August

    The Tax Adviser August 2009 

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    Two Recent Revenue Rulings Clarify Tax Treatment of Life Settlements

    Article The IRS issued two revenue rulings discussing the taxation of life settlement transactions. Rev. Rul. 2009- 13 clarifies the tax implications of the surrender or sale of a life insurance policy by the original policyholder, while Rev. Rul. 2009-14 discusses the tax ramifications of certain transactions to an investor who
    Published on July 13, 2012

    Restructuring Partnership Debt May Create Unexpected Results

    Article A partnership or an LLC taxed as a partnership contemplating a debt restructuring should carefully consider the tax effects of Sec. 108.
    Published on July 13, 2012

    Deducting Ponzi Scheme Losses Practical Issues

    Article In March 2009, the IRS issued Rev. Rul. 2009-9 and Rev. Proc. 2009-20, which provided guidance on the tax treatment of theft losses from Ponzi-type schemes.
    Published on July 13, 2012

    Avoiding S Corporation Debt Obligations That Are a Second Class of Stock

    Article Under certain circumstances, debt owed by an S corporation to one or more shareholders will be a second class of stock.
    Published on January 28, 2011

    Service Learning and Tax More Than VITA

    Article This column provides readers with some thoughts for integrating service learning using tax issues as the content platform. The column describes the projects used by the author and some additional thoughts for expanding the scope of tax-based service learning projects beyond VITA.
    Published on January 28, 2011

    Two Courts Address Tax Shelter Exception to Tax Practitioner Privilege

    Article The Tax Court and the Seventh Circuit recently decided cases dealing with the tax practitioner/client privilege under Sec. 7525.
    Published on January 28, 2011

    Ninth Circuit Awards Litigation Costs Paid by Third Party

    Article The Ninth Circuit reversed the Tax Court and held that a taxpayer could “incur” attorneys’ fees initially paid by a third party for purposes of an award of litigation costs under Sec. 7430.
    Published on January 28, 2011

    Tax Planning for Troubled Debt

    Article Today’s volatile real estate environment presents interesting opportunities for investors and developers to alter the terms of their debts in ways that may pay off if they can retain control of their projects.
    Published on January 28, 2011

    Treasury Provides Roadmap for Shift in Tax Burden

    Article On May 11, 2009, Treasury released General Explanations of the Administration’s Fiscal Year 2010 Revenue Proposals.
    Published on January 28, 2011

    Tax Preparer Penalties Who Is a Preparer

    Article Recent changes to the tax preparer penalty statute expose signing and nonsigning tax preparers of income, estate, gift, and certain information returns to higher monetary penalties and make it vital that they understand who is a preparer under the new rules.
    Published on January 28, 2011

    Ninth Circuit Rules on Tax Court Jurisdiction in Partnership Cases

    Article The Ninth Circuit has held in a group of consolidated cases that the Tax Court has jurisdiction to decide in partner-level proceedings whether a partnership’s transactions were tax motivated.
    Published on January 28, 2011

    Supreme Court Grants Cert. in Bilski Case

    Article The Supreme Court granted a writ of certiorari in the case of Bilski v. Doll; the Court agreed to review the Federal Circuit’s earlier decision in the case and possibly put to rest the question of when business methods are eligible for patent protection.
    Published on January 28, 2011

    The Long Arm of Community Property Laws

    Article The impact of community property laws on tax issues is vast and complex. Advisers must be mindful of this when learning about their clients, whose geographical history may be as important to consider as their financial and business background.
    Published on January 28, 2011

    Exclusion for Income from Discharge of Indebtedness Mortgage Debt Forgiveness

    Article The Mortgage Forgiveness Debt Relief Act of 2007 provides an exclusion from income for the discharge of indebtedness (DOI) on a qualified principal residence. The exclusion is effective for home mortgage debt discharged between January 1, 2007, and December 31, 2012.
    Published on January 28, 2011

    Making the Most of the IRA Required Minimum Distribution Holiday

    Article The Worker, Retiree, and Employer Recovery Act of 2008 waives, for 2009 only, the required minimum distribution (RMD) rules applicable to retirement plan withdrawals, thereby allowing retirees to forgo a year’s distributions.
    Published on January 28, 2011

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