Sec. 1031 gives taxpayers the opportunity to defer taxation on the gains they may have on their transactions. Anytime there is an opportunity to defer tax costs, tax practitioners and their clients automatically tend to assume that they should take advantage of the opportunity. However, in the case of like-kind exchanges, it is not always in the taxpayer’s best interest to elect to defer the recognition of gain on realty.
April 2009 - The Tax Adviser
exempt organizations
Internal Controls and Exempt Organization Executive Compensation Arrangements
This article provides an overview of the law of inurement and intermediate sanctions.
S CORPORATIONS
Distressed S Corporations: Tax Issues Involved in Restructuring
This article highlights tax issues and planning opportunities that may arise relative to a distressed S corporation, its shareholders, and its creditors.
STATE & LOCAL TAXES
Current Corporate Income Tax Developments (Part II)
During 2008, numerous state statutes were added, deleted, or modified; court cases were decided; regulations were proposed, issued, and modified; and bulletins and rulings were issued, released, and withdrawn. This article covers some of the more important developments in apportionment, unitary groups/filing methods, administration, flowthrough entities, and other significant corporate state tax issues.