Abstract

http://ssrn.com/abstract=1517220
 


 



Transfer Tax Avoidance: The Impact of Perpetuities Restrictions Before and after Generation Skipping Taxation


Ira Mark Bloom


Albany Law School

1981

Albany Law Review, Vol. 45, No. 2, pp. 260-310, 1981

Abstract:     
This Article explores the impact of perpetuities restrictions prior to and after the enactment of the generation-skipping transfer tax system (“GST”). First, the Article explains how perpetual tax avoidance via Wisconsin-based trusts was possible before the enactment of generation-skipping taxation. The author gives Particular focus to the use of special powers of appointment as a means of achieving perpetual tax avoidance. Then, based on conflict of laws rules, the Article shows how citizens of any state could have selected the laws of Wisconsin to govern the validity of property dispositions. The Article goes on to demonstrate the impact of generation-skipping taxation on tax avoidance devices and shows how the generation-skipping prevents perpetual tax avoidance but prolonged avoidance via trusts is still possible. The Article concludes with recommendations for corrective action by Congress, including a proposal to eliminate prolonged tax avoidance.

Number of Pages in PDF File: 50

Keywords: transfer tax, tax avoidance, perpetual tax avoidance, tax avoidance devices, prolonged tax avoidance, perpetuities restrictions, generation-skipping transfer tax system, GST, special powers of appointment, eliminate tax avoidance

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Date posted: December 7, 2009  

Suggested Citation

Bloom, Ira Mark, Transfer Tax Avoidance: The Impact of Perpetuities Restrictions Before and after Generation Skipping Taxation (1981). Albany Law Review, Vol. 45, No. 2, pp. 260-310, 1981. Available at SSRN: http://ssrn.com/abstract=1517220

Contact Information

Ira Mark Bloom (Contact Author)
Albany Law School ( email )
80 New Scotland Avenue
Albany, NY 12208
United States

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