J. D. Salinger 2.0?

More stories about the Glass family, and the Caulfields, and World War II? Oh my!

According the the creator of a upcoming documentary film and companion book on J. D. Salinger, the reclusive writer authorized the posthumous publication of never-seen short stories, a World War II novel and a volume devoted to Hindu philosophy. The NY Times reports that the first new Salinger book is supposed to appear in 2015.

Were Salinger's alleged instructions reflected in the values listed for his unpublished works on his federal estate tax return? Has the IRS OK'd these values? Stay tuned.

What if J. D. Salinger's Estate is Taxed?

Along with the estate of billionaire Bacon, numerous smaller fortunes could shrivel if a new, retroactive federal estate tax is enacted. Estates consisting mainly of illiquid or hard to value assets could be hit particularly hard. The estate of reclusive author J. D. Salinger, who died last January, is a case in point. See Salinger's Estate: a Tax Quandary?

From Los Angeles this month, The Telegraph reports movie-makers see new hope for gaining the film rights to "The Catcher in the Rye." Their theory: a retroactive estate tax might force Salinger's estate to sell the rights to raise cash.

Could it happen?

Salinger's Estate: a Tax Quandary?

Will the estate of J. D. Salinger, reclusive author of "Catcher in the Rye," escape federal estate tax? If the now-suspended tax is imposed retroactively, how will the estate be valued? Suppose Salinger left publishable manuscripts but also left instructions that they not be published? Could the manuscripts nevertheless have a taxable "fair market value"?

Estate planner Richard A. Behrendt prompts such questions in this blog post.