Robert S Barnett

September 09, 2022 | New York Law Journal

The IRS has just changed the timeframe for filing a late portability election for federal estate tax purposes. This is extremely important to those who did not timely file a federal estate tax return (Form 706) when the first spouse died.

By Robert S. Barnett and Gregory L. Matalon

7 minute read

November 14, 2011 | New York Law Journal

Robert S. Barnett, a partner at Capell Barnett Matalon & Schoenfeld, writes: Recent cases have created a split among the circuits on the question of whether a basis overstatement is an omission of gross income, and may therefore result in an extended statute of limitations. New Treasury Regulations and the application of a Supreme Court opinion this year have added a dramatic touch rarely encountered in tax matters.

By Robert S. Barnett

12 minute read

May 27, 2008 | New York Law Journal

Robert S. Barnett, a partner at Capell Barnett Matalon and Schoenfeld, writes that it has long been settled that gambling income is includable in gross income, but an area of consistent controversy has been the appropriate treatment of gambling losses.

By Robert S. Barnett

9 minute read

July 17, 2009 | New York Law Journal

Robert S. Barnett, a member of Capell Barnett Matalon & Schoenfeld, and Andreea Olteanu, an associate at the firm, write: Due to the current market decline, many not-for-profit corporations are confronted with unique problems. Not only have their endowments fallen below historic dollar value, but due to the severe economic downturn, they are experiencing drastic reductions in revenue and contributions. A question arises as to whether an organization may utilize any portion of the endowment, when its market value has dropped below historic dollar value.

By Robert S. Barnett and Andreea Olteanu

13 minute read

September 23, 2005 | New York Law Journal

Robert S. Barnett, a CPA and partner at Capell, Barnett & Matalon writes that trustees must pay careful attention to the new flexibility afforded in allocating between income and principal and to the allocation of capital gains to distributable net income. This discretion is not unlimited and must remain within the guidelines established by the trust document, local law and the treasury regulations.

By Robert S. Barnett

11 minute read

December 30, 2005 | New York Law Journal

Robert S. Barnett, a certified public accountant and a partner in Capell Barnett Matalon & Schoenfeld, analyzes a recent case concerning whether the value of property transferred by a man to a limited partnership, was includable in his gross estate under the provisions of IRC Section 2036(a). Section 2036(a) requires estate inclusion of the value of all property to which the decedent has retained the possession or enjoyment or the right to designate the persons who shall enjoy the property.

By Robert S. Barnett

9 minute read

November 23, 2007 | New York Law Journal

Robert S. Barnett, a partner in Capell Barnett Matalon & Schoenfeld, writes to help practitioners become aware of the technical requirements in order to assist their clients in choosing the proper form for loan transactions, noting that a small structural adjustment and good record keeping might make a tremendous difference in the result.

By Robert S. Barnett

14 minute read

September 21, 2009 | New York Law Journal

Robert S. Barnett, a member of Capell Barnett Matalon and Schoenfeld, and Andreea Olteanu, an associate at the firm, write that under normal circumstances, assets includible in a decedent's taxable estate receive a "step-up" in basis to the fair market value as of the date of death. This "step-up" treatment is extremely valuable because it protects the estate and its beneficiaries from the tax double-sting. Items of income in respect of a decedent, however, are denied this favorable tax treatment, resulting in both income and estate taxation. By assigning IRD items to charitable beneficiaries, the negative effects of this unfavorable tax treatment are mitigated.

By Robert S. Barnett and Andreea Olteanu

12 minute read