News & Analysis as of

Tax Court

Conservation Easements: Charitable Deduction Disallowed Under “Substantial Benefits” Test

by Fox Rothschild LLP on

In Wendell Falls Development, LLC v. Commissioner, T.C. Memo. 2018-45, the Tax Court denied a charitable contribution deduction for a taxpayer’s contribution of a conservation easement because the taxpayer expected to receive...more

Tax Court Addresses Supervisor Approval Requirement In Partnership-Level Proceeding

by Fox Rothschild LLP on

Recently, the written supervisory approval requirement of Section 6751(b) has been one of the primary issues in Tax Court litigation concerning penalties that the IRS has asserted against taxpayers. The focus of this...more

Philadelphia Chapter Of FBA Tax Section To Host Tax Court Judge Mark Holmes On May 30

by Fox Rothschild LLP on

On May 30, the newly-formed Philadelphia Chapter of the Federal Bar Association’s Section on Taxation will host a meet-and-greet event with the Honorable Mark V. Holmes of the United States Tax Court. The event is free and...more

South Carolina Tax Litigation Update: First Quarter 2018

by McNair Law Firm, P.A. on

There were several notable state tax opinions issued by the South Carolina Administrative Law Court, Court of Appeals, and Supreme Court in the 1st quarter of 2018. A number of tax cases are also pending before the Court of...more

Waiver Leads to Double Tax Liability on Patent Royalties

by McDermott Will & Emery on

Declining to address whether certain technology licensing royalties should be subject to taxation as income or capital gains, the US Court of Appeals for the Third Circuit found that the patentee-taxpayer had waived his claim...more

Denial Of Conservation Easement Deduction: Right Result, Puzzling Analysis

Earlier this month, the U.S. Tax Court handed down an oddly reasoned memo opinion rejecting a North Carolina developer’s conservation easement deduction in Wendell Falls Development, LLC v. Commissioner, T.C. Memo 2018-45...more

Tax Court Win: Stockbroker Meets Test Qualifying as Real Estate Professional

by Moskowitz LLP on

Qualifying as a real estate professional can be the difference between being able to deduct losses from your real estate activities and having passive activity losses that you cannot deduct. For a Florida stockbroker with...more

Ropes & Gray Podcast - Lender Management LLC v. Commissioner of Internal Revenue

by Ropes & Gray LLP on

In this Ropes & Gray podcast, Gabby Hirz, counsel in the tax controversy group, is joined by Loretta Richard, a partner in the tax and benefits group and co-founder of the tax controversy group, and Christi Lazo, counsel in...more

Tax Court Disallows Rental Loss Deduction To Taxpayer Who Failed To Qualify As A Real Estate Professional

by Moskowitz LLP on

In our last post, we explained how an architect proved to the Tax Court that he qualified as a real estate professional, and was subsequently permitted to deduct passive activity losses from his real estate activities. Here,...more

Important decision from the Supreme Administrative Court [NSA]: Tax Authorities are now required to assess the correctness of the...

by Hogan Lovells on

The Supreme Administrative Court has confirmed that the Director of the National Fiscal Information Bureau will now be required to assess the correctness of the statistical classification when issuing a tax ruling. This...more

Tax Court Allows Rental Loss Deduction to Architect Who Qualified as Real Estate Professional

by Moskowitz LLP on

Investors are limited in their ability to offset income with passive losses, and even real estate investors who “actively participate” in their rentals (through management, capital improvements, selection of tenants,...more

Audit Defense: The time to prepare for an audit is before the return is filed

by Sanford Millar on

A recent Tax Court case illustrates how a taxpayer should anticipate an audit by maintaining proper books and records. The case involved the deductibility of losses as “ordinary losses” as opposed to “passive losses” by an...more

