October 2010 - The Tax Adviser

This article discusses recent legislation, cases, rulings, regulations, and other developments in the S corporation area for the period July 9, 2009–July 9, 2010. This part focuses on various S corporation operating provisions.

This article examines the rules of due diligence and the importance of tax professionals understanding these rules and proactively adapting to them in a practical manner.

The Tax Court has expanded the scope of the medical expense deduction and the definition of what is “medically necessary.” This case establishes the precedent that gender identity disorder is a mental disorder (disease) for purposes of the medical expense deduction.

This discusses the estate tax, generation-skipping transfers, trusts, changes made by the Economic Growth and Tax Relief Reconciliation Act of 2001, and the annual inflation adjustments for 2010 relevant to estate and gift tax.