TaxTrends

Recent Cases
and Rulings

David O’Driscoll, J.D., LL.M.

IN THIS DEPARTMENT

Accounting Methods & Periods

IRS consent not required for property classification change: Brookshire Bros. Holding Co., 5th Cir.; Green Forest Manufacturing, Inc., TC Memo^*

Estates, Trusts & Gifts

Qualified annuity can be based on two lives: Schott, 9th Cir.; Walton, TC^*

Expenses

Asbestos expenditures are currently deductible: Cinergy Corp., Ct. Fed. Cl.

Practice & Procedures

Loss transactions exempt from tax shelter disclosure rules: Rev. Procs. 2003-24 and 2003-25^*

Procedure & Administration

Unpaid president of nonprofit organization was not responsible person: Lartz, Bkrptcy. Ct.
 

The reports of cases, rulings, etc., herein, except for the Reflections, are edited versions of the relevant court opinion, published ruling, etc.

^*This development, concerning related matters, is covered in the Reflections to the report of the principal item.