In the international tax context, the source of a taxpayer’s income can have significant implications. The source of income may determine whether a taxpayer qualifies for a foreign tax credit with respect to the income. Or,...more
Tax Litigation: The Week of March 7, 2022, through March 11, 2022 Hacker v. Comm’r, T.C. Memo. 2022-16 | March 8, 2022 | Paris, J. | Dkt. No. 3870-12 Cosio v. Comm’r, T.C. Memo. 2022-18 | March 9, 2022 | Weiler, J. | Dkt....more
Tax Litigation: The Week of March 7, 2022, through March 11, 2022 Hacker v. Comm’r, T.C. Memo. 2022-16 | March 8, 2022 | Paris, J. | Dkt. No. 3870-12 Cosio v. Comm’r, T.C. Memo. 2022-18 | March 9, 2022 | Weiler, J. | Dkt....more
Partnership Formation - The formation of a partnership is generally a nonrecognition transaction for both the contributing partner and the newly-created partnership. Thus, as a general rule, no gain is recognized by a...more
Tax Litigation: The Week of February 21, 2022, through February 25, 2022 -
Hicks v. Comm’r, T.C. Memo. 2022-10 | February 23, 2022 | Gale, J. | Dkt. No. 10406-17 -
Hoops, LP v. Comm’r, T.C. Memo. 2022-9 | February 23,...more
A taxpayer taking a treaty-based return position is generally required to disclose that position, unless an exception applies. A treaty-based return position is a tax reporting position, maintaining that a U.S. tax treaty...more
Tax Litigation: The Week of February 7 – February 11, 2022 Williams v. Commissioner Slone v. Commissioner Slone v. Comm’r, T.C. Memo 2022-6 | February 7, 2022 | Lauber, J. | Dkt. Nos. 6629-10, 6630-10, 6631-10, 6632-10...more
Tax Litigation: The Week of February 7 – February 11, 2022 TBL Licensing LLC v. Commissioner Slone v. Commissioner U.S. Tax Court Summaries Larry T. Williams v. Comm’r, T.C. Memorandum 2022-7 February 7, 2022 | Urda, J. |...more
Tax Litigation: The Week of February 7 – February 11, 2022 Williams v. Commissioner Sloane v. Commissioner TBL Licensing LLC v. Comm’r, Corrected 158 T.C. 1 | February 8, 2022 | Filed January 31, 2022 | Halpern, J. | Dkt. No....more
Trusts - Trusts play an important role in estate and tax planning. A trust is a fiduciary arrangement that allows a trustee to hold legal title to assets for the benefit of a beneficiary. The beneficiary is, in turn, said...more
Section 1202 offers a once little-known exclusion from income for gain on qualified small business stock (“QSB stock”). The provision has undergone substantial revisions over the years and came back into vogue as a result of...more
Freeman Law’s “The Tax Court in Brief” covers every substantive Tax Court opinion, providing a weekly brief of its decisions in clear, concise prose....more
2/7/2022
/ Deficiency Notices ,
ESOP ,
Fiduciary Duty ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Tax Court ,
Tax Liability ,
Tax Liens ,
Tax Planning ,
Tax Returns
Freeman Law’s “The Tax Court in Brief” covers every substantive Tax Court opinion, providing a weekly brief of its decisions in clear, concise prose....more
Ahmed v. Comm’r, T.C. Memo. 2021-142 |December 28, 2021 | Thornton, J. | Dkt. No. 12876-18L -
Short Summary. The IRS filed a notice of federal tax lien against Mr. Ahmed with respect to his 2013, 2014, 2015, and 2016...more
1/21/2022
/ Abuse of Discretion ,
Deficiency Notices ,
Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Jurisdiction ,
Tax Court ,
Tax Levy ,
Tax Liability ,
Tax Planning ,
Tax Returns ,
Whistleblowers
Tax Litigation: The Week of December 19 – December 25, 2021 -
William R. Huff and Cathy Markey Huff, v. Comm’r, T.C. Memorandum 2021-140| December 21, 2021 | Urda, J. | Dkt. No. 22604-17.
Short Summary: The main issue...more
In the recent case of Heiting v. United States, the Seventh Circuit Court of Appeals denied the taxpayer’s claim-of-right deduction pursuant to Internal Revenue Code section 1341. The case stemmed from the taxpayer’s attempt...more
Tax Litigation: The Week of December 13 – December 18, 2021 -
Antonyan, et. al. v. Comm’r, TC Memo. 2021-138 | December 13, 2021 | Nega, J. | Dkt. No. 13741-18 -
Short Summary: In 2012 or 2013, Mr. Antonyan purchased...more
In Chico v. Commissioner, the taxpayers challenged the Tax Court’s assessment of a fraud penalty. The Tax Court had imposed civil fraud penalties against the married taxpayers, finding clear-and-convincing evidence of fraud...more
Tax Litigation: The Week of December 6 – December 10, 2021 -
Coggin v. Comm’r, 157 T.C. No. 12 | December 8, 2021 | Weiler, J. | Dkt. No. 21580-19 -
Short Summary: Alice J. Coggin (“Coggin”), who was married during...more
The U.S. Congress passed the Tax Cuts and Jobs Act (TCJA) in late 2017, substantially overhauling the Internal Revenue Code of 1986. The TCJA highlighted the importance of several often-overlooked provisions in the Tax Code....more
Freeman Law’s “The Tax Court in Brief” covers every substantive Tax Court opinion, providing a weekly brief of its decisions in clear, concise prose.
Tax Litigation: The Week of October 4 – October 8, 2021 -
Crim v....more
The recent Tax Court opinion in McNulty v. Commissioner, 157 T.C. No. 10 (2021) addressed whether distributions from a purported self-directed IRA were taxable. The Court also took up the question of whether tax penalties...more
Tax Court Cases: The Week of August 30 – September 3, 2021 - Karson C. Kaebel v. Comm’r, No. 16171-18P, T.C. Memo 2021-109 | September 9, 2021 | Halpern | Dkt. No. 16171-18P - Tax Dispute Short Summary: This case focuses on...more
10/8/2021
/ Corporate Taxes ,
Deficiency Notices ,
Income Taxes ,
Internal Revenue Code (IRC) ,
International Tax Issues ,
International Travel ,
IRS ,
Tax Court ,
Tax Deductions ,
Tax Liability ,
Tax Returns
Freeman Law’s “The Tax Court in Brief” covers every substantive Tax Court opinion, providing a weekly brief of its decisions in clear, concise prose.
Tax Court: The Week of August 30 – September 3, 2021 -
Tax Court...more
10/5/2021
/ Income Taxes ,
Internal Revenue Code (IRC) ,
IRS ,
Profit Sharing ,
S-Corporation ,
Tax Court ,
Tax Deductions ,
Tax Liability ,
Tax Planning ,
Tax Returns ,
Whistleblowers
Section 965 audits are on the rise. Taxpayers under section 965 transition tax audits often face significant potential liability exposure. The IRS previously announced an active “campaign” specifically targeting unpaid...more
9/14/2021
/ Controlled Foreign Corporations ,
Foreign Investment ,
Internal Revenue Code (IRC) ,
Pass-Through Entities ,
Passive Foreign Investment Company ,
S-Corporation ,
Subpart F ,
Tax Audits ,
Tax Cuts and Jobs Act ,
Tax Liability ,
Tax Planning