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Federal Tax Update – January 2020

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INDIVIDUALS In Gebman v. Commissioner, TC Memo 2020-1, the Tax Court denied numerous deductions related to a rental property, the application of basis in cashing an IRA and a net operating loss carryforward in excess of $1.4 million when none of it could be proven; the Court once again stated that providing a copy of […]

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Federal Tax Update – December 2019

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INDIVIDUALS The Taxpayer Certainty and Disaster Tax Relief Act of 2019, part of Public Law 116-94, the Further Consolidated Appropriations Act of 2020, extends through 2020: ●          The exclusion of up to $2 million on discharge of acquisition indebtedness on a principal residence. ●          The limited above-the-line deduction for higher education expenses of lower and […]

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Federal Tax Update – November 2019

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INDIVIDUALS In News Release 2019-182, IRS announced that it will increase examinations of abusive syndicated conservation easement transactions with possible criminal prosecution.  In Letter Ruling 201944006, IRS allowed a principal residence gain exclusion and a likekind exchange on the same transaction, in this case where the character changed after a fire destroyed improvements. RETIREMENT AND […]

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Federal Tax Update – October 2019

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INDIVIDUALS In Bellwood v. Commissioner, TC Memo 2019-135, the Tax Court denied an income earned abroad exclusion based on bona fide residence to a helicopter pilot who worked in Saudi Arabia but alternated between 28 days in Saudi Arabia and 28 days back in the United States where his family resided; the Court determined that […]

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Federal Tax Update – September 2019

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INDIVIDUALS In Saunders v. Commissioner, TC Summary Opinion 2019-________, the Tax Court denied a pre-2018 exemption and child tax credit for three children taken in by an unrelated couple who paid all of their expenses as they failed to prove that their mother released the dependency allowance. In New York v. Mnuchin, 124 AFTR2d 2019-________, […]

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Federal Tax Update – August 2019

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INDIVIDUALS In Gutierrez v. Commissioner, TC Summary Opinion 2019-23, the Tax Court allowed an unmarried individual to treat the grandchildren of his life partner as foster children and receive the dependency exemptions and other benefits for the partner’s grandchildren who were being raised in the home in which the taxpayer contributed the only income.  In […]

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Federal Tax Update – July 2019

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By David S. De Jong, Esq., CPA, Stein Sperling Bennett De Jong PC INDIVIDUALS In DeMar v. Commissioner, TC Memo 2019-91, the Tax Court denied the noncustodial parent the dependency allowance because Form 3115 was not included with the return, notating, because it was received during litigation, the taxpayer would need to file an amended […]

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Accounting and Law: Concurrent Practice is in the Public Interest

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By Philip O. Brent, A Reprint From The Journal of Accountancy, March 1967 The theme of this article is that one who becomes a CPA-attorney can render the public a better professional service in areas of common interest to both professions. After illustrating the services rendered by a CPA­ attorney, consideration is given to the desirability of dual practice […]

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Who Should Be the Trust Protector of Your Asset Protection Trust?

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It Really Does Matter! By Howard Rosen and Patricia Donlevy-Rosen of Donlevy-Rosen & Rosen, P.A. Reprinted with Permission from THE ASSET PROTECTION NEWS, January 2019 INTRODUCTION. First, what is a “trust protector”? Although our common law of trusts dates back almost 1,000 years, the concept of the trust protector is a 20th century development, primarily […]

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