TaxClinic
Practical Advice
on Current Issues
.
Editor:
David
J. Kautter
Partner
Ernst & Young LLP
Washington, DC
Accounting
Methods & Periods
Failure to
properly elect out of MACRS
District
court disagrees on depreciation recovery period for
gathering system
Charitable
Contributions
IRS approves
employer-sponsored leave donation programs
Corporations
& Shareholders
IRS issues
guidance on disguised corporate sales
Employee
Benefits & Pensions
Prop. regs.
issued on age 50 "catch-up" deferrals for
Sec. 401(k), 403(b) and other plans
Estates, Trusts
& Gifts
Seventh
Circuit affirms GRAT contingent spousal annuity not
exempt from gift tax liability
Exempt
Organizations
IRS tackles
exclusive provider arrangements and UBIT
Expenses
Bank must
capitalize cost of acquiring credit card receivables
Individuals
Sec. 83(b)
election can be made for AMT purposes on ISO exercise
Sec. 121
gain exclusion on sale of principal residence cannot
be marked to market
Partners &
Partnerships
IRS requests
comments on disguised-sale prop. regs.
Procedure &
Administration
Taxpayers
may redesignate estimated income tax payments
S Corporations
S
shareholders cannot increase bases using corporate
debt
Unless otherwise indicated,
contributors' firms are members of or associated with
Ernst & Young LLP
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