whatslegalwhatsnot.com is the ultimate public service. Owned by an attorney this site serves the latest news and position papers on matters that are controversial, ambiguous, or generally misunderstood for a myriad of reasons, industry by industry. Search for your question or topic of concern and enjoy a short or long list of the latest news or position papers on that topic. Check this site to discover the line between “certainty” and “uncertainty”.
“Certainty” of the Month Example: Private Annuity (Trust) Tax Deferral is Dead! On October 17, 2006 the I.R.S. issued Proposed Regulations 1.72-6(e) and 1.1001-1(j) (reversing Rev.Rul. 69-74) covering certain (private) annuity trust transactions entered into after October 18, 2006, and other types entered into after April 18, 2007. The Private Annuity (Trust) is effectively DEAD after April 18, 2007 in terms of avoiding or deferring taxes! Moreover, if you have such a trust you should contact a specialist attorney to review your situation to safeguard your rights and protections.
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