On the Bookshelf

By Philip R. Fink, J.D., CPA

Bankruptcy and Insolvency Taxation, 3d ed., by Grant W. Newton and Robert Liquerman (Wiley, 2005; supplement, 2008), analyzes the tax ramifications of bankruptcy and insolvency proceedings and provides a practical guide that will assist financial advisers, accountants, attorneys, and other related professionals in rendering tax services in the liquidation and rehabilitation of financially troubled debtors in and out of bankruptcy court. The book should be of interest to debtors, business turnaround professionals, trustees, appraisers, and other professionals who assist debtors or creditors that are experiencing financial difficulty. 876 pages, $215; supplement, 240 pages, $75. Contact (800) 225-5954; www.wiley.com.

Electronic Commerce: Taxation and Planning , by David Hardesty (WG&L, 2007), is a comprehensive treatise on electronic commerce taxation and planning. It explains how to recognize and handle the federal, international, and state tax and planning issues that affect electronic commerce. This reference has numerous case studies and examples showing how to apply both new and traditional tax principles to these transactions. It also features a state-by-state guide on the tax treatment of electronic commerce. Over 1,000 pages, $270 print (updated twice a year), $335 online (updated as needed). Contact (800) 950-1216; www.ria.thomson.com.

Practical Guide to Like-Kind Exchanges Under Code Section 1031, 2d ed., by Nancy Grekin (CCH, 2007), evaluates tax-advantaged asset exchanges. This reference is especially useful because it provides a special executive summary chapter and many examples and planning aids throughout the book. It is intended to help tax and real estate practitioners and professionals understand the various types of exchanges and guide them in structuring and  handling such exchanges. The book analyzes Sec. 1031, defines the important terms involved, and describes the advantages and disadvantages of like-kind exchanges in different situations. 300 pages, $99. Contact (800) 248-3248; www.onlinestore.cch.com

Tax Accounting in Mergers and Acquisitions , by Glenn R. Carrington (CCH, 2008), considers the tax accounting implications of structuring and restructuring transactions. The book discusses the rules governing a taxpayer’s ability to carry over and preserve methods of accounting. It also examines how a taxpayer can obtain audit protection for an accounting method change. It covers how to determine the effect of a transaction on any unamortized adjustments required under Sec. 481(a) and how to use the chosen structure to achieve appropriate tax accounting objectives. Finally, the book describes common types of accounting method exposure items that arise during the course of due diligence and the alternatives for mitigating exposure to the buyer. 700 pages, $225. Contact (800) 248-3248; www.onlinestore.cch.com.

Taxation of Damage Awards and Settlement Payments, 3d ed., by Robert W. Wood (Tax Institute, 2005; update, 2007), is a useful guide for tax lawyers, accountants, litigators, judges, law clerks, and law professors who need to know the many tax implications of damage awards and settlement payments. It includes discussions of the tax aspects of legal fees in connection with class action cases, cases in which a plaintiff dies prior to reaching a settlement or obtaining a judgment, whether settlements and judgments are treated as wages for employment tax purposes, and the treatment of stock options and deferred compensation in divorce. The book covers the tax treatment of both personal injuries and business injuries. Over 1,000 pages, $349; 2007 update, $145. Contact (415) 834-1800, ext. 800; www.taxinstitute.com.

Newsletter Articles


Traps for the unwary: Tax Cuts and Jobs Act changes

By now many of us are familiar with the various provisions of the law known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97. Here is a list of changes together with (perhaps) unexpected nuances.


Qualified business income deduction regs. and other guidance issued

The package includes final regulations, guidance on how to calculate W-2 wages, a safe-harbor rule for rental real estate businesses, and new proposed rules on the treatment of previously suspended losses.