New Is Not Always Better - The Importance of Preserving Arguments for Appeal

by K&L Gates LLP on

In the wake of a trial, where tensions and emotions are running high and there is much work to be done, how does trial counsel ensure that key arguments are preserved for appeal? Perhaps more importantly, how much grace and...more

United States Tax Court Announces Election Of New Chief Judge

by Fox Rothschild LLP on

Earlier this week the United States Tax Court announced that Judge Maurice B. Foley has been elected Chief Judge to serve a two-year term beginning on June 1, 2018. Judge Foley was appointed President William J. Clinton on...more

The Use of Expert Testimony in Tax Court, Part II

by Moskowitz LLP on

In Part I, we introduced the Feinberg vs. Commissioner of Internal Revenue case, which demonstrates the financial challenges faced by marijuana businesses due to their inability to deduct ordinary and necessary business...more

The Use of Expert Testimony in Tax Court, Part I

by Moskowitz LLP on

The IRS is very aggressive in its audits of marijuana businesses, doing “random audits” of nearly everyone in the industry – particularly if their operations are large and profitable. A recent case involving the owners of a...more

Tax Court Reopens Record To Admit Penalty-Approval Forms

by Fox Rothschild LLP on

In Rajagopalan v. Commissioner, Judge Holmes confronted what he called the Chai ghoul. See Rajagopalan v. Commissioner, Docket No. 21394-11, Order, Dec. 20, 2017. In Chai v. Commissioner, the Second Circuit held that the...more

State + Local Tax Insights: Winter 2018

by Morrison & Foerster LLP on

SUCCESS STORIES: WINS OF 2017 AND A POTENTIALLY BRIGHT NEW YEAR - This past year has been remarkable in many ways, and not just for its Twitter wars. We are happy to report that our clients had many wins in 2017 (both...more

Tax Court Holds IRS Complied With Supervisor Approval Requirement

by Fox Rothschild LLP on

The Tax Court’s recent opinion in Roth v. Commissioner, T.C. Memo. 2017-248, raises interesting issues about the need for supervisor approval when the IRS asserts penalties. In 2007, the petitioners in Roth donated a...more

Smith v. Comm’r: Before You Take that Business-Related Tax Loss, Ask “Does My Business Have a Bona Fide Purpose?”

Last fall, the U.S. Tax Court decided the case of Smith v. Comm’r. It’s not a pivotal case, but it stands as a good reminder of the adage “you don’t get something for nothing.” At the heart of the case was a complicated tax...more

Tax Court Rules Family Office Is Engaged in a Trade or Business

by Shearman & Sterling LLP on

On December 13, 2017, in Lender Management, LLC v. Commissioner, the U.S. Tax Court ruled that a family office, Lender Management, LLC (“Lender Management”), was “carrying on a trade or business” as an investment manager...more

Indiana Tax Court Breathes New Life into Ministry’s Property Tax Exemption Appeal

by Faegre Baker Daniels on

The Indiana Tax Court in Lake County Trust Co., Trust No. 6 v. St. Joseph County Assessor on October 17th reversed the dismissal of an exemption appeal by a 501(c)(3) non-profit, Flowers for Heaven, Inc., operating a pro-life...more

Tax Reform Summary for Family Offices

by Shearman & Sterling LLP on

On December 20, 2017, Congress passed the “Tax Cut and Jobs Act,” which was signed into law by President Trump on December 22, 2017. With some exceptions, the law’s provisions generally are effective for tax years beginning...more

What you need to know about Tax Court

by Foodman CPAs & Advisors on

The US Tax Court is a Federal trial court established by Congress. It is independent from the IRS. The mission of Tax Court is to resolve disputes between Taxpayers and IRS. Tax Court has the authority to provide rulings on...more

2017 Year-End Estate Planning Advisory

by Katten Muchin Rosenman LLP on

The fourth quarter of 2017 concludes a unique year in the planning arena. With the new administration and a Republican-led Congress in power, both taxpayers and tax professionals have kept a close eye on the potential for tax...more

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