IRS Patrol: N-2010-19: Guidance for Persons Making Transfers in Trust after December 31, 2009
Notice 2010-19 applies to taxpayers making gifts in trust during 2010. Under section 2511(c), a transfer of property to a non-wholly-owned grantor trust is a transfer by gift of the entire interest in the property. To determine whether a transfer to a wholly-owned grantor trust constitutes a gift, the gift tax provisions in effect prior to 2010 apply.
Notice 2010-19 will be in IRB 2010-7, dated February 16, 2010.
IRS Patrol: 2010 Depreciation Limitations For Owners Of Passenger Automobiles
Revenue Procedure 2010-18 provides the depreciation deduction limitations for owners of passenger automobiles first placed in service, and amounts to be included in income by lessees of passenger automobiles first leased, during calendar year 2010. This revenue procedure includes tables detailing these depreciation limitations and lessee inclusion amounts that reflect the automobile price inflation adjustments required by § 280F(d)(7) of the Internal Revenue Code.
Revenue Procedure 2010-18 will be published in Internal Revenue Bulletin 2010-9 on March 1, 2010.
Stacie's Tax Stuff 