The Tax Adviser 2014 

     Illustration by Harry Campbell

    Illustration by Harry Campbell

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    The Tax Adviser 2014

    Publication The Tax Adviser—the magazine of planning, trends, and techniques—reports and explains federal tax issues to tax practitioners.
    Published on July 02, 2014

    Caution Sec. 1234A May Apply to an Abandonment Loss

    Article Change the character of a loss from ordinary to capital, and a taxpayer runs the risk of deferring or even failing to realize a tax benefit. While the general rules regarding characterization of gains or losses are well-known, more obscure statutory provisions can change an otherwise ordinary gain or loss
    Published on June 30, 2014

    Real Estate Professionals Avoiding the Passive Activity Loss Rules

    Article Qualifying as real estate professionals allows taxpayers to avoid having their rental real estate activities treated as per se passive. This article discusses the requirements for qualifying as a real estate professional and how the requirements have been interpreted by the IRS and the courts.
    Published on June 30, 2014

    Like-Kind Exchange Rules Continued Evolution

    Article For many years, taxpayers have been able to defer recognition of gain on the disposition of assets by engaging in Sec. 1031 like-kind exchanges. Consequently, many questions and issues surrounding these transactions have been addressed, but many cases and rulings continue to arise each year. This article analyzes these cases
    Published on June 30, 2014

    Unexpected Consequences of Changes in Entity Classifications

    Article When entities change their classification, several income tax issues that are not immediately apparent may come into play. When these issues are discovered, they may require amending tax returns and could result in tax penalties as well.
    Published on June 30, 2014

    Sec. 351 Control Requirement Opportunities and Pitfalls

    Article Sec. 351 allows a tax-free incorporation transfer if certain requirements are met, including that the property must be transferred to a corporation by one or more persons in exchange for stock in the corporation, and, immediately after the exchange, the transferor(s) is (are) in control (as defined in Sec. 368(c))
    Published on June 30, 2014

    Filing Protective Claims Following Redetermination of Foreign Tax Liability

    Article U.S. multinationals that have undergone a tax audit in a foreign jurisdiction resulting in additional foreign tax liability may be able to file an amended U.S. return with the IRS to claim a credit for foreign taxes paid. A special 10-year period of limitation applies to refunds resulting from these
    Published on June 30, 2014

    Charitable Diversions Tax Implications and Tips for Addressing Them

    Article The misuse of charitable assets has been a long-standing concern, and enforcement in this area has been a challenge for government authorities.
    Published on June 30, 2014

    Sec. 199 Benefits and Burdens Analysis Key Guidance

    Article The IRS's primary objective with respect to any contract manufacturing arrangement is ensuring that only one party to the contract can claim to have the benefits and burdens during any qualifying activity. This protects the IRS from being "whipsawed," i.e., being subject to claims by both parties to have the
    Published on June 30, 2014

    Country-by-Country Reporting Challenges and Considerations

    Article Multinational enterprises should assess the potential challenges that country-by-country reporting could present for their organizations so they can adapt quickly to any future reporting obligations.
    Published on June 30, 2014

    Sec. 1059 Adjusting More Than Basis

    Article Sec. 1059 requires a corporate shareholder to reduce the stock basis of its subsidiary when it receives an extraordinary dividend from the subsidiary within the first two years of owning the subsidiary's stock. The procedures for recalculating basis in that scenario are clear, but the effect of these basis adjustments
    Published on June 30, 2014

    HSA Inflation Adjustments for 2015

    Article The IRS issued the calendar year 2015 inflation-adjusted figures for the annual contribution limits for health savings accounts and the minimum deductible amounts and maximum out-of-pocket expense amounts for high-deductible health plans.
    Published on June 30, 2014

    When Do Sec. 6402 Offsets Trigger the Refund Limitation Period

    Article It is critical to determine the date on which a liability satisfied by credit of an overpayment is considered to have been paid.
    Published on June 30, 2014

    Understanding Your Clients FBAR Filing Obligations and Getting Them in Compliance

    Article This item highlights two nuances of the scope of the FBAR reporting requirements that commonly result in filing missteps. For those who are delinquent, this item offers guidance on potential relief from penalties in accordance with applicable IRS procedures.
    Published on June 30, 2014

    Tax Simplification Key to Fighting Tax Return Identity Theft

    Article Identity theft and tax simplification are high priorities for members of Congress, the IRS, and all taxpayers. Though most people think the issues are unrelated, one potential way to decrease identity theft and preparer fraud is tax simplification.
    Published on June 30, 2014

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