On May 25, 2010, I posted an item entitled "Plan for Continued Access to Digital Assets Upon Death or Disability."

Following up on that entry, I wanted to bring to your attention an interview on the NPR radio show called Talk of the Nation on June 9, 2010, in which the host, Neal Conan, interviewed Robert Roper, a columnist for Obit Magazine, about "digital death." A written transcript of the interview, as well as the recorded interview is available for your consideration.

On February 23, 2010, The Bipartisan Tax Fairness and Simplification Act (BTFS) of 2010 was referred to the U.S. Senate Committee of Finance for consideration. The bill proposes numerous changes to the Internal Revenue Code as well as the continuation of cuts, some set to expire this year, such as the Earned Income Tax Credit. The bill establishes a new Retirement Savings Account and a new Lifetime Savings Account to consolidate the three existing types of IRAs, allowing couples to set aside as much as $14,000 in tax-free savings.

Also among the bill's objectives is a change to how capital gains and dividends are taxed. Under BTFS, 35% of capital gains from investments held for 6-12 months, not exceeding $500,000, would be tax free. To the extent of 35%, any gains from investments held longer than a year and income from qualified dividends would be tax free. Qualified dividends are generally dividends from any share of stock in a domestic corporation or a foreign share of stock that is readily tradable on an established security market. Further progress on the bill will not be made until it is scheduled for consideration on the calendar of the Senate Committee on Finance; as of June 9, 2010, we have no information on when that will be.

A Portion of the E-mail is quoted below:

Sent: Wednesday, May 05, 2010 12:29:09 PM
Subject: Who signs form for appraisal

This is to confirm our conversation regarding who can sign Part III (Declaration of Appraiser) on Form 8283 and the corresponding appraisal. As discussed, Form 8283 and the appraisal may not be signed by the appraisal firm. Both documents must be signed by the individual who completed the appraisal.

The language contained in Part III of Form 8283 and the instructions clearly indicate that the individual appraiser must sign the form and acknowledge that a false or fraudulent overstatement may subject the individual to a penalty under section 6701(a). Section 170(f)(11)(E) and Treas. Reg. sections 1.170A-13(c)(3) and (5) state that a qualified appraisal is conducted by a qualified appraiser who is an individual meeting specific requirements. Treas. Reg. section 1.170A-13(c)(5)(iii) further states that if 2 or more appraisers contribute to an appraisal, each appraiser must sign the appraisal. The statutory language defining an appraiser as an individual and the regulations requiring each individual appraiser who works on the appraisal to sign the appraisal clearly indicates that a person, not a firm, must sign Form 8283 and the appraisal.