This article is a semiannual review of recent developments in the area of individual taxation.
Gains & Losses
Passthrough owners that do not materially participate in a trade or business may find their tax credits suspended.
This article explores the income tax issues that arise from owning or living in a home with a person other than a spouse.
Court rejected doctor's deduction of passive activity losses carried forward from the years when he treated the interest as a nonpassive activity.
This article lays out the steps for determining whether a taxpayer qualifies as a real estate professional.
A number of recent significant developments affect taxation of individuals.
Tax-loss harvesting offers the potential for significantly increased after-tax returns.
This item explores the underlying federal income tax issues that accompany disregarded entities acting as borrowers in lending transactions.
Tax Court held that royalties received by an S corporation under a license agreement are taxable as ordinary income to the S corporation’s individual shareholder.
Tax Court ruled that couple could deduct passive losses from their rental real estate activities because they met the real estate professional and material participation rules.
Proper planning may allow this tax to be deferred, reduced, or, in some cases, avoided completely.
The IRS issued regulations giving taxpayers in federally declared disaster areas more time to elect to take a disaster loss on their prior year’s federal income tax return.
Forms W-2G do not necessarily capture all of a taxpayer’s gambling winnings and losses for the year.
Proposed rules clarify and modify previous regulations regarding Sec. 409A nonqualified deferred compensation plans.
This article covers recent developments affecting taxation of individuals, including regulations, cases, and IRS guidance.
Two approaches could yield very different tax results.
Foreign currency straddles may be used to manage foreign currency exposure, but they may carry hidden tax issues.
A transfer of ownership of a closely held business in divorce does not trigger gain or loss if it is directly between the spouses.
This article discusses when the sale of goodwill related to a C corporation is the sale of a shareholder’s personal goodwill and the reasons the gain from the sale of personal goodwill should not be subject to the net investment income tax.
Since the compensatory income is already included in the employee’s Form W-2, the failure to report it in the Form 1099-B cost basis results in double-counting the income unless an adjustment is entered on Form 8949.