High Net Worth Family Tax Report, Vol. 9, No. 1


In This Issue:

- Congressman Camp Camp Releases His Long-Awaited Tax Reform Plan

- Tax Court Addresses Valuation Issues Related to Tax on Built-In Corporate Gain

- Shareholder of S Corporation Required to Include Income Even Though Shut Out from Management

- Tax Court Rules That a Trust Can Materially Participate and Be Actively Engaged in Real Property Businesses under the Passive Activity Loss Rules

- New York Court Clarifies Statutory Residence Test

- IRS Clarifies Substantial Risk of Forfeiture in New Section 83 Regulations

- Tax Court Clarifies Cause Definition in Section 83 Regulations

- Change to California 541 Schedule J Regarding Trust Allocation of an Accumulation Distribution

- New Jersey Voluntary Disclosure Initiatives

- Taxpayer Falls into Ordinary Income Trap under Section 1239

- Property Equalization Payment Was Not Deductible as Alimony

- Tax Court Changes Its Position on Assumption of Potential Estate Tax Related to a Net Gift

- Taxpayer Has Capital Loss Rather Than Ordinary Loss upon Abandoning Stock

- IRS Addresses Tax Consequences of Acquiring and Spending Bitcoin . .

- Excerpt from Congressman Camp Camp Releases His Long-Awaited Tax Reform Plan:

On February 26, 2014, David Camp (R-Mich.), Chairman of the House Ways and Means Committee, released his long-awaited plan to reform and simplify the Internal Revenue Code. The Tax Reform Act of 2014 would reduce the marginal tax rates on individuals and pay for the rate reduction by eliminating or further restricting a variety of popular deductions. Although Camp has vowed to push hard for tax reform before retiring at the end of this year, the political division of the current Congress makes passage unlikely. Accordingly, we will mention only some significant highlights and keep you informed of future significant developments.

Please see full issue below for more information.

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DISCLAIMER: Because of the generality of this update, the information provided herein may not be applicable in all situations and should not be acted upon without specific legal advice based on particular situations.

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