The newsletter of the ISBA’s Section on Federal Taxation
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Newsletter articles from 2007
Alternative Minimum Tax
Everyone agrees that something must be done to fix the alternative minimum tax (AMT).
Cancellation of debt & Section 108
In recent years, with interest rates at their lowest levels and banks seemingly giving away mortgages, owning one’s own home never seemed easier.
As the Chair of the Federal Taxation Section Council for 2007-2008, I want to welcome you to the Section.
Collection procedure update
Section 509 of the Tax Increase Prevention and Reconciliation Act of 2005 (TIPRA) had a profound effect on offer in compromise procedures, especially those for the submission of most offers based on doubt as to collectibility.
Estate and gift tax update
Husband and Wife established an irrevocable life insurance trust for the benefit of their children by transferring two life insurance policies to the trust.
Estate Tax Repeal
The debate surrounding the estate tax focuses on eliminating the tax in total or reforming it by increasing the exemption level and lowering the top rate.
Federal estate and gift tax update
The Tax Court decided that the fair market value of decedent’s personal residence, which was transferred to a partnership formed shortly before the transfer, was includable in her gross estate under section 2036(a)(1) because she retained the “possession” and “enjoyment” of the property after the transfer.
Internal Revenue Service liaison update
The editorial staff of the Newsletter would like to inform members of the Section that Mr. Thomas Arends of the Council currently serves as liaison for the Section to the Internal Revenue Service.
IRS Collection Financial Standards
Effective October 1, 2007, the IRS Collection Financial Standards for use in calculating repayment of delinquent taxes have been revised.
Major “Kiddie Tax” changes
The Small Business and Work Community Tax Act of 2007 extends the reach of “Kiddie Tax” that is imposed on the investment income of minor children.
Offer in compromise
These Comments are submitted partly in response to changes to the offer in compromise program (the “OIC Program”) enacted as part of the Tax Increase Prevention and Reconciliation Act of 2005 (Pub. L. No. 109-222) (“TIPRA”).
Shareholder loans made simple
Shareholders of a corporation taxed under Subchapter S of the Internal Revenue Code may elect a “pass-through” taxation system.
Tax professionals take note: Monetary penalties for misconduct
On April, 23, 2007, the Internal Revenue Service issued Notice 2007-39 (“the Notice”), which provides guidance to the IRS Office of Professional Responsibility (“OPR”) in exercising its authority to impose monetary penalties for practitioner misconduct.