Mid-South Super Lawyers

Three attorneys in the Knoxville office of Gentry, Tipton & McLemore, PC were recently recognized by the Super Lawyers rating service.

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[PINNED] Cityview Magazine Recognizes Several GTM Lawyers as “Top Attorneys”

The July/August 2017 edition of Cityview Magazine is out. It includes a list of Knoxville’s “Top Attorneys” in various categories as voted on by their peers. Gentry, Tipton & McLemore, PC is well-represented on the list:

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Tangible Personal Property No Longer Qualifies for 1031 Treatment

Beginning January 1, 2018, Section 1031 like-kind exchange tax deferral will no longer apply to exchanges of tangible personal property. Under the Tax Cuts and Jobs Act, only real property will qualify for tax deferral in a like-kind exchange.

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529 Plans: Not Just for College Anymore

Starting in 2018, 529 plans can be used to pay tuition expenses for elementary and secondary schools, thanks to the Tax Cuts and Jobs Act.

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“Repeal” of the Individual Mandate

Under the tax bill formerly known as the Tax Cuts and Jobs Act, the individual mandate has not been repealed, it has just been told to stand quietly in the corner in 2019.

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Qualified Business Deduction Under New § 199A

The tax bill formerly known as the Tax Cuts and Jobs Acts adds new Section 199A, the Qualified Business Deduction. Here is what you need to know.

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Charitable Giving Under the Tax Bill

The Tax Cuts and Jobs Act includes three provisions related to charitable giving.

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501(c)(3) Electioneering Prohibition Alive and Well

Despite efforts by the House, the Tax Cuts and Jobs Act does NOT scale back the Johnson Amendment.

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No Change in Jan. 2018 7520 Rate

The 7520 rate for January 2018 will be 2.6%. A chart showing historical rates since 2008 is here. Source: Rev. Rul. 2018-1 (pdf) Posted by Joel D. Roettger, JD, LLM, EPLS

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Estate Tax under the Tax Bill

If the Tax Cuts and Jobs Act passes, the number of estates subject to the death tax is about to get even smaller, at least temporarily.

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Prepaying State and Local Taxes in 2017

Don’t bother. 

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Last Chance for Risk-Free Roth Conversions

The rules will change–and not for the better–in 2018, assuming the Tax Cuts and Job Act passes.

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Contract Wills

Is a contract to make a will enforceable under Tennessee law?

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Selecting Your Executor

When a family member dies, the person selected as the executor of the estate is often one of the largest causes of family discord.

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Charitable Solicitation in Tennessee

Charities that intend to solicit donations in Tennessee should not overlook the Solicitation of Charitable Funds Act.

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7520 Rate Will Rise Slightly in December

The 7520 rate for December 2017 will rise to 2.6%. A table showing historical 7520 rates since 2008 is here. Source: Rev. Rul. 2017-24 (pdf) Posted by Joel D. Roettger, JD, LLM, EPLS

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Spear Phishing Emails

The Internal Revenue Service recently instituted a ten-part “Don’t Take the Bait” awareness campaign regarding cybercriminal tactics.  Part One covers Spear Phishing Emails.  This post summarizes the IRS’s information on this topic.

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Handwritten Modifications to Revocable Trust Deemed Invalid

In a recent case, the Tennessee Court of Appeals found that a settlor failed in her do-it-yourself approach to estate planning.

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Distribution from Donor Advised Fund to Private Foundation

Technically, it is possible, but there would be some significant strings attached.

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Estate and Gift Tax Exemptions Will Rise in 2018

The IRS recently announced inflation adjustments to various estate and gift tax items for 2018.

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2018 Retirement Plan Contribution Limits

The IRS recently announced the 2018 contribution limits for retirement plans.

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7520 Rate for Nov. 2017

The 7520 rate for November 2017 will be 2.4%. A table showing historical 7520 rates since 2008 is here. Source: Rev. Rul. 2017-21 (pdf) Posted by Joel D. Roettger, JD, LLM, EPLS

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Odd Probate Case Poses Question No One is Asking

Specifically, whether Tennessee’s probate claim statute requires a creditor to provide the executor with proof of a claim before the executor must mail the creditor a copy of the published Notice to Creditors.

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Churches and 501(c)(3) Status

Must a church file an exemption application in order to be recognized as tax-exempt under I.R.C. § 501(c)(3)?

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Support Trusts

As the previous post notes, a special rule applies to a support trust in which the settlor’s spouse is a beneficiary. In that case, the trustee shall consider the spouse’s other resources (i.e., assets outside of trust) before making a distribution. But what is a “support trust” and why does the classification matter?

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Slight Decrease in October 2017 7520 Rate

The 7520 rate for October 2017 will drop to 2.2%, down from 2.4% in September. A table showing historical 7520 rates since 2008 is here.

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