Ninth Circuit Affirms Transferred Residential Property Must Be Included in Gross Estate
Article:
The Ninth Circuit ruled that the full fair market value of residential property must be included in the decedent’s gross estate, finding that the decedent retained income and economic enjoyment from the property and that the inter vivos transfer of the property was not a bona fide sale for adequate
Published on March 18, 2013
Simplified Method Relief for Late S and Entity Classification Elections
Article:
The IRS provided an additional simplified method for certain eligible entities to request relief for late S elections and for late entity classification elections that were intended to be effective as of the intended effective date of the S election.
Published on May 10, 2010
Service Addresses REITs Temporary Investment of New Capital
Article:
The IRS determined that a real estate investment trust (REIT) qualified for the “temporary investment of new capital” rules for purposes of the REIT income and asset tests when the REIT loaned the proceeds of its public debt offering to its operating partnership (OP) and the OP, in turn, temporarily
Published on May 10, 2010
Prop. Regs. Will Eliminate Federal Tax Benefit for Many Captive Insurance Companies
Article:
Proposed regulations put intercompany insurance transactions between members of a consolidated group on the self-insurance method of accounting.
Published on May 10, 2010
Prop. Regs. Reflect S Corporation Changes Made by AJCA and GO Zone Act
Article:
Proposed regulations provide guidance on S corporation family shareholder rules, the definitions of “powers of appointment” and “potential current beneficiaries” (PCBs) with regard to electing small business trusts (ESBTs), and the allowance of suspended losses to the spouse (or former spouse) of an S corporation shareholder.
Published on May 10, 2010
Cash Settlement and Note from Investment Adviser Are Qualifying RIC Income
Article:
The IRS ruled that a regulated investment company’s receipt of cash and a note from its investment adviser are qualifying income under Sec. 851(b)(2).
Published on May 10, 2010
Significant Recent Corporate Developments
Article:
This article summarizes selected income tax developments during the past year affecting corporations, including those that file consolidated returns.
Published on May 10, 2010
Service Changes Policy on Estate Tax Installment Payments
Article:
The Service will determine on a case-by-case basis whether security will be required when a qualifying estate elects under Sec. 6166 to pay all or a part of the estate tax in installments.
Published on May 10, 2010
Prop. Regs. Clarify Source of Compensation Rules
Article:
Proposed regulations would clarify the determination of the source of compensation for a person, including an artist or athlete, who is compensated for labor or personal services performed at a specific event or events.
Published on May 10, 2010
IRS Updates Rules for Substantiating Travel Expenses
Article:
The IRS updated the rules for substantiating an employee’s travel expenses using reimbursement arrangements, per diem allowances, or the high-low method.
Published on May 10, 2010
IRS Releases New Form 8886-T and Final Instructions
Article:
The IRS released new Form 8886-T, Disclosure by Tax-Exempt Entity Regarding Prohibited Tax Shelter Transaction, and the final instructions for its use.
Published on May 10, 2010
IRS Issues Second IDD on Domestic Production Deduction
Article:
The IRS has issued a follow-up directive on the Sec. 199 domestic production deduction (DPD) (LMSB-04-0707-049).
Published on May 10, 2010
IRS Issues IDD on Contractual Allowance Issues in the Health Care Industry
Article:
The Service has issued an industry director directive (IDD) (LMSB-04-0807-056) on contractual allowance issues in the health care industry.
Published on May 10, 2010
IRS Expands Its Offset Authority
Article:
The Service has published guidance that expand its ability under Sec. 6402(a) to offset overpayments against tax liabilities and its ability under Sec. 6411(b) to apply tentative carryback allowances against unpaid tax liabilities.
Published on May 10, 2010
IRS Announces Release Date for 1040 Modernized E-File Program
Article:
The IRS has announced a release date of August 2009 for the modernized e-file (MeF) Form 1040.
Published on May 10, 2010