Business

An Employee Stock Ownership Plan (ESOP) is a permitted shareholder of stock in a corporation with a valid S election in effect (“S Corporation”).  IRC §512(e)(1) provides that the earnings attributable to an ESOP’s stock in an S Corporation shall be taxable as unrelated trade or business income; [...]

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Estate Planning

The Madoff scandal is no longer the lead story on the evening news; however, the ripple effect of the scandal remains with us even today. In Estate of Warshaw v. Director, the Superior Court of New Jersey Appellate Division (“Appellate Division”) reversed the decision of the Tax Court of New [...]

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