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Loeb Loeb LLP Document Search Results (98)

 

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HTMLTaxpayer Has Capital Loss Rather Than Ordinary Loss upon Abandoning Stock
Loeb Loeb LLP;
Legal Alert/Article
April 17, 2014, previously published on April 2014
In Pilgrim’s Pride Corporation v. Commissioner (December 2013), the taxpayer owned stock in another company for which it had paid $98.6 million. The company did not do well and offered to buy back the stock for $20 million. The taxpayer determined that if it abandoned the stock rather than...

 

HTMLTaxpayer Falls into Ordinary Income Trap under Section 1239
Loeb Loeb LLP;
Legal Alert/Article
April 17, 2014, previously published on April 2014
The recent case of Fish v. Commissioner (November 2013), points out a very subtle trap into which this taxpayer stumbled. The taxpayer owned a business through an S corporation called “Fish Security.” As part of a plan to bring in outside financing, he formed a new corporation to serve...

 

HTMLShareholder of S Corporation Required to Include Income Even Though Shut Out from Management
Loeb Loeb LLP;
Legal Alert/Article
April 17, 2014, previously published on April 2014
The recent case of Kumar v. Commissioner (August 2013) highlights a very important consideration for anyone who becomes a minority shareholder of an S corporation. In general, an S corporation does not pay Federal income tax on its taxable income. Instead, each shareholder reports his proportionate...

 

HTMLTax Court Changes Its Position on Assumption of Potential Estate Tax Related to a Net Gift
Loeb Loeb LLP;
Legal Alert/Article
April 17, 2014, previously published on April 2014
In Steinberg v. Commissioner (September 2013), the Tax Court changed a position it had maintained since 2003 in connection with “net gifts.” In a net gift transfer, the donee agrees to pay the donor’s gift tax that results from the gift. It is well established that this assumption...

 

HTMLChange to California 541 Schedule J Regarding Trust Allocation of an Accumulation Distribution
Loeb Loeb LLP;
Legal Alert/Article
April 17, 2014, previously published on April 2014
This article is included for the benefit of tax return preparers. The California taxation of trust accumulation distributions is complex and not something that is important for most clients to understand. The rules are generally designed to tax a beneficiary who receives a distribution of income...

 

HTMLTax Court Clarifies Cause Definition in Section 83 Regulations
Loeb Loeb LLP;
Legal Alert/Article
April 17, 2014, previously published on April 2014
In Austin v. Commissioner, the taxpayers formed an S corporation into which they transferred their ownership interests in certain entities in exchange for S corporation shares. The taxpayers, employees of the S corporation, executed related Restricted Stock Agreements and Employment Agreements...

 

HTMLTax Court Rules That a Trust Can Materially Participate and Be Actively Engaged in Real Property Businesses under the Passive Activity Loss Rules
Loeb Loeb LLP;
Legal Alert/Article
April 17, 2014, previously published on April 2014
On March 27, 2014, the Tax Court released its much-anticipated decision in the Frank Aragona Trust case. At issue in the case was how material participation of a trust is determined under the passive activity loss rules and whether a trust can qualify for the exception to the passive activity loss...

 

HTMLCongressman Camp Releases His Long-Awaited Tax Reform Plan
Loeb Loeb LLP;
Legal Alert/Article
April 17, 2014, previously published on April 2014
On February 26, 2014, David Camp (R-Mich.), Chairman of the House Ways and Means Committee, released his long-awaited plan to reform and simplify the Internal Revenue Code. The Tax Reform Act of 2014 would reduce the marginal tax rates on individuals and pay for the rate reduction by eliminating or...

 

HTMLProperty Equalization Payment Was Not Deductible as Alimony
Loeb Loeb LLP;
Legal Alert/Article
April 17, 2014, previously published on April 2014
In McNealy v. Commissioner (February 2014), another taxpayer tried but failed to obtain an alimony deduction for a payment made to his ex-spouse. Upon their divorce, the taxpayer and his wife each waived spousal support from the other. They agreed to divide their assets equitably as reflected on a...

 

HTMLNew Jersey Voluntary Disclosure Initiatives
Loeb Loeb LLP;
Legal Alert/Article
April 17, 2014, previously published on April 2014
New Jersey recently announced two limited voluntary disclosure initiatives that run from March 15, 2014, through May 15, 2014.

 


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