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Law Alerts of 'August', '2015'

New Duty of Consistency and Basis Reporting Requirement
Under IRC §1014(a), the income tax basis of property acquired from a decedent is generally its fair market value on the date of death, or alternate valuation date if the executor makes an election under IRC §2032. Under Treas Reg §1.1014–3(a), the estate tax value of the property is prima facie evidence of the fair market value of the property. Although the regulation does not preclude rebutting the resulting presumption,
Did the California Supreme Court Clarify "Living Separate and Apart" Standard in Dissolution Cases?
In Marriage of Davis (July 20, 2015, S215050) 2015 Cal Lexis 5115, 2015 WL 4394006, the California Supreme Court tackled the question of whether, in a dissolution proceeding, a couple may be characterized as "living separate and apart" for purposes of determining their date of separation under Fam C §771(a) even when they are living together in the same home.