FEDERAL TAX LIENS/TENANCY BY THE ENTIRETY/MARITAL RIGHTS/CRAFT DECISION

Introduction by Bert Rush:  The IRS has issued guidance (IRS Notice 2003-60) as to how it will enforce lien rights against property held in a tenancy by the entirety, following the decision of the U.S. Supreme Court in U.S. v. Craft (discussed in our postings for 4/22/02 and 1/29/03).  To view IRS Notice 2003-60, click on the link below to an IRS webpage.

http://www.irs.gov/pub/irs-drop/n-03-60.pdf

Also, Ann vom Eigen, ALTA's Legislative & Regulatory Counsel, has written a summary of Notice 2003-60 which can be found on the ALTA website (go to www.alta.org /click on "Press Room"/click on "ALTA E-News"/click on "September 16, 2003").  Or, to view Ann's summary you may click on the URL below.

http://ul.firstam.com/landsakes/irs092903.pdf

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 To view FEDERAL LIENS AFTER CRAFT by Ann vom Eigen click on the link below.

Ann_vomeigen@alta.org

FEDERAL TAX LIENS/TENANCY BY THE ENTIRETY/MARITAL RIGHTS/ARTICLE

Introduction by Bert Rush. The current [January-February] issue of the ABA's Probate & Property magazine carries an article about one of last year's most interesting decisions from the U.S. Supreme Court, entitled "United States v. Craft--Saying Goodbye to Tenancy By The Entirety?"

This should be of interest to title folk, attorneys, and anyone interested in legal affairs, for its discussion of the effect of federal tax law on state-created property rights. 

To view the article, click on http://ul.firstam.com/landsakes/craft01203.pdf .

To view Harris O'minsky's Article click on the link below:

United States v. Craft

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