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HTMLCase Update: Taxpayer’s Deduction for Interest Capitalized in Loan Restructuring is Disallowed
Thomas N. Lawson, Alan J. Tarr; Loeb & Loeb LLP;
Legal Alert/Article
January 29, 2015, previously published on December 2014
In Copeland (TC Memo 2014-226), an October 2014 U.S. Tax Court case, the taxpayer fell behind on his residential mortgage loan and negotiated a loan restructuring with his mortgage lender. In connection with the restructuring, the lender increased the loan’s principal balance in an amount...

 

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...

 

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...

 

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,...

 

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....

 

HTMLAccessing Digital Assets
Pessin Katz Law P.A.;
Legal Alert/Article
January 29, 2015, previously published on December 26, 2014
For several years the Uniform Law Commission (the “ULC”), a non-partisan body that conceives model laws addressing legal issues of widespread importance, which legislatures are free to adopt fully or in modified form, has worked on the Uniform Fiduciary Access to Digital Assets Act or...

 

HTMLPrivate Letter Ruling Update: IRA is Permitted to Purchase Shares in a Gold Trust Without the Purchase Being Treated as a Deemed Distribution
Thomas N. Lawson, Alan J. Tarr; Loeb & Loeb LLP;
Legal Alert/Article
January 29, 2015, previously published on December 2014
Items of personal property that are treated as a “collectible” under the Code are subject to certain tax-related ownership restrictions. Additionally, a 28 percent tax rate applies to any gain resulting from the disposition of collectibles, rather than the 20 percent rate that applies...

 

HTMLHouse of Representatives and Senate Pass a One-Year Tax “Extenders” Bill
Thomas N. Lawson, Alan J. Tarr; Loeb & Loeb LLP;
Legal Alert/Article
January 29, 2015, previously published on December 2014
A variety of beneficial tax provisions expired at the end of 2013. There has been hope that this Congress would retroactively reinstate some or all of those provisions for 2014 and later years.

 

HTMLCase Update: Court Finds that Taxpayer Who Sold a Contract Right to Purchase Land Realized Capital Gain Income
Thomas N. Lawson, Alan J. Tarr; Loeb & Loeb LLP;
Legal Alert/Article
January 29, 2015, previously published on December 2014
Only a taxpayer selling a “capital asset” may realize capital gain income on the sale of property and benefit from the lower tax rate that applies to this income. Also, the taxpayer must have held the capital asset for more than one year. Only property or a property right can be treated...

 

HTMLFifth Circuit Reverses Tax Court on Amount of Discount Allowed in Determining Estate Tax Value of Works of Art
Thomas N. Lawson, Alan J. Tarr; Loeb & Loeb LLP;
Legal Alert/Article
January 29, 2015, previously published on December 2014
We previously reported on the Tax Court case Elkins v. Commissioner (March 11, 2013) (Vol. 8, No. 2, May 2013). At issue was the value, for estate tax purposes, of 64 pieces of art owned by the decedent taxpayer. At his death, the decedent held fractional interests in the art, with the balance held...

 


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