Masciantonio, The QBI deduction for rental real estate activity (AICPA)

Masciantonio tackles the following question: "Is a rental real estate activity considered a trade or business for tax purposes, or merely an investment?" He describes how the question has gained attention with recent regulations regarding the qualified business income (QBI). The Tax Cuts and Jobs Act introduced the 20% QBI deduction under Sec. 199A, which … Continue reading Masciantonio, The QBI deduction for rental real estate activity (AICPA)

Sharon Klein, Warn Clients About Change in Taxation of Trust Income After Divorce

Klein published an article in the Trusts & Estates magazine describing how the 2017 Tax Cuts and Jobs Act changed how income from certain trusts is taxed during a divorce. She urges practitioners to take care in the trust creation process during a marriage and carefully analyze the tax impact of trusts in the event … Continue reading Sharon Klein, Warn Clients About Change in Taxation of Trust Income After Divorce

Schreiber, IRS permits certain partnerships to file superseding partnership returns

Schreiber describes how the IRS is allowing certain partnerships the opportunity to file superseding 2018 tax returns in order to correct errors the partnerships could have made on their previously-filed returns. According to Schreiber, "The relief applies to partnerships that had timely filed their Forms 1065, U.S. Return of Partnership Income, and Schedules K-1 (Form … Continue reading Schreiber, IRS permits certain partnerships to file superseding partnership returns

Adkisson, Charging Order Protection Backfires At Judicial Sale In Preservation Holdings

Adkisson's article describes a Maine court decision "in favor of Preservation Holdings, LLC and against Pamela Gleichman and others. The Maine court entered charging orders against Gleichman's interests in some 51 different limited liability companies (LLCs) and limited partnerships (LPs)." He pinpoints one of the main takeaways from the recent judgement to be the fact … Continue reading Adkisson, Charging Order Protection Backfires At Judicial Sale In Preservation Holdings

Adkisson, Fraudulent Transfers And The Statute of 13 Elizabeth Translated To Contemporary Legal English

Adkisson describes how "modern Anglo-American voidable transactions law traces its roots in some considerable part to the English Fraudulent Conveyances Act of 1571, better known as the Statute of 13 Elizabeth, Chapter 5." However, he notes that most legal commentators have not actually read the Act, partly due to the fact that "finding a translation of the … Continue reading Adkisson, Fraudulent Transfers And The Statute of 13 Elizabeth Translated To Contemporary Legal English

Johnson, The Estate Tax Gap

Calvin H. Johnson, University of Texas at Austin School of Law, has made available for download his article, "The Estate Tax Gap," published in Tax Notes. The Abstract is as follows: The Internal Revenue Code provides that all property transferred by reason of death shall be included in the gross estate whether the property is … Continue reading Johnson, The Estate Tax Gap

Sneddon, Voice, Strength, and No-Contest Clauses

Karen J. Sneddon, Mercer Law School, has made available for download her article, "Voice, Strength, and No-Contest Clauses," published in the Wisconsin Law Review. The Abstract is as follows: The will is a unilateral written disposition of probate property to be effective upon the will-maker’s death. To have any legal effect, however, the will-maker’s family, … Continue reading Sneddon, Voice, Strength, and No-Contest Clauses