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TEXAS FARM ESTATE TAX CASE
- In 1997, a US appeals court ruled in an estate-tax battle involving a 657-acre Texas farm valued at $650,000 and three other properties; here's what happenedCervin died in 1988. He and his wife, Manita Cervin, had purchased three whole life insurance policies on his life from Mutual Life Insuran...
He wrote $464,000 in checks before his father's death; the IRS later challenged the giftsA Pennsylvania man's decision to write 11 checks worth $464,000 five days before his father's death led to an IRS estate tax dispute. A US ...- Homeowner sold redeveloped flat for Rs 1.95 crore, paid no income tax, received a tax notice; wins relief in ITAT MumbaiAfter redevelopment of housing society, homeowner sold his flat for Rs 1.95 crore, pays no tax, got tax notice, wins case in ITAT Mumbai fo...
- In 2024, a US court ruled on an ownership dispute involving two properties sold for $10,200 after a tax-deed transfer; here's what happenedIn a decision in Thomas DeCola v. Matt H. and Anne L. Sheafer, the appeals court rejected Thomas DeCola's arguments. It stated that the tax...
- In 2017, Cindy Crawford and Casamigos co-founder Rande Gerber bought a Beverly Hills home for $11.6 million; four years later, they sold it for $13.5 million, a $1.9 million gross gainCindy Crawford and Rande Gerber recently sold their stunning Beverly Hills estate for $13.5 million, initially purchased for $11.6 million....
- In 2000, Allen Paulson left behind $193 million fortune, unpaid taxes, family inheritance fight led US authorities to pursue his heirsPaulson died on July 19, 2000, leaving behind an estate valued at $193.4 million for federal estate-tax purposes. Most of his assets were h...
- In 1942, a woman inherited property worth $33,650, its value rose to $95,000, then a mother-son ownership arrangement triggered a US estate-tax disputeThe dispute reached the US Court of Appeals for the Fourth Circuit, which ruled on November 1, 1967, in favour of the Internal Revenue Serv...
- Simone Biles’ $1.275 million Texas home found a buyer in 6 days, while Deshaun Watson’s took yearsSimone Biles and Jonathan Owens recently placed their Texas home on the market for $1.275 million, and it was under contract in just six da...
- In 2007, heirs sold a conservation easement on inherited farmland for $910,000, in 2013, they got a shock from US Tax CourtIn Van Alen v. Commissioner, decided on October 21, 2013, the court ruled in favour of the Internal Revenue Service (IRS). The dispute invo...
- Married couples, take note: The $32,200 standard deduction in 2026 could shrink your taxable income before you even start itemizing nowThe Internal Revenue Service (IRS) announced tax adjustments for 2026, incorporating annual inflation updates alongside changes made under ...
- Susan Dell, after dating ‘star athletes,’ said what Michael Dell didn’t do on their first blind date to impress herDuring a recent speech at the White House, Susan Dell engaged and inspired audiences with her insights on government-sponsored children's i...
- In 2005, a US couple sold their farm during bankruptcy, IRS sent them a tax bill, Supreme Court settled who paysThe case, Hall v. United States, involved Lynwood and Brenda Hall, who filed for bankruptcy under Chapter 12 of the US Bankruptcy Code in A...
- Texas’ 1927 Hawn Hotel closed in 1978 and was condemned in 1989; a $17.6 million rehabilitation converted the vacant tower into 33 housing units and ground-floor commercial spaceThe Hawn Hotel in Temple, Texas, has transitioned from a long-vacant structure to a modern residential and commercial space. Completed in 1...
- In 1977, US couple swapped apartment building, transferred property to a partnership the same day: Why a court told IRS their tax break staysThe US Court of Appeals for the Ninth Circuit upheld the decision in favour of Norman J. and Beverly G. Magneson in February 1985, rejectin...
- Susan Dell philanthropy goes beyond Trump Accounts: How The Dell foundation used $78 million to rebuild 3,740 Texas homes and fight homelessness in AustinSusan Dell’s along with her husband, Michael Dell, she has supported major housing and disaster-recovery efforts in Texas. From contributin...
- In 1979, Oregon family sold 1,843 acres, IRS demanded tax, then mostly lost: How a ruling changed tax-deferred property exchangesBack in 1967, an Oregon family's sale of their 1,843 acres of timberland sparked a major dispute with the IRS. The case ended up in the Nin...
- Inherited property tax explained: Know how the US 1031 exchange works and what are the rules for co-inheritors?In simple terms, in the United States, a provision known as a 1031 exchange may offer a way for an heir to exchange qualifying investment r...
- Estate tax exemption for 2026 is $15 million: Here’s what families need to know about the IRS rules and $19,000 gift limitThe 2026 estate tax exemption is $15 million, while the annual gift tax exclusion remains $19,000 per recipient. Here’s what the IRS rules ...
- In 2001, 125 wind turbines went up on Texas land used for sheep grazing and hunting; those uses continued, while the project paid about $930,000 in school taxesIn Texas, large wind turbines coexist with agricultural activities, allowing farmers to maintain traditional crops and livestock. Many land...
- Diesel price hits record highs ahead of U.S. midterm elections 2026: Texas, California, other key political states are taking measures to offer relief for Americans. Details hereDiesel price today: White House is considering regulatory relief that would allow broader sales of red-dyed diesel, a move that could allow...
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