Involuntary conversion rules and replacement of destroyed property
Article Abstract:
Case law and rulings that have arisen under the involuntary loss deferral of gain provisions of IRC section 1033 have focused on how the property was destroyed, how it has been replaced, who has replaced the property and what constitutes similar property. Replacement can occur directly, as may be done with condemnation, or indirectly through receipt of proceeds and repurchase of property or purchase of a corporation owning similar property. The taxpayer that owned the property is the only one that may purchase the new property, and the loss must have been beyond the taxpayer's control.
Publication Name: Taxes: The Tax Magazine
Subject: Business
ISSN: 0040-0181
Year: 1995
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'97 Act modifies estimated tax rules
Article Abstract:
The Taxpayer Relief Act of 1997 changed several provisions affecting most estimated tax taxpayers. The de minimis threshold for individuals to avoid penalties for the underpayment of estimated tax is increased to $1000. Underpayments attributed to changes in the 1997 act are subject to statutory penalty waivers. The dates and percentages in the safe harbor provisions for high-income individuals have been adjusted and private foundations' first quarter due-date has been extended to the date for filing Form 990-PF.
Publication Name: Taxes: The Tax Magazine
Subject: Business
ISSN: 0040-0181
Year: 1997
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Congress rolls out new rules for rollovers
Article Abstract:
The Unemployment Compensation Amendment of 1992 improves pension portability and prevents tax nonpayment. The law eases rollover rules to allow qualified plan participants to rollover plan assets to another plan or individual retirement account but does not require all plans to accept rollovers. To encourage tax compliance, a 20% mandatory withholding is added to all distributions eligible for rollover after 1993. However, this withholding can be circumvented using trustee-to-trustee transfers.
Publication Name: Taxes: The Tax Magazine
Subject: Business
ISSN: 0040-0181
Year: 1992
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