The Second Circuit held that the terms “refund” and “overpayment” in an OIC agreement are specialized tax terms that take their meaning from the Code and are not given their “plain English” meanings, despite the colloquial tone of the agreement.
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TOPICS
Individuals
Guidance Issued on Interest Exceeding Acquisition and Home Equity Indebtedness Limitations
The IRS recently released guidance for allocating excess mortgage interest expense.
Opportunities for Incorporating International Tax Law Into All Levels of the Tax Curriculum
Considering the global nature of today’s businesses, covering international topics is necessary at all levels of the business curriculum.
2012 Automobile Depreciation Limits
The IRS issued the 2012 inflation adjustments to the depreciation limitations and lease inclusion amounts for certain automobiles under Sec. 280F (Rev. Proc. 2012-23).
Qualified Residence Interest Limits Apply on a Per Residence Basis
The Tax Court held that, for purposes of calculating qualified residence interest, the Sec. 163(h)(3) limits on the amount of indebtedness that qualifies as acquisition or home equity indebtedness do not apply separately to co-owners of property who are not married.
HSA Inflation Adjustments Issued for 2013
The IRS issued the inflation-adjusted figures for the annual contribution limitation for HSAs and the minimum deductible amounts and maximum out-of-pocket expense amounts for high-deductible health plans for calendar year 2013.
Taxpayers Can Deduct Certain Local Lodging Expenses Under Proposed Rules
The IRS issued proposed regulations that permit employees to treat certain expenses paid or incurred for local lodging as deductible business expenses.
Federal Circuit Dismisses Refund Suit Based on All-Zero Returns
A married couple who filed tax returns listing all income and tax due as “zero” were denied refunds in a decision by a U.S. Court of Appeals.
Securities Fraud and the Theft-Loss Deduction
Whether investment losses from fraud should be treated as capital losses or theft losses when the stock is purchased through a stockbroker is currently undecided for tax purposes.
Cost-Basis Reporting, the New Schedule D, and Form 8949
The 2011 tax filing season ushered in the first phase of new basis reporting rules requiring a three-phase process for submitting cost-basis information to the IRS.
Community Property Rules and Registered Domestic Partners
Several community property states have laws that allows same-sex couples to establish registered domestic partnerships, which create a number of unique federal tax issues.
IRS Issues Foreign-Targeted Bond Guidance
The IRS issued interim guidance on registration of foreign-targeted bonds and provided transitional relief for withholding agents on the related portfolio interest exception.
IRS Expands “Fresh Start” Initiative, Provides Penalty Relief for Unemployed
The IRS announced an expanded “Fresh Start” initiative to help struggling taxpayers with a number of measures for relief.
Tax Court Says Limitation on Deductible Mortgage Interest Applies to Unmarried Co-Owners
The Tax Court held that unmarried co-owners were together subject to the $1.1 million limit on personal residence indebtedness under Sec. 163(h)(3).
2012 Automobile Depreciation Limits Released
The IRS issued the 2012 inflation adjustments to the depreciation limitations and lease inclusion amounts for certain automobiles under Sec. 280F.
IRS Proposes New Equitable Innocent Spouse Relief Rules
The IRS issued a proposed revenue procedure changing the way it will treat requests for equitable innocent spouse relief under Secs. 66(c) and 6015(f).
When Is Form 8283 Required to Be Filed?
The IRS should revise the instructions for Form 8283 to more clearly explain when it is required to be filed, given that the instructions state that failure to file the form can cause the deduction to be disallowed in its entirety.
Individual Taxation Developments
This article covers recent developments affecting individual taxation. The items are arranged in Code section order
Preserving Tax Losses by Avoiding the Wash-Sale Rules
A taxpayer cannot deduct the loss realized on the sale of stock or securities (including shares in a mutual fund) if the taxpayer purchases substantially identical stock or securities within the period beginning 30 days before and ending 30 days after the sale.
President Signs Payroll Tax Cut Extension Bill; New Form 941 Released
President Barack Obama signed into law the Middle Class Tax Relief and Job Creation Act of 2012 and the IRS released a revised Form 941to reflect the extended payroll tax cut.
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.
