Jeffrey A. Galant

Jeffrey A. Galant

Jeffrey A. Galant is counsel to Meltzer, Lippe, Goldstein & Breitstone’s business & real estate taxation, trusts and estates, tax exempt organizations and private wealth and taxation practice groups.

November 06, 2024 | New York Law Journal

Alter Ego: Protecting Your Corporation's Tax Status

Creditors of corporate entities will, at various times, pursue the controlling shareholders to satisfy an undercapitalized corporation's indebtedness. Following along these lines, when it comes to income taxation, it is always important to be able to identify the proper taxpayer.

By Jeffrey A. Galant

8 minute read

September 27, 2024 | New York Law Journal

Deductibility of Promotional Expenses: Stock Car Racing?

A discussion of the unique Tax Court case 'James W. Avery,' where, in connection with promoting his law practice, attorney James Avery attempted to deduct expenditures he incurred as a race car driver.

By Jeffrey A. Galant

7 minute read

August 28, 2024 | New York Law Journal

Caring for the Closely Held Business: Zeroing Out Profits

"Adopting a decision structure which allows for consideration of an independent voice and credible comparability studies should go a long way to building the necessary record," writes Jeffrey A. Galant.

By Jeffrey A. Galant

8 minute read

July 03, 2024 | New York Law Journal

Planning Ahead for Tax Liabilities

A noteworthy aspect of such planning, and the focus of this article, is the benefit, if any, of planning in advance for the relief from certain federal income tax liabilities potentially available to a married couple who reside together.

By Jeffrey A. Galant

11 minute read

May 10, 2024 | New York Law Journal

Great Expectancies: Anticipating Inheritance

Given their druthers, parents generally prefer to treat children equally when it comes to passing on parental property upon death however situations may exist where transfers can be fair and equitable, even though not in equal amounts or shares.

By Jeffrey A. Galant

9 minute read

April 05, 2024 | New York Law Journal

Constructive Deceit

The tools of intelligence (and counterintelligence) gathering, e.g., espionage, spying and the like, have been utilized since time immemorial by states, sovereign and otherwise, for both legitimate and nefarious reasons.

By Jeffrey A. Galant

7 minute read

January 26, 2024 | New York Law Journal

Family Business: A Missed Succession Planning Opportunity

In the annals of family business succession planning, this article discusses some clever, albeit flawed, attempts to transfer ownership interests in a mature enterprise to family members while avoiding the transfer tax toll.

By Jeffrey A. Galant

8 minute read

September 21, 2023 | New York Law Journal

What is the Deal? Proper Reporting Requires Analysis

Selling taxpayers often ignore or fail to appreciate the full picture of their sale transaction. This article examines two recent Tax Court cases in which taxpayers incorrectly accounted for the consideration received as sellers of property.

By Jeffrey A. Galant

6 minute read

August 21, 2023 | New York Law Journal

A Reminder That Partnership Tax Status Requires Business Purpose and Profit Sharing

Likely, either the partnership or limited liability company is the most flexible of entities now available for business- or investment-related ventures. Whether either such entity is a partnership for tax purposes is the subject of this note.

By Jeffrey A. Galant

7 minute read