Jason Freeman on Internal Revenue Code (IRC)

Employee Stock Ownership Plans | A Brief Overview

Since their establishment in 1974, Employee Stock Ownership Plans (“ESOPs”) have become a popular and effective mechanism for private companies (both C corporations and S corporations) to provide employees an opportunity to...more

3/22/2024 / Department of Labor (DOL) , EBSA , Employee Benefits , Employee Retirement Income Security Act (ERISA) , ESOP , Internal Revenue Code (IRC) , IRS , Stock Ownership

Tax Court in Brief | Clarkson v. Comm’r | Frivolous Return Penalties and “Zero Returns”

Tax Litigation: The Week of September 5th, 2022, through September 9th, 2022 Clarkson v. Comm’r, T.C. Memo 2022-22| September 7, 2022 | Lauber, Judge | Dkt. No. 16804-21L...more

9/29/2022 / Deficiency Notices , Income Taxes , Internal Revenue Code (IRC) , IRS , Standard of Review , Tax Court , Tax Liability , Tax Planning , Tax Returns

The Taxpayer Bill of Rights

The Internal Revenue Code provides for the Taxpayer Bill of Rights. The Taxpayer Bill of Rights reflects a mandate that the IRS provide a level of service. The Bill of Rights raises questions, such as whether it is...more

9/27/2022 / Income Taxes , Internal Revenue Code (IRC) , IRS , Tax Court , Tax Liability , Tax Litigation , Taxpayers' Bill of Rights

Tax Court in Brief | Pressman v. Comm’r | Deductibility of Home Mortgage Interest and Penalties

Tax Litigation: The Week of August 29th, 2022, through September 2nd, 2022 Sparta Pink Property, LLC v. Comm’r, T.C. Memo. 2022-88 | August 29, 2022 | Lauber, J. | Dkt. No. 12114-20 Domdom v. Comm’r, T.C. Summary Opinion...more

9/22/2022 / Deficiency Notices , Income Taxes , Internal Revenue Code (IRC) , IRS , Mortgage Interest , Tax Court , Tax Deductions , Tax Liability , Tax Planning , Tax Returns

Tax Court in Brief | Deitch v. Comm’r; and Barry v. Comm’r | Deductible Interest Under IRC 163

Tax Litigation: The Week of August 22nd, 2022, through August 26th, 2022 Warner Enterprises, Inc. v. Comm’r, T.C. Memo. 2022-85 | August 22, 2022 | Buch, J. | Dkt. No. 17163-19L. ...more

9/13/2022 / Income Taxes , Internal Revenue Code (IRC) , IRS , Partnerships , Tax Court , Tax Deductions , Tax Liability , Tax Planning , TEFRA

Tax Court in Brief | Medtronic, Inc. v. Comm’r | Section 482, Comparable Uncontrolled Transaction, Comparable Profits Method

Tax Litigation: The Week of August 15th, 2022, through August 19th, 2022 Medtronic, Inc. v. Comm’r, T.C. Memo. 2022-84 | August 18, 2022 | Kerrigan, J. | Dkt. No. 6944-11. Short Summary: This opinion regards a transfer...more

8/22/2022 / Income Taxes , Internal Revenue Code (IRC) , IRS , Section 482 , Tax Court , Tax Deductions , Tax Liability , Tax Planning , Tax Returns , Treasury Regulations

Tax Court in Brief | Whistleblower 769-16W v. Comm’r | Can the Tax Court divest itself of jurisdiction over a whistleblower...

Tax Litigation: The Week of August 1st, 2022, through August 5th, 2022 Eze v. Comm’r, T.C. Memo. 2022-83 | August 4, 2022 | Lauber, J. | Dkt. No. 21425-19...more

8/11/2022 / Internal Revenue Code (IRC) , IRS , Jurisdiction , Motion to Remand , Tax Court , Whistleblower Protection Policies , Whistleblowers

Tax Court in Brief | Eze v. Commissioner | Schedules C and C2 Business Expense Deductions of a Sole Proprietorship

Tax Litigation: The Week of August 1st, 2022, through August 5th, 2022 Whistleblower 769-16W v. Comm’r, 159 T.C. No. 2 | August 4, 2022 | Toro, J. | Dkt. No. 769-16W ...more

8/10/2022 / Business Expenses , Business Income , Business Taxes , Income Taxes , Internal Revenue Code (IRC) , Sole Proprietorship , Tax Court , Tax Deductions , Tax Planning

Tax Court in Brief | Thompson v. Commissioner | Conservation Easements: Donor Improvement Carve-Outs and Supervisory Approval for...

