Articles From Richard M. Colombik

Substance-over-form or just good tax planning? By Richard M. Colombik Federal Taxation, July 2017 In Summa Holdings, Inc. v. Comm’r, the 6th Circuit Appellate Court has partially put a leash on the IRS Commissioner to argue that a transaction, if done solely for income tax purposes, may be set aside on substance-over-form arguments if the transaction clearly follows the Tax Code.
The Illinois Series Limited Liability Company—An overview By Richard M. Colombik & Linda Godfrey Business Advice and Financial Planning, March 2009 The Illinois version of the Series Limited Liability Company (“Series LLC”) became effective on August 16, 2005.
Sell your company and pay no tax! By Richard M. Colombik, JD,CPA Business Advice and Financial Planning, February 2007 Your business has matured, or your real estate has appreciated, time to cash out and sell.
Individual income tax update By Richard M. Colombik & Linda Godfrey Federal Taxation, June 2006 In Comm’r v. Banks, 543 U.S. 426; 125 S. Ct. 826 (2005), the Supreme Court held that a taxpayer’s gross income from the proceeds of litigation included the portion of the damages recovery that was paid to his attorneys according to a contingent fee agreement.
Tax and trust fund issues By Richard M. Colombik & Linda Godfrey Business Advice and Financial Planning, June 2006 A look at the legal difficulties that business owners may encounter when corners are cut with the Internal Revenue Service.
A message from the Chair By Thomas F. Arends & Richard M. Colombik Federal Taxation, August 2005 (Notice to librarians: The following issues were published in Volume 51 of this newsletter during the fiscal year ending June 30, 2005: September No. 1; December, No. 2; March, No. 3; May, No. 4.)
IRS liaison update By Thomas F. Arends & Richard M. Colombik Federal Taxation, June 2004 As we have addressed in previous editions of the newsletter, the Federal Taxation Section Council has been active in various liaison conferences with representatives from the Internal Revenue Service. Mr. Thomas Arends and Mr. William Gasa of the Section Council currently serve as liaisons for the Section to the Internal Revenue Service.
Advantageous uses of LLCs By Richard M. Colombik & Randall H. Borkus Business Advice and Financial Planning, May 2004 Because of their flexibility and relative simplicity, the LLC is well-suited for both start-up businesses and more mature businesses.
Tax administration and procedure update By Thomas F. Arends & Richard M. Colombik Federal Taxation, May 2004 The editorial staff of the newsletter would like to inform members of the Federal Taxation Section that Mr. Thomas Arends and Mr. William Gasa of the Section Council currently serve as liaisons for the Section to the Internal Revenue Service.
Tax administration and procedure update By Thomas F. Arends & Richard M. Colombik Federal Taxation, March 2004 The editorial staff of the newsletter would like to inform members of the Federal Taxation Section that Mr. Thomas Arends and Mr. William Gasa of the Section Council currently serve as liaisons for the Section to the Internal Revenue Service.
Tax administration and procedure update By Thomas F. Arends & Richard M. Colombik Federal Taxation, February 2004 The editorial staff of the newsletter would like to inform members of the Federal Taxation Section that Mr. Thomas Arends and Mr. William Gasa of the Section Council currently serve as liaisons for the Section to the Internal Revenue Service.
The last tax shelter? By Richard M. Colombik Federal Taxation, January 2002 Tax shelters have been a bad word since legislation was designed to eliminate what was considered abusive.
Seven steps toward “nanny tax” compliance By Richard M. Colombik & Cary R. Rosenthal General Practice, Solo, and Small Firm, February 1999 In June 1993, most observers pegged Stephen Breyer as the odds on favorite for appointment to the Supreme Court seat vacated by Justice Byron White.

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