Most Recent Posts
Former Tampa Bay Buccaneers Owner Scores Touchdown In Tax Court
The parcel had a history of zoning problems and conservation concerns. There is a bald eagle nest on the property and it is within a wildlife corridor. The IRS valued the property based on how it is currently zoned. The PRH appraisal was based on obtaining a higher density and allowing for multi-family housing. The IRS harped on the former zoning problems, environmental issues and likely neighborhood opposition to multi-family housing
Nonrecognition On Divorce Transfers Hurts Receiving Spouse
We understand petitioner to argue that she had reasonable cause for treating the Distribution as nontaxable income because she contends that she relied in good faith on the advice of her tax professional. Petitioner’s assertion is unsubstantiated. Petitioner did not demonstrate that a tax professional advised her to take the position that the Distribution was nontaxable income. Petitioner’s inclusion of an unauthenticated and unsigned document, purportedly created by her tax professional, does not substantiate her claim. Moreover, there is nothing in the record regarding whether the Distribution was nontaxable income. Additionally, there is nothing in the record demonstrating that petitioner provided the Form 1099-R to her tax professional.
IRS Cannot Levy Tribal Payments
It is not just the tribes that make per-capita payments. The State of Alaska also makes a distribution to all its residents, although it is much more modest than what the Puyallup pay. If you go back to the Founders, you will find that Thomas Paine advocated some sort of per-capita payment to recognize that unlike the state of nature where there were lots of things available if you were willing to do a bit of work, even by the late eighteenth century most of the world was owned by somebody.
Risk Of At-Risk – Ominous Memo Hints At Fallout From IRS Audits Of Large Partnerships
The reason that the partnership form is the entity of choice for tax sheltering is that you have basis in your share of the partnership’s liabilities. Basis is the third hoop you have to jump through to post a negative number on your return. (The first two, which I will not be discussing are the activity being for profit (Section 183) and the allocation of loss to you being valid (Section 704))Having basis also allows you to take cash out of the entity without recognizing gain.
Doing The Civil War Sesquicentennial In Real Time
I can't quite say for certain what moved me to visit Antietam on September 17, 2012. It was the first time in over thirty years that I took off from work on a big due...
Tax Denier Wins Damage Claim Against IRS Levy – Kind Of
There are a significant number of people out there who argue that most ordinary Americans are not subject to income tax. Although they always lose on those arguments, and Ms. Music is no exception, when there is actual litigation, this case is evidence that they may be swamping the system. Ms. Music went 15 years without filing. The strains on the IRS budget make it more likely that more of them will be able to slip through the cracks. The courts, quite rightly, will require the IRS to dot all its i’s and cross all its t’ s, as they are doing in this case. Nothing is requiring Congress to provide them with the resources to do that.
IRS Chief Counsel Checks 1986 Committee Reports To Give Break On Foreclosed Real Estate
A foreclosure on real property subject to recourse debt comprising the taxpayer’s entire interest in a passive (or former passive) activity is a fully taxable transaction for purposes of §§ 1001 and 469(g)(1)(A), regardless of whether any COD income from the cancellation of recourse debt is excluded under § 108(a)(1)(B). Thus, the losses from the activity are treated as not from a passive activity under §469(g)(1)(A). Additionally, these losses are not reduced by any excluded COD income under § 108(b)(2)(F).
Kicking The Jesuits Out Of California – Some Quirky Artwork Documenting California History
According to wikipedia By 1767, Jesuit missionaries on the peninsula of Baja California had established approximately 23 missions over a period of 72 years. Rumors were...
Alimony That Does Not Look Like Alimony
The lesson I would take away is that people who are expecting payments to not be taxable as alimony should probably insist on an explicit statement in the agreement to avoid being blindsided.
Graduation Contingency Kills Alimony Deduction
In this case, the divorce decree clearly states that the support payments will terminate upon the graduation of the youngest child. With this kind of contingency, the statute compels us to characterize the payments as child support. The fact that the divorce decree specifies that the payments are to be deducted by Mr. Johnson is not controlling