IRS Tests Hobby Loss Audit Program for Farms

The IRS has issued guidance on a pilot audit program targeting hobby losses from farming.  The memorandum issued by the IRS begins as follows:


The purpose of this memorandum is to issue guidance on a pilot program for Schedule F Expenses for SB/SE Correspondence Examination. Although this pilot will

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Clarence McDonald Leland, Jr. v. Commissioner: Tax Court Holds City Attorney Operating Farm Materially Participated in Farm Activity

In Clarence Mcdonald Leland, Jr. v. Commissioner, T.C. Memo 2015-240, the Tax Court held that an attorney practicing law in Jackson Mississippi who operated a farm in Texas materially participated in the farming activities for Code Sec. 469 passive activity loss purposes.

The court stated the following as part … Continue reading

Steve Akers: Legislation Requiring Consistency of Basis with Estate Tax Values and Requiring Information Reporting

Steve Akers, Senior Fiduciary Counsel, Southwest Region, Bessemer Trust, has made available for download his summary of legislation enacted on July 31, 2015, which requires consistency of basis with estate tax values and information reporting.  The abstract for Mr. Aker’s full report reads as follows:

Legislation enacted on July 31,

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