Tax Clinic

TaxClinic

Practical Advice
on Current Issues

Editor:
Kevin F. Reilly, J.D., CPA,
PKF Witt Mares
Fairfax, VA

IN THIS DEPARTMENT

Consolidated Returns

Revamped dual consolidated loss regs.

Estates, Trusts & Gifts

Est. of Strangi finally settled

Estate and trust investment advisory fees: 2% limit applies

Expenses

Deductibility of pre-demolition payments to tenants

Gross Income

The “kiddie tax” on qualified dividends and net capital gains

Individuals

Energy Policy Act of 2005 offers significant tax breaks

Real Estate

Like-kind exchanges and QIs

S Corporations

S corp. salary limits

State & Local Taxes

Home Interiors — more work for the Texas legislature?

If you would like additional information about these items, contact Mr. Reilly at (703) 385-8809 or kreilly@pkfwittmares.com.

Unless otherwise indicated, contributors are members of or associated with Baker Tilly International.