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Code Section 754: Allocating Gain Where it Belongs

Our Recommended Reading List on Tax Policy

Nothing to Fear but Fear Itself: Planning in the Current Environment
Final Subpart F Regulations and Domestic Partnership Tax Reporting
A Year in Review and an Outlook on the Horizon for Tax-Exempt Entities

Latest Articles

  • Why U.S. Crypto-Millionaires Should Undertake their Estate Planning and Create Irrevocable Trusts During this Crypto Market Downturn

    By:
    Mikhail E. Lezhnev, Esq., CPA, MBA, LLM (Tax Law)
    |
    Jun 1, 2023
    Cryptocurrencies, such as Bitcoin (BTC) and Ether (ETH), and non-fungible tokens (collectively “Crypto”), in 2022 were down over 70% from their all-time high in 2021. Although this decline is significant, Crypto investors (holders especially) will be quick to point out such declines have happened several times before.

  • U.S. Charitable Organizations: Considerations for International Activities and Operations

    By:
    Lori A. McLaughlin, CPA, PFS, and Toby R. Kerslake, CPA
    |
    Jun 1, 2023
    With expanded exposure to international issues and needs, U.S. charitable organizations continue to look for ways to expand their reach and increase their impact beyond U.S. borders. Whether considering international activities for the first time, or looking to expand activities in multiple foreign jurisdictions, U.S. charitable organizations should consider opportunities to do good in light of significant challenges that can be present when working outside the United States.

  • The Inheritance Tax under IRC §2801

    By:
    Gary A. Forster, JD, LLM
    |
    Jun 1, 2023

    The Heart Act added a new federal  Inheritance Tax on certain lifetime and testamentary dispositions to U.S. recipients, made by a “covered expatriate.” This is the second article in our two-part series on the expatriation tax. (To view the first article, please click here.)

  • 990-PF: Part VI-A Statements Regarding Activities and Part VI-B Statements Regarding Activities for Which Form 4720 May Be Required

    By:
    Jeffry Haber, PhD, CPA
    |
    Jun 1, 2023
    The 990-PF (PF) is an old document that has not had a recent overhaul. A minor change was made to the form to acknowledge that there is now a flat, 1.39% tax on net excise income in place of the former 1%/2% tax. But other than that, the form is still clumsy and poorly arranged. 

  • Code Section 754: Allocating Gain Where it Belongs

    By:
    Dean L. Surkin, JD, LLM
    |
    May 1, 2023
    The genesis of Code Section 754 stretches back to the first third of the 20th century, as the IRS tried to combat tax avoidance through income shifting from higher-bracket taxpayers to lower-bracket taxpayers.

  • Nothing to Fear but Fear Itself: Planning in the Current Environment

    By:
    Carl Fiore, JD, LLM
    |
    May 1, 2023
    As the calendar turns to 2023, taxpayers and their advisors face an uncertain future. Given a divided government for at least the next two years, it is not the usual suspect of potential legislation and sweeping tax changes that fuels this uncertainty. Instead, a declining market, the potential for recession looming, and increasing interest rates has left many taxpayers in a general malaise heading into the new year.

  • Final Subpart F Regulations and Domestic Partnership Tax Reporting

    By:
    Sean Dokko, JD, LLM (taxation) and Suzy Lee, CPA 1
    |
    May 1, 2023
    On January 25, 2022, the Department of the Treasury and the Internal Revenue Service (collectively, “the Treasury”) published in the Federal Register final regulations (T.D. 9960) which generally treat a domestic partnership2 as an aggregate of its partners for purposes of determining whether, and to what extent, its partners have Subpart F inclusions (the final Subpart F Regulations).3 Application of the final Subpart F Regulations can affect a domestic partnership’s Schedules K-1, K-2 and K-3 reporting.

  • A Year in Review and an Outlook on the Horizon for Tax-Exempt Entities

    By:
    Magdalena M. Czerniawski, CPA
    |
    May 1, 2023
    The new year brings numerous changes in tax and financial reporting for tax-exempt entities, as well as looming deadlines to recoup payroll taxes paid during the early days of the COVID-19 pandemic. Following is a roundup of the more significant changes discussed recently at the New York State Exempt Organizations Conference

  • Let’s Talk Look-Back

    By:
    Courtney Vitale, CPA
    |
    Apr 1, 2023
    What is look-back? Look-back is essentially a re-visit under the premise of: If I would have known then what I know now, how would the Gross Profit on the job be different? You are looking back to see. It is a hypothetical calculation, and that is because you are not amending returns; it is just a hypothetical calculation of tax with interest resulting thereof. 

  • Moving From the U.S. to Canada: An Introduction

    By:
    Nathan Farkas, CPA
    |
    Apr 1, 2023

    Every four years in America, an unusual event occurs. It takes place on the Wednesday following the first Monday in November. On this day, Americans of all stripes threaten to move to Canada, as a response to their preferred candidate losing the previous day’s presidential election.
Page

Tax Cases


In Case You Missed It – May 2023
Tax Jokes
  

Which Avenger pays the least taxes? Spider-Man, because his income is all net.

https://parade.com/1317763/jessicasager/accounting-jokes/

Tax News


IRS, Other Agencies Issue COVID-19 FAQs in Response to Impending End of Public Health Emergency,The Trusted Professional

Tax Court Rules IRS Does Not Have Statutory Authority to Assess Penalties for Failure to File Form 5471,Forbes Media LLC

IRS Revises Guidance on Bitcoin, in Light of Its Use As Legal Tender in Some Nations,The Trusted Professional

Hight Court Considering Case on Whether IRS Can Secretly Obtain Bank Records of Taxpayer's Relatives,The Trusted Professional

More Foreign Companies Than Expected May Be Subject to 1% Buyback Tax,The Trusted Professional

After Beyoncé Failed to Work It Out With IRS, She Filed A Petition in Tax Court,Forbes Media LLC

*Outside the Box is a new addition to the TaxStringer featuring important articles on financial and investment management topics by top authors who have expertise both inside and outside the realm of taxation.

 

 

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Views expressed in articles published in Tax Stringer are the authors' only and are not to be attributed to the publication, its editors, the NYSSCPA or FAE, or their directors, officers, or employees, unless expressly so stated. Articles contain information believed by the authors to be accurate, but the publisher, editors and authors are not engaged in redering legal, accounting or other professional services. If specific professional advice or assistance is required, the services of a competent professional should be sought.