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Author Archives: David L. Silverman, J.D., LL.M. (Taxation)
Regs Permit Flexibile Basis in Stock Sales
Normally, when one disposes of property, realized gain or loss is directly dependent upon basis. Being closely related to initial cost, basis is a tax attribute over which the taxpayer generally has little control at the time of the property’s … Continue reading
Posted in Property Transactions
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Electing S Corporation Status
In many respects, the S corporate form is a hybrid entity. For most legal purposes, except taxation, an S corporation respects its lineage and is governed by the same laws that govern C corporations. However, for tax purposes, S corporations … Continue reading
Posted in Corporate Tax, S Corporations
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Taxation of Property Transfers
The Internal Revenue Code taxes “gains derived from dealings in property.” However, two types of gains exist, and the Code taxes only one. “Realized” gains are not subject to taxation. This type of gain represents net appreciation in property that … Continue reading
Defusing IRS Tax Liens & Levies
Once imposed, Federal tax liens threaten the taxpayer’s ability to continue in business, since creditors and potential purchasers may then shun dealings with the taxpayer. Tax levies may be even worse, since they result in the immediate deprivation of the … Continue reading
Posted in IRS, IRS Liens & Levies
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Death-Terminating Installment Notes Held to Generate Taxable Income
The Court of Appeals for the 8th Circuit, affirming the decision of a divided Tax Court, has found that installment notes which terminate upon the death of the obligee generate taxable income to his estate. Frane v. Commissioner, 93-2 USTC … Continue reading
Posted in Federal Income Tax, Installment Reporting, SCINs
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Life Insurance Trusts
Life insurance can be an invaluable estate planning tool. It can provide a broad measure of financial security for loved ones as well as provide the liquidity necessary to meet tax and other estate settlement obligations. Ownership of a life … Continue reading
Posted in Life Insurance Trusts, Trusts
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IRS Statutes of Limitations
The prudent taxpayer will file an accurate and timely return whether or not the stated tax liabilities are satisfied by payment at the time of filing. Only by doing so will the taxpayer “trip” the period of limitations for I.R.S. … Continue reading
Posted in IRS
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Deductibility of Business Expenses
Since personal expenses are not deductible under the tax law, deductibility of an expense requires that the expense be a business or investment expense. Generally, such expenses relate to activities that are engaged in for profit. While business and investment … Continue reading
Posted in Business Expenses, Deductions
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Deductibility of Medical Expenses
Expenses incurred for medical care are deductible to extent they exceed 7.5% of the taxpayer’s adjusted gross income, as provided by Code Sec. 213. Accordingly, a taxpayer with $75,000 of adjusted gross income would be allowed no deduction for medical … Continue reading
Posted in Deductions, Medical Expenses
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Tax Refund Litigation
To commence a lawsuit against the I.R.S. seeking the refund of federal taxes erroneously or illegally assessed or collected, a taxpayer must select a court of proper jurisdiction. Jurisdiction to hear federal tax cases is conferred by federal statute, and … Continue reading
Partnership Taxation
A partnership, for tax purposes, is defined by negative implication. It is a “joint venture” or similar organization engaged in business that is not classified as a trust, corporation or estate. Partnerships, unlike corporations, generally pay no income taxes. Taxes … Continue reading
Substantiation Required for Charitable Contributions
Two significant statutory limitations now restrict the deductibility of charitable contributions. These limitations, the result of changes made in the tax law in 1993, impose new requirements relating to substantiation and disclosure. Amended Code Sec. 180(f)(8) now requires that all … Continue reading
Posted in Charitable Contributions
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Consumption Taxes?
Our tax system relies primarily on the imposition of income taxes imposed upon persons and entities to fund governmental operations. Estate and gift taxes play a minor role in revenue collected by the Treasury. For some time, consumption taxes have … Continue reading
Posted in Consumption Tax
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Revenue Reconciliation Act of 1993
Though not constituting a sea change in the tax law, the Revenue Reconciliation Act of 1993 nevertheless deviates substantially from the tax course charted by the Tax Reform Act of 1986. President Clinton has apparently kept his promise of not … Continue reading →