Gains & Losses

Qualified Dividends and Capital Gains Flowchart

The capital gain tax computation seemingly should be easy, but often it is not. The flowchart in this article is designed to quickly determine the tax on capital gains and dividends, based on the taxpayer's taxable income.

Real Estate Professionals: Avoiding the Passive Activity Loss Rules

Qualifying as real estate professionals allows taxpayers to avoid having their rental real estate activities treated as per se passive. This article discusses the requirements for qualifying as a real estate professional and how the requirements have been interpreted by the IRS and the courts.

Like-Kind Exchange Rules: Continued Evolution

For many years, taxpayers have been able to defer recognition of gain on the disposition of assets by engaging in Sec. 1031 like-kind exchanges. Consequently, many questions and issues surrounding these transactions have been addressed, but many cases and rulings continue to arise each year. This article analyzes these cases and rulings and identifies questions that still need to be answered.

Current Developments for Straddle Transactions

This item provides a brief background and summary of IRS regulations clarifying whether an obligor’s debt could be part of a straddle and the treatment of prestraddle gain or loss related to a position that is part of a “mixed straddle”.

Draft Net Investment Income Tax Form Posted

In August, the IRS released a draft dual-purpose form that will be used by individuals and trusts and estates to compute and report the new 3.8% net investment income tax.

Excluding Part of the Gain From the Sale of a Residence

A portion of the gain from the sale of a principal residence can be excluded when the taxpayer fails to meet the requirements for full exclusion of gain when the primary reason for selling or exchanging the principal residence was a change in place of employment, health, or unforeseen circumstances.

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Get your clients ready for tax season

With the extended 2017 tax filing season drawing to a close, now is the time to get your practice and your clients ready for the 2018 season.

PRACTICE MANAGEMENT

2016 Best Article Award

The winners of The Tax Adviser’s 2016 Best Article Award are Edward Schnee, CPA, Ph.D., and W. Eugene Seago, J.D., Ph.D., for their article, “Taxation of Worthless and Abandoned Partnership Interests.”