TaxClinic
Practical Advice
on Current Issues
.
Editor:
Anthony
Bakale, CPA, MT
Cohen & Company, CPAs
Summit International Associates, Inc.
Cleveland, OH
If you would like
additional information about these articles, contact Mr.
Bakale at (216) 579-1040.
Accounting
Methods & Periods
The
fastest deductions are not always the best
Life
after Hospital Corp. of America
Estates,
Trusts & Gifts
Tax
Court decision increases usefulness of GRATs
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: Tax Court is strict on noncustodial
parents
Interest
Income & Expense
Excess
home mortgage interest
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
State
& Local Taxes
In
search of…Michigan taxpayers
Mitigating
startup investors’ risk with Federal and state
tax benefits
Unless otherwise indicated,
contributors are members of or associated with Summit
Internationa Associates, Inc.
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