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HTMLIRS Announces Guidance on Same Sex Marriage and Retirement Plans
Andrew R. Jacobs; Stites & Harbison, PLLC;
Legal Alert/Article
April 21, 2014, previously published on April 8, 2014
On April 4, 2014, the IRS issued long awaited guidance on the application of the U.S. Supreme Court’s decision in United States v. Windsor on June 26, 2013, concerning same sex marriage to qualified retirement plans. In Windsor, the Court found that section 3 of the Defense of Marriage Act...

 

HTMLChanges to New York Estate Tax Included in Budget Deal
Harter Secrest Emery LLP;
Legal Alert/Article
April 21, 2014, previously published on April 16, 2014
As we discussed in our last letter, as part of his budget, Governor Cuomo proposed substantial changes to New York estate tax. The budget, as finalized, incorporates some of the Governor’s proposals, but the original proposal was changed significantly. One of those changes contains a...

 

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...

 

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...

 

HTMLTax Court Addresses Valuation Issues Related to Tax on Built-In Corporate Gain
Loeb Loeb LLP;
Legal Alert/Article
April 17, 2014, previously published on April 2014
In Estate of Richmond (February 2014), the Tax Court again addressed how a future liability for income taxes on built-in asset gain should be taken into account in determining the value of the stock of a closely held corporation for estate or gift tax purposes. In this case, a family holding...

 

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...

 

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...

 

HTMLIRS Clarifies Substantial Risk of Forfeiture in New Section 83 Regulations
Loeb Loeb LLP;
Legal Alert/Article
April 17, 2014, previously published on April 2014
Code Section 83 generally requires an employee to include in ordinary income the value of property which is transferred in connection with the performance of services when the property is no longer “subject to a substantial risk of forfeiture.” If the transferred property is determined...

 

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...

 

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...

 


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