Ninth Circuit withdraws Altera opinion
The order announcing the withdrawal says it is being done “to allow time for the reconstituted panel to confer on this appeal.”
Corporations
Foreign-derived intangible income deduction: Tax reform’s overlooked new benefit for U.S. corporate exporters
One new opportunity created by the TCJA is the foreign-derived intangible income deduction in Sec. 250(a).
Proposed regs. address several transition tax issues
The IRS issued proposed regulations on the Sec. 965 transition tax that requires U.S. shareholders of deferred foreign income corporations to pay tax on post-1986 deferred income.
The carrot-and-stick approach to on-shoring intangible value
This item discusses provisions of the TCJA that seek to curb the erosion of the U.S. tax base.
Updates to Sec. 382 NUBIG and NUBIL safe harbors
With the increased use of stock acquisitions, buyers must correctly apply the Sec. 382 limitations, including the additional analysis to determine the impact of NUBIG and NUBIL.
Another look at C corp. vs. S corp. in light of tax reform
In the typical closely held business context, the TCJA’s reduction of corporate tax rates to a flat 21% is far from a panacea.
Stock-based compensation cost-sharing regs. valid
The Ninth Circuit reversed a Tax Court decision invalidating a cost-sharing regulation that requires allocation of stock-based compensation costs between related parties.
Equitable recoupment applies to employment taxes of law firm
A successor law firm was given credit for the employment tax payments of its predecessor under the doctrine of equitable recoupment.
Amended Sec. 965 may provide a Sec. 382 benefit: Deemed repatriation and RBIG
This item explores whether the toll charge might be treated as a recognized built-in gain under Sec. 382(h).
Applying the rescission doctrine to dividend distributions: A practical guide
This discussion provides insight into planning opportunities to avoid the trap of unwinding a dividend.
Federal tax reform: Not so encouraging for state and local incentives
Some incentives used by state and local governments to attract corporations will now likely be income to the recipient corporation.
How the 2017 tax overhaul changed Sec. 162(m)
This article discusses how the TCJA altered corporations’ responsibilities and the potential compensation implications.
Diesel particulate filters: Taxation and credits
This discussion focuses on the federal excise tax treatment of DPFs and potential fuel tax credits that may be claimed for fuel used to operate DPFs.
Tax treatment of individual owners of bitcoin and other virtual currencies held for personal use or investment
Tax preparers will need to be proactive in helping their clients identify and report any potentially taxable transactions.
IRS issues first guidance on new business interest limitation
The IRS issues guidance on business interest limitation under the new tax act.
Code’s plain language prevails, despite anomalies
The owner of a hotel and restaurant complex was not entitled to capital gains treatment under Sec. 1234A for a deposit it retained after a would-be buyer terminated a contract to purchase the complex.
Application of Sec. 199A deduction to health care
While businesses involving the performance of services in the health care field were generally understood as not qualifying for the Sec. 199A deduction, further analysis could provide a favorable result.
Deducting deferred bonuses
Numerous rules and restrictions govern the timing of deductibility of bonuses accrued in one year and paid in another.
Casualty losses and expenditures under Sec. 162 or 165
Two Code provisions, Sec. 162 and Sec. 165, offer a potential deduction for a taxpayer who has property that has been damaged by a casualty.
Congress extends expired provisions
The Bipartisan Budget Act of 2018 has many tax provisions, including retroactive extensions of a number of tax credits.
