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Biden Administration Budget 2022: Employer Sponsored Death Benefits a Forgotten Planning Tool
On the Friday afternoon before Memorial Day 2021, the Biden-Harris Administration issued its 2022 Budget and the Department of Treasury published the General Explanations of the Administration's Fiscal Year 2022 Revenue Proposals — the "Green Book" — which explains how we are going to pay for it. On page 61 of the Green Book we are introduced to the newest tax: the taxation of capital income.
Under the proposal, the donor or deceased owner of an appreciated asset would realize a capital gain at the time of the transfer. For a donor, the amount of the gain realized would be the excess of the asset's fair market value on the date of the gift over the donor's basis in that asset. For a decedent, the amount of gain would be the excess of the asset's fair market value on the decedent's date of death over the decedent's basis in that asset. That gain would be taxable income to the decedent on the Federal gift or estate tax return or on a separate capital gains return. The use of capital losses and carry-forwards from transfers at death would be allowed against capital gains income and up to $3,000 of ordinary income on the decedent's final income tax return, and the tax imposed on gains deemed realized at death would be deductible on the estate tax return of the decedent's estate (if any).
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The DOJ's Corporate Enforcement Policy: One Year Later
The DOJ's Criminal Division issued three declinations since the issuance of the revised CEP a year ago. Review of these cases gives insight into DOJ's implementation of the new policy in practice.
Use of Deferred Prosecution Agreements In White Collar Investigations
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Discovery of Claim Construction and Infringement Analysis May be Compelled Prior to a Markman Hearing
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