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On the Cover
Cheech Marin the entertainer has a new show on the road: This one features the Chicano art he bought with the proceeds from his long career as a funny man.
Cheech, as he’s known, came to prominence in the 1970s as half of the wildly successful comedy team Cheech and Chong, the pot-smoking counterculture version of Laurel and Hardy responsible for popular comedy albums and such blockbuster movies as Up In Smoke. Even after Cheech and Tommy Chong separated in the 1980s, Cheech had a solid career in show biz, doing character voices for Disney animated films, guest appearances on TV hits, and taking roles in such films as Desperado.
As mainstream as Cheech has gotten, though, he’s stayed true to his Chicano roots. He’s a third-generation Mexican-American who’s put his money where his culture is: Cheech has the world’s largest collection of Chicano art, and he’s sharing that collection with the world. A traveling exhibition of Chicano art, most of it his, will be at the de Young Fine Arts Museum in San Francisco until Oct. 22 before going to the Museum of Fine Art in Fort Lauderdale, Fla., where it can be seen from Nov. 18 through May 18, 2007.
The show, “Chicano,” first opened in November 2001 in San Antonio, and has traveled nationwide.
Featured on our cover this month, in time for Halloween, is one of Cheech’s oil paintings in the show, the frighteningly skeletal “La Pistola y el Corazon” (2000) by George Yepes. Also in this issue:
- César Martinez’s “El Hombre que le Gustan las Mujeres” (2000), one of Cheech’s oils.
- El Guero” (1987) by César Martínez, also from Cheech’s collection.
- Car Show Artist” (2001) by John Valdez, an oil painting from the collection of actor Dennis Hopper.
Tax Law Update
David A. Handler, partner in the Chicago office of Kirkland & Ellis LLP, reports on:
- Private Letter Ruling 200633019—a limited liability company is disregarded for income tax purposes
- Field Attorney Advice 20062701F—power to use trust property for insurance premiums results in grantor trust status;
- PLR 200637024—meeting the requirements of a qualified subchapter S trust
- Conrad Janis v. Commissioner—taxpayers are bound by the duty of consistency
- Tamulis v. Comm’r—trust is not reformable as a CRUT
- PLR 200637033—individual retirement account rollover is permitted
How a Foundation Can Manage Its Real Estate
David T. Leibell and Daniel L. Daniels of Cummings & Lockwood LLC in Stamford, Conn. report that the Internal Revenue Service has provided a roadmap of permissible behaviors for foundations with real estate investments.
Re: September issue briefing item on options available to a nonspouse IRA beneficiary under the Pension Protection Act.
Retirement Benefits Committee
Welcoming Michael J. Jones as the new chair and Bruce D. Steiner as a member.
ESTATE PLANNING & TAXATION
By Jerome A. Deener
In Karmazin v. Comm’r, the IRS challenged a sale to a grantor trust. Defense counsel Jerome A. Deener gives the inside story on how he was able to negotiate a settlement favorable to his client.
Jerome A. Deener is a partner at Deener, Stern & Hirsch, PC, in Hackensack, NJ.
What's Left of SOs?
By Gerald B Treacy, Jr.
The recently enacted Pension Protection Act of 2006 dramatically altered the rules for supporting organizations (SOs). A guide
Gerald B. Treacy, Jr. is a partner in the Law Office of Gerald B. Treacy, Jr. PLLC in Poulso, Wash. He is also of counsel to Montgomery Purdue Blankinship & Austin, PLLC in Seattle
By Winston C Smith, Jr
When a planned gift has outlived its welcome, what are you to do? Suppose your gift is embodied in a trust. What recourse do you have? Whether it’s a CRUT, a CRAT, a CLAT, or a life estate, here are strategies to extricate your client gracefully.
Winton C. Smith, Jr. is a partner in Winton Smith and Associates in Memphis, Tenn.
Donating Real Estate
By Daniel L. Daniels and David T. Leibell
Before the bottom drops out of the real estate market, consider donating the asset to charity. But beware the many tax traps involved.
Daniel L. Daniels is a partner at Cummings & Lockwood LLC in Stamford, Conn.
David T. Leibell is chair of the Trusts & Estates committee on philanthropy and a partner at Cummings & Lockwood LLC in Stamford, Conn.
ESTATE PLANNING & TAXATION
Marching Off a Cliff
By Jeffrey A Cooper
Florida lures many wealthy retirees—not only because it’s an escape from cold winters—but also it’s a domestic tax haven. Author Jeffrey A. Cooper cautions that emulating Florida is easy for the states to do, but foolish for the nation.
Jeffrey A. Cooper is an associate professor at Quinnipiac University School of Law in Hamden, Conn.