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)

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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.

 

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