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IRS Chief Counsel Denies Basis Mitigation From Estate Tax Increase

by admin | Jun 2, 2016 | Tax

Originally published on Forbes.com. The Chief Counsel has issued advice (CCA 201622032) that may discourage taxpayers from settling on estate tax valuation. Or maybe it is just a cautionary tale for advisors to better coordinate income and estate tax planning. It is...

Wrong Attachment Kills Tax Court Jurisdiction

by admin | Jun 1, 2016 | Tax

Originally published on Forbes.com. Like many tax practitioners, I am pretty compulsive about attaching everything to tax returns that is called for in the instructions. Unlike some, I almost as compulsive about not attaching anything that is not required. Frankly,...

Airplane Tax Deductions Do Not Fly For Urologist

by admin | May 31, 2016 | Tax

Originally published on Forbes.com. Although I think there may be comic possibilities in the notion of a flying urologist, the Tax Court ruled at least in the case of Dr. Richard Steinberger, that the undertakings of aviation and urology could not be considered one...

Kermit Washington Indictment And The Allure Of Zero Overhead Charity

by admin | May 25, 2016 | Tax

Originally published on Forbes.com. Monday, a federal grand jury issued an indictment against Kermit Alan Washington]. Washington played basketball for several NBA teams including the LA Lakers and the Boston Celtics. He was drafted by the Lakers in 1973 after...

When Penalties Are Punitive They Are Not Tax Deductible

by admin | May 23, 2016 | Tax

Originally published on Forbes.com. The pain of penalties from improper activities can be significantly reduced when the penalties are tax deductible. Code Section 162(f) provides that deduction will not be allowed “for any fine or similar penalty paid to a...

Third Circuit Rules Grocery Store Chain Can Deduct Perks Sooner Rather Than Later

by admin | May 20, 2016 | Tax

Originally published on Forbes.com. Giant Eagle Inc., a supermarket chain and Number 36 on the Forbes list of America’s Largest Private Companies, has won a victory on appeal in the Third Circuit on the tax treatment of its fuelperks! program. Fuelperks! is one...