Carried Interest, Qualified Small Business Stock, And Excluded Gain: So Happy...
Water, Water Everywhere, Nor Any Drop to Drink[i] At the beginning of every week, after posting that week’s article, I start to think about a topic for the next post. There are times when I struggle to...
View ArticleTaxpayer: “It’s Worthless” IRS: “Wrong, We See Value There” Is Value in the...
“Ten, Nine, Eight . . .” This is the final weekend of the final month of the final year of the decade. As the clock ticks away the hours, many folks are busy returning gifts, planning New Year...
View ArticleTaxation of a Medical Marijuana Business – How Will the Ninth Circuit Hold?
The Stage is Set On December 3, 2019, Taxpayer timely[i] filed a notice of appeal from a decision of the U.S. Tax Court that had been entered approximately two months earlier.[ii] Because Taxpayer is a...
View ArticleYou Can Spin It Off or Split It Up, But Keep It Active
A couple of months back, a local business reporter asked whether I could identify one kind of corporate transaction that was occupying more of my time than any other. When I asked whether they were...
View ArticleWhen Limited Liability Yields To Transferee (Personal) Liability
“Limited Liability” The experienced or well-informed investor recognizes that there is an element of risk in every business venture. They understand that the cash or other property they have...
View ArticleC’mon New York, Give Me Some Credit
The State of NY Tax Last week, New York’s Governor Cuomo released his proposed budget for the State’s 2021 fiscal year. After criticizing the Federal limitation on itemized deductions for state and...
View ArticleStates’ Rights, State Taxation, And . . . New York “S” Elections?
How Did We Get Here? On September 9, 1776, Congress officially adopted “United States” of America as the name of our then-newly-born nation. The former British colonies had previously referred to...
View ArticleSale of Stock + Target’s Capitalized Costs = Creation of Intangible? Nope
Sale of Stock Ask a business owner to identify the parties to an agreement for the purchase and sale of the stock of a target corporation, perhaps even their own. After giving you a quizzical look,[i]...
View ArticleWhere New York State and City Transfer Taxes Meet: Does A Lease Make Sense?
When It Rains Sometimes you go for weeks without having to consider a particular tax issue in any depth. Then, unexpectedly, that issue comes to the forefront of several projects. That was my...
View ArticleSometimes, You Want To Be “At Risk” – Even In Healthcare
Keeping It Real Contrary to what has long been an all-too-popular belief,[i] there is a method to the Code. That is not to say that no part of it is arbitrary, or that none of its provisions are...
View ArticleReliance on the Tax Adviser – There Are Limits
We’re well into the income tax return “preparation-n-filing” season. It’s the time of year during which many businesses and their owners recognize the importance of working with a competent tax...
View ArticleOne Corporation, One Property, Two Shareholders – Can They Be Separated?...
A Basic Principle Do you remember the scene from “History of the World Part I” when Mel Brooks, in the role of Moses, calls out “Hear me, oh hear me! All pay heed! The Lord, the Lord Jehovah has given...
View ArticleRecapitalizing Debt To Defer Payment of the Estate Tax – Good Idea?
Estate Planning 101 A basic precept of effective estate planning is for a member of an older generation to transfer[i] property to a family member of a younger generation – for example, stock in a...
View ArticleCoronavirus & Business Losses: Suspend or Repeal – The TCJA Loss Limitation...
The Lockdown We are in a Coronavirus-induced lockdown. Most places of business are either closed or are open on a very limited basis. Social distancing is the order of the day. Those who can work...
View ArticleLou Vlahos’ Op-Ed “Economic Losses: Blame the Virus? Not Entirely” Published...
Tax Law for the Closely Held Business blog author Lou Vlahos’ op-ed entitled “Economic Losses: Blame the Virus? Not Entirely” was published yesterday, March 26, in The Empire Report. Below is an...
View ArticleThink Before You Gift, But Don’t Take too Long
Optimal Timing? During the last twenty years, there have been a number of times during which the owners of closely held business entities have been encouraged – “urged” might be a better word, at least...
View ArticleExtended Filing and Payment Deadlines for Federal Transfer Taxes
The IRS has determined that any person required to pay Federal gift tax or generation-skipping transfer tax or to file IRS Form 709 (United States Gift and Generation-Skipping Transfer Tax Return) on...
View ArticleCoronavirus vs. the Code: Today . . . But What About Tomorrow?
Public Health Disaster Rarely has so much been expected by so many from a single legislative act. The C.A.R.E.S. Act[i] became law on March 27, 2020, approximately two and one-half months after the...
View ArticleReal Estate, CARES and Taxes: The Response to COVID-19
The Coronavirus Aid, Relief and Economic Security (“CARES”) Act became law[i] on March 27, 2020. Almost immediately, “small” businesses[ii] from every industry – including real estate – began the...
View Article“Give and It Shall Be Given Unto You” – ? – Charitable Giving After the CARES...
The Code as a Tool The Internal Revenue Code is one of the tools employed by Congress to encourage certain behaviors that it has determined are in society’s long-term best interest and, therefore,...
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