Blog maintained by
Jared R. Callister

California Tax Review

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My Response to the Bernie Sanders Tax Proposal

The other day, Senator Bernie Sanders released a one-page informational sheet which charges that it will close the tax "loopholes" used by the mega-wealthy. The release was pretty bare-boned and curiously, made no mention of the use of net operating losses--which has been in the headlines recently.  I was interviewed by Credit.com who wrote an article explaining in greater detail some of Senator Sanders' proposals.  

Their article and my interview can be found here

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Are Trump's HUUUGE Losses Real?

If there was something I never saw coming, it was the hand-wringing and TV pundit analys of the relatively common use of Net Operating Losses--albeit by Donald Trump.  To all tax attorneys, the very idea of rolling forward Net Operating Losses (or NOLs) is common and rather mundane.  So when I saw and heard the media headlines lambasting Mr. Trump for his use of this mega NOLs I wasn't all that surprised.  The only think that surprised me however, was the sheer size of Mr.

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Hillary Clinton Proposes 65% Estate Tax

Hillary Clinton took Senator Bernie Sanders' lead by proposing a change to the estate tax rules that would add three new tax bracket on the largest estates.  Under her proposal, a 50% rate would apply at estates over $10 million per person, a 55% rate on estates over $50 million per person, and a top rate of 65% imposed on estates exceeding $500 million per person.  Admittedly, this increase will affect a tiny number of Americans.

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IRS Proposes New Regs To Limit FLP Discounts

On August 4, 2016, the IRS issued proposed regulations that would greatly reduce estate and gift tax valuation discounts that estate planners have used for years to reduce the value of family-owned businesses for estate and gift tax purposes.   In particular, the proposed regulations further interpret Section 2704, which generally deals with voting or liquidation rights of minority owners tha

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