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Table of Contents
August 2001
Asterisks indicate items in the Tax Clinic department.
Accounting Methods & Periods
*
The Fastest Deductions Are Not Always the Best
*
Life after
Hospital Corp. of America
Consolidated Returns
Aggregation of Stock
Estates, Trusts & Gift
s
*
Tax Court Decision Increases Usefulness of GRATs
Sec. 643 Prop. Regs. Redefine Trust Income,
by Carol Cantrell
Significant Recent Developments in Estate Planning (Part I),
by Brian T. Whitlock and Jill McNamara
Expenses
*
Covenant Not to Compete Must Be Amortized over 15 Years
*
Proper Characterization of Deductible Legal Fees
*
Tax Court Rejects Modification of Sec. 179 Election
Foreign Income & Taxpayers
*
International Aspects of IRD
*
New Opportunities to Exclude Foreign Income
Gains & Losses
*
Capital Gain Exclusions Expanded for Empowerment Zone and Renewal Community Investments
*
Like-Kind Exchanges with Disregarded Entities
*
Non-Safe-Harbor Reverse Exchange Guidance
*
Reach of Sec. 1041 Nonrecognition Provisions Expanded
Individuals
*
Dependency Exemptions: The Tax Court Is Strict on Noncustodial Parents
Interest Income & Expense
*
Excess Home Mortgage Interest
Legislation
Important Dates in Tax History (chart)
Partners & Partnerships
Partner in Trader Partnership May Claim Partnership's Operating Expenses as Trade or Business Expense
Practice & Procedures
TEC Initiatives
Procedure & Administration
Small-Business Threshold
Federal Tax Liens
IRS Warns against Frivolous Filing Positions that Rely on Foreign-Based Income Argument
Real Estate
*
An Introduction to REITs
S Corporations
*
Letter Ruling Reaffirms the Use of Restricted Stock by S Corporations
*
S Corporation Can Deduct Suspended PALs Incurred while a C Corporation
Computing Stock and Debt Basis when Stock Is Sold during the Year
State & Local Taxes
*
In Search of...Michigan Taxpayers
*
Mitigating Startup Investors' Risk with Federal and State Tax Benefits
Tax Education
The IRS Appeals Process—Case Method and Tax Clinics
Reader Survey
2001 AICPA
