by Bruce E. Bell | Dec 1, 2013 | Bruce E. Bell, Tax Corner
Question: I am a partner in a same-sex marriage now residing in Illinois with my spouse. What actions, if any, should I take in light of the recent case treating same-sex marriages the same as conventional marriages? Answer: The U.S. Supreme Court decision in...
by Bruce E. Bell | Nov 1, 2013 | Bruce E. Bell, Tax Corner
Question: In anticipation of legislative changes, I was advised to engage in various gifting and other tax planning transactions at the end of 2012 which I did not do. Now that the law has essentially remained the same, is there any immediacy to embark on such...
by Bruce E. Bell | Oct 29, 2013 | Bruce E. Bell, Insights
I. Statutory AnalysisA. Income Exclusion For Benefits. Gross income does not include amounts received through accident or health insurance (or through an arrangement having the effect of accident or health insurance) for personal injuries or...
by Bruce E. Bell | Oct 29, 2013 | Bruce E. Bell, Insights
I. PURPOSES OF STOCK RESTRICTION AGREEMENTS (A/K/A BUY/SELL AGREEMENTS) A. Created to provide for purchase of shares of departing shareholder of closely-held corporation. B. Corporation or shareholders often purchase insurance to finance repurchase of shares...
by Bruce E. Bell | Oct 1, 2013 | Bruce E. Bell, Tax Corner
Question: As I derive a significant amount of my income from passive sources. I am concerned about the new investment income tax and the impact it may have on me. Are there any actions I can take to avoid or minimize this tax obligation? Answer: Many taxpayers are...
by Bruce E. Bell | Sep 1, 2013 | Bruce E. Bell, Tax Corner
Question: I have a significant balance in my employer’s 401(k) plan. Upon my upcoming retirement, I intend to roll over the funds in my employer’s plan to an individual retirement account (“IRA”) which will pass to my children upon my death. Will the assets in my...
