TaxClinic
Practical Advice
on Current Issues
.
Editor:
Jerry
L. Lerman, CPA
Managing Director
American Express Travel and Business Services
New York, NY
If you would like
additional information about thesearticles, contact Mr.
Lerman at (212) 372-1302 or jerry.l.lerman@aexp.com.
Accounting
Methods & Periods
Choice of
accounting method for manufacturers
Credits Against
Tax
Low-income
housing credit update
Employee
Benefit & Pensions
Employers may
provide IRA rollover as default option for small plan
balances
IRS revising
rules for split-dollar insurance
Premiums and
benefits for qualified long-term care insurance
policies
Estates, Trusts
& Gifts
Noncompetition
payments are taxable to donor of CRUT
Passing the
family residence to one's spouse or children after
death—should transfer be directly or in trust?
Foreign Income
& Taxpayers
New rev.
proc. clarifies procedures for obtaining withholding
certificates for real property sales to foreign
persons
Gains &
Losses
ISO exercise
involving stock swap requires complex recordkeeping
Potential
income deferral on the exercise of nonqualified
options
Partners &
Partnerships
K-1
compliance update
Partnership
mergers and divisions
Transfers of
partnership interests and related basis adjustments
require increased reporting
Unless otherwise indicated,
contributors are members of or associated with American
Express Travel and Business Services.
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