8/3/2022 / Conservation Easements , Income Taxes , Internal Revenue Code (IRC) , IRS , Tax Court , Tax Deductions , Tax Liability , Tax Planning , Tax Returns

Tax Court in Brief | Rojas v. Commissioner | Deduction of Alimony and Child Support Under IRC Section 215

8/2/2022 / Alimony , Child Support , Income Taxes , Internal Revenue Code (IRC) , IRS , Tax Court , Tax Cuts and Jobs Act , Tax Liability , Tax Planning

Tax Court in Brief | Larochelle v. Commissioner | Unreported IRA Distribution and Reliance on Professional

7/25/2022 / Income Taxes , Internal Revenue Code (IRC) , IRS , Tax Court , Tax Liability , Tax Planning , Tax Returns

Tax Court in Brief | Knight v. Commissioner | Collection Due Process and No Abuse of Discretion

Tax Litigation: The Week of July 11th, 2022, through July 15th, 2022 Colbert v Commissioner, T.C. Memo. 2022-74 | July 13, 2022 |Wells, J.| Dkt. No. 8395-16. Kelly v. Comm’r, No. 13353-21L, T.C. Memo 2022-73 | July 13, 2022...more

7/21/2022 / Income Taxes , Internal Revenue Code (IRC) , IRS , Tax Court , Tax Liability , Tax Planning , Tax Returns

Tax Court in Brief | Estate of DeMuth v. Commissioner | Are Uncashed Gift Checks Includable in an Estate for Federal Income Tax...

7/19/2022 / Deficiency Notices , Gifts , Income Taxes , Internal Revenue Code (IRC) , IRS , Tax Court , Tax Liability , Tax Planning

Tax Court in Brief | Ziroli v. Commissioner | Is a Disgorgement Payment a Deductible Business Expense under Section 162?

Tax Litigation: The Week of July 11th, 2022, through July 15th, 2022 Estate of DeMuth, v. Comm’r, T.C. Memo. 2022-72 | July 12, 2022 | Jones, J. | Dkt. No. 18724-19 Whistleblower 972-17W v. Comm’r, 159 T.C. No. 1 | July 13,...more

7/15/2022 / Business Expenses , Business Taxes , Disgorgement , Income Taxes , Internal Revenue Code (IRC) , IRS , Section 162 , Section 162(f) , Tax Court , Tax Deductions , Tax Planning

Tax Court in Brief | Caldwell v. Commissioner | Employer Disability Compensation is Taxable Income to Employee

6/1/2022 / Income Taxes , Internal Revenue Code (IRC) , IRS , Payroll Taxes , Tax Court , Tax Liability , Tax Planning

Tax Court in Brief | Ibrahim v. Commissioner | Deduction of Alimony or Separation Maintenance Payments

5/31/2022 / Alimony , Divorce , Income Taxes , Internal Revenue Code (IRC) , Separation Agreement , Tax Court , Tax Deductions , Tax Liability , Tax Planning

Hedge Funds 101: An Introduction to Tax Issues

Hedge Funds and Taxes - Hedge funds provide a vehicle to pool private capital for investment in stocks, securities and financial derivatives. While hedge funds take on many different structures—including master-feeder,...more

5/11/2022 / Carried Interest , Carried Interest Tax Rates , Corporate Taxes , FIRPTA , Foreign Investment , Hedge Funds , Internal Revenue Code (IRC) , Investment Management , Private Equity , Private Equity Funds , Tax Cuts and Jobs Act , Tax Planning

The IRS and Nominee Liability

Under the Internal Revenue Code, the IRS can satisfy a tax deficiency by imposing a lien on any “property” or “rights to property” belonging to the taxpayer. The statutory language is broad and reaches virtually every...more

4/19/2022 / Income Taxes , Internal Revenue Code (IRC) , IRS , Tax Liability , Tax Liens , Tax Planning

Tax Court in Brief | Mihalik v. Commissioner | “De Minimus” Fringe Benefit Under Sec. 132

Tax Litigation: The Week of April 11th, 2022, through April 15th, 2022 The REDI Foundation, Inc. v. Comm’r, T.C. Memo. 2022-34 |April 11, 2022 |Nega, J. | Dkt. No. 23715-18 Pediatric Impressions Home Health, Inc. v. Comm’r,...more

4/19/2022 / Employee Benefits , Fringe Benefits , Income Taxes , Internal Revenue Code (IRC) , IRS , Tax Court

The Source of Income from the Sale of Personal Property

The Source of Income from the Sale of Personal Property Generally, income from the sale of personal property is “sourced” to the residence of the seller. If the seller is a U.S. tax resident the source of the income is deemed...more

4/15/2022 / Capital Gains , Foreign Corporations , Income Taxes , Intangible Property , Internal Revenue Code (IRC) , Personal Property Tax , Property Tax

Tax Court in Brief | Metz v. Commissioner | Interplay of Criminal Tax, Civil Tax, and Civil Penalties

Tax Litigation: The Week of April 4th, 2022, through April 8th, 2022 Middleton v. Comm’r, T.C. Memo. 2022-28 | April 4, 2022 |Kerrigan, J. | Dkt. No. 8158-19L Scholz v. Comm’r, T.C. Summary Opinion 2022-5 |April 4,...more

4/14/2022 / Criminal Penalties , Income Taxes , Internal Revenue Code (IRC) , Reporting Requirements , Tax Court , Tax Liability , Tax Planning , Tax Returns

Tax Court in Brief | Continuing Life Communities Thousand Oaks LLC v. Comm’r | IRS Discretion to Change Methods of Accounting and...