TaxClinic

Practical Advice
on Current Issues

Editor:
Frank J. O'Connell, Jr., CPA, Esq.
Crowe Chizek
Oak Brook, IL

IN THIS DEPARTMENT

Accounting Methods & Periods

Tax savings opportunities for taxable contract acquisitions

Employee Benefits & Pensions

Deductibility of nonqualified deferred compensation in mergers and acquisitions

Tracking tax basis in an S corp.ESOP

Estates, Trusts & Gifts

Change in rules for CRTs with UBTI contains trap for the unwary

Exempt Organizations

New Form 990 aims for transparency, accountability, and oversight

Foreign Income & Taxpayers

Private equity funds and the new portfolio interest regs.

Gains & Losses

Prop. regs. create capital gains and losses for non-bank lenders

Recent rulings in real estate development

Short sale or foreclosure of a principal residence

Interest Income & Expenses

IRS reaffirms and clarifies its position on nonaccrual loan interest

LLCs & LLPs

Practical real estate ownership

Partners & Partnerships

Redemptions in conjunction with partnership mergers can create unexpected tax consequences

Procedure & Administration

Scope and size of tax preparer penalties increase

Unless otherwise noted, contributors are independent members of Crowe Chizek.

If you would like additional information about these items, contact Mr. O’Connell at (630) 574-1619 or foconnell@crowechizek.com.