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Article: IRS guidance on federal tax liens on entireties property after Craft.
- Article from:
- The Tax Adviser
- Article date:
- January 1, 2004
- Author:
CopyrightCOPYRIGHT 2004 American Institute of CPA's. This material is published under license from the publisher through the Gale Group, Farmington Hills, Michigan. All inquiries regarding rights should be directed to the Gale Group. (Hide copyright information)
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The Supreme Court's decision in Sandra L. Craft, 535 US 274 (2002), held that a Federal tax lien arising under Sec. 6321 on "all property and rights to property" of a delinquent taxpayer attaches to the taxpayer's rights in property held as a tenancy by the entirety (TE), even though Michigan law insulates such property from the claims of creditors of only one spouse. The Court stated that while state law determines what rights a taxpayer has in property, Federal law determines whether the state-defined rights are property or rights to property for Sec. 6321 purposes. The decision has consequences in approximately 26 jurisdictions that recognize TE as a form of property ...
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