Formula Clauses Properly Set Value of Gifts of Stock in Closely Held Corporation (Hendrix, TCM)
The value of stock in a closely held corporation (CHC) transferred by a husband and wife to family trusts and a charitable foundation was the…
read moreIRS Offers Relief to Persons Displaced by Missouri Tornadoes, Storms and Flooding (Notice 2011-47)
The IRS has suspended certain requirements under Code Sec. 42 for low-income housing credit projects in order to provide emergency housing to those displaced by…
read moreStatistics of Income Bulletin for Spring 2011 Available (IR-2011-67)
The Statistics of Income (SOI) Bulletin for spring 2011 is now available. This bulletin features information on high-income individual income tax returns filed for tax…
read moreSenate Rejects Repeal of Ethanol Tax Credit
The Senate on June 14 rejected, by a 40-to-59 margin, a proposal to eliminate tax subsidies for ethanol by repealing the Volumetric Ethanol Excise Tax…
read moreAccuracy ~ Related Penalty Proper; Although Return Prepared by Tax Professional, No Evidence of Reliance (Woodsum, TC)
The accuracy-related penalty was properly imposed on a married couple who omitted almost $3.4 million dollars of income from their 115-page federal income tax return.…
read moreNonresident Alien’s U.S. Gambling Winnings Were Taxable, Accuracy-Related Penalty Applied (Park, TC)
A nonresident alien’s U.S. gambling winnings were not exempted from income tax by either the Treaty of Friendship, Commerce and Navigation (FCN treaty) or the…
read moreIRS Extends Interim Guidance on Code Sec. 833 Treatment of Certain Health Organizations (Notice 2011-51)
The IRS has extended the interim guidance provided in Notice 2010-79, I.R.B. 2010-49, 809, as clarified and modified by Notice 2011-4, I.R.B. 2011-2, 282, and…
read moreIRS Issues 2011 Inflation Adjustment Factor for Carbon Dioxide Capture Credit (Notice 2011-50)
The IRS has released the 2011 inflation adjustment factor for the carbon dioxide (CO2) sequestration credit. The 2011 inflation-adjusted credit applies to the amount of…
read moreCalifornia ~ Personal Income Tax: Taxpayers Entitled to Exclude Gain From Sale of Qualified Small Business Stock
Taxpayers were entitled to exclude 50% of the gain from their sale of corporate stock as gain from the sale of qualified small business stock…
read moreIRS Issues Final Regulations Relating to Election and Calculation of Alternative Simplified Credit (T.D. 9528)
The IRS has issued final regulations relating to the election and calculation of the alternative simplified credit. The final regulations implement changes to the credit…
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