The IRS issued a letter ruling concerning trust conversion to a total return trust on May 23. The ruling concluded that converting a trust to a total return trust could not trigger realization of gain or loss under section 1001...
Continue reading "Trust Conversion Will Not Trigger Realization of Gain or Loss"
The IRS issued a ruling concerning trusts and the non-zero inclusion ration on May 30. The IRS ruled that the proposed modification of a Trust to the upper limit of discretionary spending will neither cause the Trust to have a...
In a letter ruling on June 25, the IRS ruled to revoke the tax-exempt status of a trust. The ruling stated that the trust failed to provide evidence it was operating exclusively for exempt purposes outlined in section 501(c)(3) of...
On August 28th, the IRS released a legal memorandum ruling that the government may collect a federal tax liability owed by a corporation or LLC from its successor if the successor corporation or LLC is liable under relevant state law....
Continue reading "Service Rules Successor Liability Applies to Corporation's Federal Tax Liability"
On October 6, the IRS released a list of organizations who have lost their charitable donee status under sections 501(c)(3) and 170(c)(2).The complete list can be accessed on the IRS website, or by clicking on the following link.Posted by Shannon...
Continue reading "IRS Deletes Organizations from Charitable Donee List"
The National Taxpayers Union Foundation ("Foundation") issued a report estimating the cost of McCain and Obama's spending plans. The Foundation estimated that McCain's spending plan would cost almost $7 billion while Obama's plan would cost $343.5 billion. Posted by Shannon...
Continue reading "National Taxpayers Union Foundation Estimates Candidates' Spending Plans Cost"
Representative John Lewis (D-GA) introduced HR 7083, the "Charity Enhancement Act of 2008" on September 25. The bill aimed to enhance charitable giving and improve disclosure and tax administration. The bill passed in the house on September 27 and was...
Continue reading "HR 7083 to Enhance Charitable Giving Incentives"
Tax AnalystsTM published a letter which contained an IRS ruling regarding disclaimers on May 20. The IRS ruled that the disclaimers a woman made of her interests in an IRA and retirement plan qualify under section 2518. Therefore, this forfeit...
On September 24, the Tax Policy Center published a chart estimating the effects HR 6049, the "Energy and Tax Extenders Act of 2008," would have on individual income taxes. The chart can be accessed here.Posted by Shannon Morris, Associate Editor,...
US Senator Jim DeMint (R-SC) issued a press release outlining an economic growth plan yesterday. The plan claims that cutting taxes on investment, reforming government failures, and expediting energy exploration will spur real economic growth for American families and businesses....
Continue reading "Senator Jim DeMint Outlines Economic Growth Plan "
The House Ways and Means Committee released a summary of HR 7060, the "Renewable Energy and Job Creation Tax Act of 2008" on September 25.The summary can be accessed on the Committee website.Posted by Shannon Morris, Associate Editor, Wealth Strategies...
On September 25, the Joint Committee on Taxation released a report estimating the cost of HR 7060, the Renewable Energy and Job Creation Tax Act of 2008. According to the report, the Act will raise revenue nearly $1.9 billion between...
The Joint Committee on Taxation ("JCT") released a technical explanation of HR 7060, the "Renewable Energy and Job Creation Act of 2008" on September 25. The JCT separated the report into four sections: energy tax incentives, one year extension of...
Joan Weiner from Tax AnalystsTM interviewed Daniel Luthi from the Organization for Economic Co-operation and Development ("OECD"), 51 Tax Notes Int'l 1026 (Sept. 22, 2008). Luthi chaired the OECD Working Party No. 1 from 1990 to 2002 and became a...
Continue reading "Joann Weiner from Tax Analysts Inteviews Daniel Luthi from the OECD"
The Senate Finance Committee issued a press release announcing the Senate passed a tax package created by Chair Max Baucus (D-Mont) and ranking minority member Chuck Grassley (R-Iowa) on September 23. The tax package included clean energy tax incentives, alternative...
Continue reading "Senate Finance Committee Announces Passage of Baucus-Grassley Tax Legislation"
On September 12, Congressional Research Service ("CRS") issued a report on tax basis. The report explained tax basis, described how it is calculated and adjusted, and discussed how it can be used in tax law. CBS defines tax basis...
Continue reading "Congressional Research Service Examines Tax Basis"
On September 12, Congressional Research Service ("CRS") issued a report on tax basis. The report explained tax basis, described how it is calculated and adjusted, and discussed how it can be used in tax law. CBS defines tax basis...
Continue reading "Congressional Research Service Examines Tax Basis"
The IRS ruled in April that an individual's valid disclaimer of a contingent right to receive the corpus of a trust on termination of the trust will not be a transfer subject to the gift tax.Posted by Shannon Morris, Associate...
Continue reading "Disclaimers Aren't Transfers Subject to Gift Tax"
Earlier this year, the Federal Department of Finance established the Swiss Financial Centre Dialogue Steering Committee to discuss ways to strengthen Switzerland's role as a major international financial center. On September 2, the committee approved the first package of measures...
Continue reading "Switzerland Takes Steps to Make Financial Center More Comepetitive"
Swiss Bankers Association (SBA) Chair Pierre Mirabaud sad that Switzerland should not criminalize tax evasion or end its tradition of banking secrecy as a result of pressure from high-tax countries. Swiss law currently distinguishes between criminal tax fraud and tax...
Continue reading "Swiss Banking Group Chair Says Switzerland Should Not Criminalize Tax Evaision"
