Cooper, Red States, Blue States: Lessons from the State Death Tax Credit and the ‘SALT’ Deduction, The Tax Lawyer (2020)

Jeffrey A. Cooper, Quinnipiac University School of Law, has made available for download his article, Cooper, Red States, Blue States: Lessons from the State Death Tax Credit and the 'SALT' Deduction, published in the Tax Lawyer. The Abstract is as follows: Since 1861, every version of the federal income tax has included a deduction for … Continue reading Cooper, Red States, Blue States: Lessons from the State Death Tax Credit and the ‘SALT’ Deduction, The Tax Lawyer (2020)

Bercy v. Commissioner, T.C. Memo. 2019-118: Married Couple Entitled to Code Sec. 166 Bad Debt Deduction

In Bercy v. Commissioner, the Tax Court held that a married couple was entitled to a Code Sec. 166 bad debt deduction.  The deduction was connected to a bona fide loan the deceased husband made to an LLC. Among other things, the Tax Court found the husband was in a distinct trade or business of lending … Continue reading Bercy v. Commissioner, T.C. Memo. 2019-118: Married Couple Entitled to Code Sec. 166 Bad Debt Deduction

Tessa Davis, Freezing the Future: Elective Egg Freezing and the Limits of the Medical Expense Deduction

Tessa Davis, U. South Carolina School of Law, has made available for download her forthcoming article, Freezing the Future: Elective Egg Freezing and the Limits of the Medical Expense Deduction, to be published in the Kentucky Law Journal. The Abstract is as follows: Section 213 of the Internal Revenue Code (the Code) allows a deduction … Continue reading Tessa Davis, Freezing the Future: Elective Egg Freezing and the Limits of the Medical Expense Deduction

David R. Baldwin et al., Current developments in individual taxation, The AICPA Tax Advisor (Sept. 1, 2019)

The AICPA Tax Advisor has published its semiannual review of recent developments in the area of individual federal taxation. The executive summary is as follows: The Tax Court held that settlement payments for "emotional distress" are not excludable from income as payments for injuries or sickness.Reversing a district court, the Seventh Circuit held that the … Continue reading David R. Baldwin et al., Current developments in individual taxation, The AICPA Tax Advisor (Sept. 1, 2019)

Rosenberg + Walker: 3 signs your client’s investments aren’t tax friendly – AICPA Insights (Aug. 30, 2019)

Matt Rosenberg and April Walker have published their article, 3 signs your client’s investments aren’t tax friendly the AICPA Insights (Aug. 30, 2019). Their article begins as follows: You know a lot about your tax clients — their jobs, their kids’ names, what kind of cars they drive — and you know even more about their finances. Most of the time, your clients are happy to share their complete financial lives with you. … Continue reading Rosenberg + Walker: 3 signs your client’s investments aren’t tax friendly – AICPA Insights (Aug. 30, 2019)

Resolving Tax Debts is Easy: It’s All About the Process

By Eric L. Green, Esq. Taxpayers often become frustrated and scared when dealing with the IRS on a back tax debt.In reality, however, resolving a tax debt is reasonably straightforward and can save taxpayers from unnecessary distress. A statutory lien is normally issued after tax returns are filed and payments must be arranged by the … Continue reading Resolving Tax Debts is Easy: It’s All About the Process

PLR 201935005: Decedents IRA Not Inherited IRA

In PLR 201935005, the IRS ruled that a decedent’s IRA inherited by the surviving spouse (taxpayer) is not inherited IRA under Code Sec. 408(d)(3)(C). The taxpayer was the sole beneficiary of the decedent’s IRA and had an unlimited right to withdraw amounts from it. The custodian of the decedent’s IRA retitled it pursuant to a court … Continue reading PLR 201935005: Decedents IRA Not Inherited IRA