If you’ve been around closely held businesses long enough, you know that a transfer of money between a business and its owner, or between two related businesses, is sometimes characterized by the parties as a loan (“related...more
6/23/2025
/ Appeals ,
Borrowers ,
Cancellation of Debt (COD) ,
Closely Held Businesses ,
Corporate Taxes ,
Creditors ,
Debt Collection ,
Debtors ,
Income Taxes ,
IRS ,
Loans ,
Related Parties ,
Statutory Interpretation ,
Tax Court ,
Tax Deductions
Do you feel as challenged as I do when someone asks you to explain the term “Bidenomics”? I know that it is predicated upon the imposition of higher taxes on businesses and their owners, which have not yet materialized....more
8/17/2023
/ Business Ownership ,
Buyers ,
Cancellation of Debt (COD) ,
Capital Gains ,
China ,
Debt ,
Fair Market Value ,
Federal Budget ,
Federal Taxes ,
Income Taxes ,
Insolvency ,
IRS ,
Limited Liability Company (LLC) ,
Recessions ,
S-Corporation ,
Startups ,
Tax Court ,
Third-Party
Head-Scratchers-
The Code is chock-full of provisions that will challenge the intellectual capacity, not to mention the patience, of most tax professionals. The complexity of these rules does not arise out of some sadistic...more