Steve Gorin’s Business Succession Solutions (1st Qtr 2021): Business Opportunities; Taxpayer Asserts Substance Over Form; Unincorporated Entity as S Corporation

Steve Gorin, of Thompson Coburn LLP, has issued his 1st quarter business succession solutions, which include the following:

Business Opportunities
When do performing services and providing business opportunities avoid gift tax, and when do they generate property rights that are deemed transferred in a gift taxable transaction? For an exploration of this continuum and how developments in capital markets sharpen this discussion, READ MORE

Taxpayer Asserts Substance Over Form
A 2021 Tax Court case discussed the standards for disavowing form, which have implications not only for business transactions but also estate planning (invoking Code § 2036 to get a basis step-up). For that case and selected recent developments in the taxation of business formation, READ MORE

Unincorporated Entity as S Corporation
For selected recent developments relating to unincorporated entities electing in taxation as S corporations and related estate planning issues in light of the Strangi-Bongard-Powell line of cases, READ MORE

Posted by Jessica Ji, Associate Editor, Wealth Strategies Journal.

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