Preliminary Sections

• Author: Brian C. Vertz and Mitchell E. Benson
• Pages: 1-28

DIVORCE TAXATION

BY BRIAN C. VERTZ AND MITCHELL E. BENSON

HIGHLIGHTS

This 20th edition of Divorce Taxation, by authors Brian C. Vertz and Mitchell E. Benson (with Aliah Molczan),

covers tax- and divorce-related f‌inancial considerations critical to the practice of family law, including considerations

related to: the Infrastructure Investment and Jobs Act of 2021 (“IIJA”); the American Rescue Plan Act of 2021 (“ARPA”);

the Consolidated Appropriations Act of 2021 (“CAA-21”); and the Coronavirus Aid, Relief, and Economic Recovery

Act (“the CARES Act”). In addition, the authors provide updates to existing IRS rulings and important tax court rulings,

as well as practical and strategic advice for handling the complicated tax issues that may arise in a divorce.

The highlights include coverage and analysis of:

1. The ARPA: Signif‌icantly expanded child tax credits creating a two-tier system; f‌irst-of-its-kind advance

payments beginning in July, 2021; companion Restaurant Revitalization Fund and Employee Retention

Credits.

2. The Paycheck Protection Program (“PPP”): Factors to consider when evaluating the funds available

as assets or income; and its availability and impact on taxable income.

3. Donor -advised funds for family charitable giving: What happens to these accounts on the

dissolution of a marriage; tax aspects of funding the account.

4. Virtual (cr ypto) currency: Expanded coverage of this emerging form of currency, wallets, fungible

tokens, IRS rulings and upcoming tax return disclosure requirements.

5. Gif ts during marriage: When challenged by a divorcing spouse; practical tips for discovery when trusts

are present.

6. Real estate: Division of real estate investments avoids a costly and complex valuation process;

commercial real estate assets owned in passthrough entities may be excellent long-term investments; what

to look for in evaluating the merits of ownership.

7. Transfer and division issues encountered with closely held and public company stock,

including: limits on trading windows; SEC regulations; tax on disposal.

Plus

New! Chapter 22: Foreign Nationals, Assets and Income. Addressing tax issues that may arise when

a spouse is not a U.S. citizen or has foreign property or income sources, including: specialized tax issues

related to the transfer of foreign real estate, bank accounts, investments, or multinational businesses.

Appendices: Annual updates to the appendix of tax forms, including: new! Appendix 38, IRS Form 8812,

Credits For Qualifying Children And Other Dependents.

AND MORE!

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