To satisfy the Ilfeld standard, the court noted that there is a presumption that regulations do not permit double deductions for the same loss.
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TOPICS
C Corporation Income Taxation
An old friend reconsidered: Post-TCJA Sec. 338(g) elections for foreign targets
the TCJA’s implementation of a hybrid territorial international tax regime mitigates the benefit of the election and may induce taxpayers to not make the election to avoid additional tax liability on the eventual sale of foreign target shares.
Different SALT flavors of mandatory deemed repatriation under Sec. 965
This item discusses new trends in states’ conformity with or decoupling from Sec. 965.
Sec. 163(j) places renewed importance on tax shelter status
The exemption to the limitation on business interest under Sec. 163(j) does not apply to a tax shelter prohibited from using the cash-receipts-and-disbursements method of accounting under Sec. 448(a)(3).
Leasing property to a corporation
Shareholders can reap several benefits by leasing property to their corporation instead of transferring
ownership to the company.
Timing of the tax deduction for worthless intangibles
The challenge taxpayers frequently face is determining the date of sale, abandonment, or worthlessness.
LB&I campaigns update
The IRS’s LB&I division implemented a major restructuring intended to make better use of IRS
resources.
Restructuring foreign investment in U.S. real property
The TCJA has given a windfall benefit to foreign investors and developers in U.S. real estate due to the drop in the corporate tax rate from 35% to 21%.
IRS provides initial guidance on new Sec. 162(m)
The IRS issued guidance regarding amended Sec. 162(m), which limits the allowable deduction for remuneration paid by any publicly held corporation to a covered employee to $1 million.
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.”
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.
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.
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.
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.
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).
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.
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.
How the 2017 tax overhaul changed Sec. 162(m)
This article discusses how the TCJA altered corporations’ responsibilities and the potential compensation implications.
TAX PRACTICE MANAGEMENT
2025 tax software survey
AICPA members in tax practice assess how their return preparation software performed during tax season and offer insights into their procedures.
