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HTMLIndiana Allows Limited Liability Company to Utilize Former Members' NOLs
Open Weaver Banks, Pilar Mata; Sutherland Asbill & Brennan LLP;
Legal Alert/Article
January 30, 2015, previously published on December 16, 2014
The Indiana Department of Revenue ruled that a limited liability corporation (LLC) that elected to be taxed as a corporation was entitled to use net operating loss (NOL) deductions generated by its former members. The NOLs in question were generated in tax years 2003, 2005, and 2007 by two C...

 

HTMLNew York State on Bitcoins: Transactions Are Barters for Sales Tax Purposes; Follow Federal Guidance for State Income Taxes
Charles C. Kearns; Sutherland Asbill & Brennan LLP;
Legal Alert/Article
January 30, 2015, previously published on December 17, 2014
The New York State Department of Taxation and Finance has issued guidance on the sales tax, corporation franchise tax, and personal income tax implications of transactions involving convertible virtual currency, such as bitcoins. The Department’s guidance can be found here...

 

HTMLIRA Charitable Rollover Extended
Jana Luttenegger Weiler; Davis, Brown, Koehn, Shors & Roberts, P.C.;
Legal Alert/Article
January 30, 2015, previously published on December 22, 2014
For some, the end of the calendar year means more than just the deadline for charitable contributions for the tax year. December 31 is also the deadline to take certain mandatory distributions from individual retirement accounts (IRAs). Following recent action by Congress and President Obama, the...

 

HTMLTax Tips for Gifts to Charity
Jana Luttenegger Weiler; Davis, Brown, Koehn, Shors & Roberts, P.C.;
Legal Alert/Article
January 30, 2015, previously published on December 5, 2014
As the holidays approach and the end of the year draws near, the IRS has again released its list of tips for giving to charity. Of course, these rules apply to obtaining a legitimate tax-deduction for the donation. If that is not your goal, then give away and don't bother with the IRS tips. The...

 

HTMLSummary of the Tax Extenders in the Tax Increase Prevention Act
Mitch A. Maahs; Davis, Brown, Koehn, Shors & Roberts, P.C.;
Legal Alert/Article
January 30, 2015, previously published on December 23, 2014
On Friday, December 19th, President Obama signed the Tax Increase Prevention Act (“TIPA”), H.R. 5771, into law. TIPA is commonly referred to as the “tax extenders” bill as it extends certain expiring provisions of the Internal Revenue Code. The affected provisions are...

 

HTMLRectification is About Intention - Not Interpretation
Alison J. Gray; Bennett Jones LLP;
Legal Alert/Article
January 29, 2015, previously published on January 20, 2015
The Ontario Superior Court of Justice recently granted rectification in a case in which the CRA and the taxpayer differed in their interpretation and effect of a particular document. In Kaleidescape Canada Inc et al v Computershare Trust Company of Canada et al, 2014 ONSC 4983, the Court was asked...

 

HTMLIRS Chief Counsel Advice: S Corporation’s “Accumulated Adjustments Account” Does Not Survive Termination and Subsequent Re-Election of Subchapter S Status
Thomas N. Lawson, Alan J. Tarr; Loeb & Loeb LLP;
Legal Alert/Article
January 29, 2015, previously published on December 2014
The shareholders of a corporation that has elected to be treated as an S corporation are taxed each year on the corporation’s taxable income. In general, the corporation itself does not pay income taxes. A shareholder who pays tax on an amount of income but does not receive a distribution...

 

HTMLTax Planning Strategies to Consider Before the End of the Year
Thomas N. Lawson, Alan J. Tarr; Loeb & Loeb LLP;
Legal Alert/Article
January 29, 2015, previously published on December 2014
Taxpayers should consider a variety of tax planning steps before the end of the year, including evaluating whether to make any $14,000 annual exclusion gifts. The exclusion applies to both gift tax and generation-skipping transfer tax, making it particularly valuable for gifts to grandchildren....

 

HTMLCase Update: The Sale of Stock Triggers Both Capital Gain and Ordinary Income
Thomas N. Lawson, Alan J. Tarr; Loeb & Loeb LLP;
Legal Alert/Article
January 29, 2015, previously published on December 2014
In Brinkley (TC Memo 2014-227), an October 2014 U.S. Tax Court case, the taxpayer was the founder of a company called Zave Networks (Zave). He originally held 9.8 percent of the company’s stock but this was diluted over time by various rounds of venture capital funding. On multiple occasions,...

 

HTMLAnother Tax Court Reversal Before the Ninth Circuit
Thomas N. Lawson, Alan J. Tarr; Loeb & Loeb LLP;
Legal Alert/Article
January 29, 2015, previously published on December 2014
The Tax Court did not have a good quarter in the United States Court of Appeals. Estate of Natale B. Giustina v. Commissioner (9th Cir., December 1, 2014) represents another reversal of the Tax Court, this time by the Ninth Circuit Court of Appeals. As in the Elkins case, the Ninth Circuit reversed...

 


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