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IRS Issues Partnership Anti-Abuse Rule Regulations

The IRS and Treasury issued final regulations to provide that the Sec. 704(c) anti-abuse rule takes into account the tax liabilities of both partners and certain owners of partners (T.D. 9485).

House Passes Tax Extenders Bill

The House passed the American Jobs and Closing Tax Loopholes Act, which extends a large number of expired tax provisions through 2010.

Supreme Court Declines to Hear Textron Work Product Privilege Case

The United States Supreme Court on May 24 denied a writ of certiorari in the case of Textron Inc.. The decision not to hear the case lets stand the First Circuit’s decision that a corporation’s tax accrual workpapers were not protected from an IRS summons by the work product privilege.

Automatic Revocation of Tax-Exempt Status to Start Monday

Monday, May 17, is the deadline for calendar-year tax-exempt organizations to file their Forms 990 for 2009. It also marks the third filing deadline under the mandatory filing requirement instituted by the Pension Protection Act of 2006.

INDIVIDUALS

Current Developments in Taxation of Individuals: Part 1

This update surveys recent federal tax developments involving individuals, including court cases, rulings, and guidance issued during the six months ending October 2025.

Tax Clinic

M&A termination fees under Sec. 1234A: Developments since 2016

Estate portability elections of unused estate and gift tax exemption must be meticulously prepared

Check-the-box effects for foreign owners

Rev. Proc. 2026-17: Withdrawal of Sec. 163(j)(7) elections

Tax legislation for digital assets: What’s the conversation in Congress?