorable William Neighbors on United States Supreme Court Cases and Comments, Criminal Law and Procedure.

Jim’s practice is oriented to civil litigation of all varieties including commercial litigation, collections, real estate, landlord-tenant disputes, construction law, water law, and appellate practice.

For More Information Contact:

SCHEY, PILLER, ALSPAUGH & WONG, P.C.
636 Coffman Street, Suite 200
P. O. Box 267
Longmont, CO 80502-0267
Tel: 303-776-3511
FAX: 303-772-2297
Email James H. Nelson

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ISSUES AND ANSWERS:

QUESTION: If I am injured in an automobile accident, how much time do I have to begin a Lawsuit against the resposible party?

ANSWER: A person has to initiate a lawsuit against the party responsible for the injuries not later than three years from the date of the accident. Suit cannot be brought If that deadline is missed. Also, if a person suffers injuries in the accident which result in death, the deadline is shortened to two years.