The Tax Adviser April 2010 

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    The Tax Adviser April 2010

    Published on April 29, 2010

    Current Corporate Income Tax Developments (Part II) - 2010

    Article During 2009, numerous state statutes were added, deleted, or modified; court cases were decided; regulations were proposed, issued, and modified; and bulletins and rulings were issued, released, and withdrawn. This article covers some of the more important developments in apportionment, unitary groups/filing methods, administration, flowthrough entities, and other significant corporate
    Published on April 01, 2010

    The Accuracy-Related Penalty (Part I)

    Article This two-part article addresses the Sec. 6662 accuracy-related penalty and the defenses available to taxpayers. Part I provides an overview of the various bases upon which a Sec. 6662 penalty can be imposed.
    Published on April 01, 2010

    Passive Activity Grouping Disclosure Statements

    Article Generally, a taxpayer may treat multiple trade, business, or rental activities as a single activity under the passive activity rules if the facts and circumstances indicate that they constitute an appropriate economic unit.
    Published on April 01, 2010

    S Corporation Basis Reductions for Nondeductible Expenses

    Article When an S corporation has losses and deductions in excess of basis, some of which are nondeductible, noncapital expenses, will there be a carryover of the nondeductible items for purposes of reducing basis in a future year?
    Published on April 01, 2010

    Tax Court Rules on Valuation of Life Insurance Policy in Bargain Sale

    Article The Tax Court held that where the profit-sharing plan of an S corporation wholly owned by the taxpayers distributed to them a life insurance policy on their lives, the taxpayers could not reduce the taxable value of the policy by the amount of the surrender charge for purposes of determining
    Published on April 01, 2010

    Consequences of S Corporation Termination in a Reorganization

    Article An S corporation can participate as a corporate entity in a corporate reorganization; this leads to a substantive advantage of S corporations over partnerships
    Published on April 01, 2010

    Tax Court Allows Medical Deduction for Sex Change Operation

    Article In a case of first impression, the Tax Court has held that a taxpayer can take a medical expense deduction for the costs of her sex change operation (O’Donnabhain, 134 T.C. No. 10).
    Published on April 01, 2010

    Protecting the Elderly from Financial Abuse

    Article This column explores the warning signs of senior fraud and offers suggestions for identifying those signs and resources for guidance in handling such situations.
    Published on April 01, 2010

    Court Adopts Reason to Know Test for Innocent Spouse Cases

    Article The Sixth Circuit adopted the “reason to know” test for determining whether a taxpayer was eligible for innocent spouse relief from tax liability for an understatement arising out of an erroneous deduction on a tax return.
    Published on April 01, 2010

    Fourth Circuit Upholds Return Preparer Conviction in RAL Wire Fraud Case

    Article The Fourth Circuit has upheld the conviction of a Maryland tax return preparer for preparing false tax returns and for wire fraud, where the preparer used interstate wire communications to secure refund anticipation loans (RALs) for his customers .
    Published on April 01, 2010

    IRS Updates Rules on Adequate Disclosure

    Article The IRS has updated its guidance on the rules governing when disclosure of an item or position on a tax return constitutes “adequate disclosure” for purposes of reducing an understatement of income tax or avoiding certain tax return preparer penalties.
    Published on April 01, 2010

    Net Operating Loss and the IRS

    Article Recent legislation lets taxpayers carry back a net operating loss (NOL) for a period of three, four, or five years. The IRS’s ability to make adjustments to the affected returns is an important consideration for taxpayers when deciding whether to make the carryback election and how many years to include.
    Published on April 01, 2010

    Assessment Period Remains Open in Partnership Case

    Article In Blak Investments, the Tax Court applied Sec. 6501(c)(10) to extend the assessment statute of limitation for a taxpayer with an undisclosed listed transaction on a return due prior to October 22, 2004.
    Published on April 01, 2010

    IRS Issues Guidance on GiftTax Consequences of Transfers in Trust

    Article The IRS clarified for taxpayers that despite the provisions of Sec. 2511(c), the gift tax continues to apply to certain transfers to a wholly owned grantor trust.
    Published on April 01, 2010

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