February

    The Tax Adviser February 2013 

    PHOTO BY ISTOCKPHOTO/THINKSTOCK Articles

    Current Developments in Partners and Partnerships
    Hughlene A. Burton

    Activity Grouping: The Impact of Recent Developments
    Daniel Rowe

    Formula Clauses: Adjusting Property Transfers to Eliminate Tax
    John H. Skarbnik and Ron West

     

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    IRS Not Allowed to Reclassify Passive Activity Income

    Article The Tax Court held the IRS could not reclassify the taxpayer’s income from the rental of cellphone towers and the land they were situated on to his wholly owned S corporation as nonpassive income under the self-rental rule.
    Published on January 31, 2013

    Payments to Taxpayer Held to Be Compensation, Not Distributions

    Article The Eleventh Circuit held that payments made to a taxpayer by limited partnerships that he controlled but did not own an interest in were compensation reportable on Schedule C, not partnership distributions.
    Published on January 31, 2013

    Activity Grouping The Impact of Recent Developments

    Article Activity grouping is an often overlooked or misused component of tax strategy and compliance, and with the issuance of Rev. Proc. 2010-13, the importance of getting it right has increased.
    Published on January 31, 2013

    IRS Issues Guidance on 0.9% Additional Medicare Tax

    Article The IRS issued proposed regulations concerning the 0.9% Medicare surtax, which took effect Jan. 1, 2013.
    Published on January 31, 2013

    Formula Clauses Adjusting Property Transfers to Eliminate Tax

    Article Dispository documents involving lifetime gifts or testamentary bequests often include formula clauses to designate the value of property passing by gift or bequest.
    Published on January 31, 2013

    Prop. Regs. Govern 3.8% Net Investment Income Tax

    Article The IRS released proposed regulations governing the 3.8% net investment income tax imposed under Sec. 1411.
    Published on January 31, 2013

    2013 Filing Season ITIN Procedures Issued

    Article The IRS issued slightly easier procedures for ITINs for the 2013 filing season.
    Published on January 31, 2013

    IRS Releases Standard Mileage Rates for 2013

    Article Optional standard mileage rates for use of a vehicle went up by 1 cent per mile for 2013.
    Published on January 31, 2013

    R&D Tax Credit Update Recent Court Decisions Shed Light on Key Issues

    Article The Sec. 41 R&D tax credit continues to be an important incentive for many companies; however, the incentive effect is often dampened by challenges in identifying, documenting, and defending the credit.
    Published on January 31, 2013

    Effective Date Amended for Temporary Repair Regulations

    Article The IRS issued technical amendments to address the effective date for the temporary regulations that apply to amounts paid to acquire, produce, or improve tangible property.
    Published on January 31, 2013

    Establishing the Fact of the Liability for Bonus Compensation

    Article A recent IRS legal memorandum serves as a reminder to business taxpayers to consider modifying or updating their employee bonus plans to enable a deduction for bonus compensation accrued in the year of the related services, as provided in Rev. Rul. 2011-29.
    Published on January 31, 2013

    Trends in Sales and Use Tax for Remote Sellers

    Article Click-through or affiliate nexus legislation has become a popular way for states to require certain remote sellers (i.e., internet vendors) to collect sales or use tax on their sales to in-state residents.
    Published on January 31, 2013

    Tax Treatment When Employees Surrender Paid Time Off to Benefit Others

    Article There are various types of PTO donation and leave-sharing programs, not all of which are disaster-related. The tax treatment to the donating employee differs based on the type of program.
    Published on January 31, 2013

    Personal Goodwill, Purchase Agreements, and Covenants Not to Compete

    Article A common strategy for shareholders of closely held corporations to avoid double tax involves the assertion that a portion of the disposition of the business relates to the sale of personal goodwill of the shareholder.
    Published on January 31, 2013

    Proactive Elections to Mitigate Sec. 382 Applicability

    Article Sec. 382, which limits the use of NOL carryovers after an ownership change of a loss corporation, often comes as a rude surprise to corporations in the fields of technology, life sciences, pharmaceutical, and similar industries.
    Published on January 31, 2013

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