December 2008 - The Tax Adviser

The IRS has established a correction program for certain violations of the Sec. 409A rules.

The taxation of nonphysical injury awards is far from settled, and taxpayers and practitioners should be diligent in monitoring future developments.

A partnership can distribute real property to its partners so that the partners can exchange the property in a Sec. 1031 like-kind exchange; if the exchange is properly structured, some of the partners can trade their interests in the property distributed in Sec. 1031 exchanges and some of the partners can sell their interests in the property in taxable transactions.

This article provides an overview of current developments in employee benefits and focuses on new guidance regarding qualified retirement plans.