The Second Circuit Court of Appeals upholds the tax shelter related convictions of a KPMG parter & manager and the conviction of Sidley Austin partner R.J. Ruble.
Read the opinion here:
U.S. v Pfaff, No. 09-1702 (August 27, 2010)
Monthly Archives: August 2010
Winter v. Commissioner
In a conference opinion, a majority of the Tax Court holds that it has jurisdiction to redetermine the tax of a taxpayer who reports pass-through income inconsistently with a Schedule K-1.
Holland v. State ex rel. Oklahoma Health Care Authority
In a brief but divided opinion, the Okalahoma Supreme Court finds a 1% health care assessment was unconstitutional. What follows is a link only not the usual pdf.
http://bit.ly/HollandvState
Tax Exempt Software Meets Georgia Sales Tax Rebate Threshold
Georgia Court of Appeals rules that sales tax exempt electronically delivered computer software nonetheless qualifies to meet the threshold spend for purposes of a general sales tax rebate.
Read the opinion here:
Choicepoint v. Graham, Docket # A10A0234 (Ga. App. July 15, 2010)
Fifth Circuit Vacates Tax Court on Donation of Historical Facade Easement
The Fifth Circuit Court of Appeals vacated the Tax Court’s valuation of an historic façade easement for charitable contribution purposes and remanded for further findings.
11th Circuit: Like Kind Exchange Disallowed
The 11th Circuit affirms the Tax Court’s disallowance of a Section 1031 exchange.
Ocmulgee Fields v. Commissioner, Docket No. 09-13395 (11th Cir. August 13, 2010)
Federal Claims: Accuracy Penalties Apply to Son of Boss Participants
The Court of Federal Claims uphold accuracy related penalties against several Son of Boss tax shelter partnerships.
2nd Circuit: Entire Transferred Interest in Home Not Included in Estate
In a decision that prompted a 20 page dissent, the Second Circuit reverses the Tax Court on the application of Section 2036 to the transfer of a 49% interest in a home that the donor continued to occupy.
Estate of Stewart v. Commissioner, Docket 07-5370-ag (2d Cir. August 9, 2010)
For additional commentary click here.
Tax Court: Transfer of Assets to LLC was Disguised Sale
The Tax Court finds that the transfer of assets to an LLC was a disguised sale under Sec. 707.
Tax Court: Variable Prepaid Forward Contracts Are Taxable Sales
The Tax Court holds that variable prepaid forward contracts were current taxable sales of the underlying stock and not a qualified lending arrangement under Sec. 1058.
Anschutz v. Commissioner, 135 T.C. No. 5 (2010)
For just a little more about Anschutz please click HERE and HERE.