July 2012 tax news - The Tax Adviser

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July 31, 2012

Proposed Regs. Would Clarify Who Is Subject to Sec. 274(n) Limit on Meal Expenses

The IRS released proposed regulations clarifying which party is subject to the rule that limits the deduction for meals to 50% of the expenses incurred.

July 31, 2012

Regulations Finalize Rules on Entertainment Use of Business Aircraft

The IRS issued final regulations relating to the disallowance under Sec. 274 of deductions for the use of business aircraft for entertainment.

July 26, 2012

Treasury Releases Model Intergovernmental Agreement for FATCA

Treasury released a model intergovernmental agreement designed to implement the information-reporting and withholding-tax provisions in FATCA.

July 25, 2012

Taxpayers Who Did Not Establish Insolvency Must Recognize COD Income

Taxpayers who settled a credit card debt for $4,412 less than they owed in 2008 had to include that amount in income because they did not prove they were insolvent under Sec. 108(a)(1)(B) at the time of the debt discharge (Shepherd, T.C. Memo. 2012-212). Sec. 108(a)(1)(B) excludes cancellation of debt

July 20, 2012

Tax Court Upholds Regulation Requiring Dependents Be Citizens in Year Tax Benefits Are Claimed

The Tax Court upheld Regs. Sec. 1.152(a)(1), which requires that children be U.S. citizens at some time during the calendar year for which the children are claimed as dependents.

July 17, 2012

AICPA Recommends Changes to Tangible Property Guidance

The AICPA recommended various changes and simplifications to the regulations regarding the treatment of expenditures incurred in selling, acquiring, producing, or improving tangible assets.

July 16, 2012

Self-Employed Can Deduct Medicare Premiums, IRS Chief Counsel Advises

The Office of Chief Counsel advised that self-employed individuals may deduct Medicare premiums from their self-employment income.

July 13, 2012

New Rules Aim to Shut Down Certain Outbound Asset Reorganizations

The IRS issued rules to govern certain outbound asset reorganizations involving the transfer of intangibles under Sec. 367(d) that will apply instead of existing regulations

July 12, 2012

Tax Court Petition Challenging a Notice of Deficiency Suspends Statute of Limitation

The Eleventh Circuit held that a petition filed by taxpayers who had transferee liability for their corporation’s tax liability was a “proceeding in respect of the deficiency” that suspended the limitation period for assessment

July 6, 2012

Debtors’ Taxes Are Not Discharged in Bankruptcy Where Tax Return Was Filed Late

A federal appeals court held that bankrupt debtors who filed their income tax return 17 months after their income taxes were assessed were not entitled to have those taxes discharged in the bankruptcy proceeding.

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