Tax Court holds 100% of partnership items allocable to one partner

Article Abstract:

The author discusses the US Tax Court's memorandum decision in the Estate of Tobias, in which the court allocated 150% of a partnership's income to two partners for the years of 1991 and 1993.

Allocation (Taxation), Tax allocation

---

Supreme Court holds untaxed cancellation of indebtedness income increases outside basis in S corporation

Article Abstract:

The author discusses the US Supreme Court's decision in Gitlitz v. Commissioner, in which the court ruled that cancelled debt increased an S corporation's outside tax basis.

Extinguishment of debts, Debt cancellation, S corporations, Basis (Taxation)

---

Classification of unincorporated business may become elective

Article Abstract:

The IRS has issued a revenue ruling that proposes that taxpayers be free to elect the tax status, corporate or partnership, that they wish to be subject to. Revenue Ruling 95-14 is a response to the fact that excess planning and auditing effort has been invested in determining whether various entities qualify as corporations or partnerships. Under the proposal, which is still in the comment phase, specific entities such as publicly-traded partnerships would still be subject to regulations requiring a certain tax status.

Corporate taxes, Corporations, Tax elections

Similar abstracts:

• Abstracts: All systems are go: lender competition fuels commercial real estate market. Ready or not
• Abstracts: Buyer beware: Expert urges tactical, not pervasive, systems integration. Facilities management system seeks higher level of integration
• Abstracts: Tenant feels the draft: the High Court has upheld a landlord's restrictions on sublettings as a result of the skillful drafting technique employed in the landlord's provisos
• Abstracts: 1031 exchanges involving partnerships and LLCs: some observations on an ABA report. Deferred exchanges and how to become a millionaire

This website is not affiliated with document authors or copyright owners. This page is provided for informational purposes only. Unintentional errors are possible.