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Newsletter articles from 2009
As the current Chair of the Federal Taxation Section Council for 2009 – 2010, first let me welcome you and thank you for your continued membership in the Federal Taxation Section.
Clarification to “Inside out—Revaluation of Partnership Capital Accounts”
In reviewing for publication the article by Derek P. Usman titled “Inside out—Revaluation of Partnership Capital Accounts” published in the December 2008 Newsletter, I started to elaborate on section 754 elections. So, to clarify, the partnership may elect under IRS section 754 to adjust the basis of partnership property “as the result of a transfer of an interest in a partnership by sale or exchange or on the death of a partner” as provided in IRC section 743.
Collection Issues and the IRS—Part III
In addition to massive bailouts authorized by our federal government, other federal agencies have taken action to assist citizens. On January 8, 2009, the IRS issued “IRS TAX TIP 2009—Special Edition, IRS Help for Financially Distressed Taxpayers.” Because of the potential impact on everyone representing taxpayers before the IRS, the news release follows in full.
Economic Recovery Package
WASHINGTON, D.C.—Ways and Means Committee Chairman Charles B. Rangel (D-NY) today released details of the economic recovery package falling under the jurisdiction of the Committee. This groundbreaking plan will provide critical tax, health and job-training benefits to American families, incentives for businesses to grow and create jobs and assistance for those who have lost their jobs or are economically disadvantaged.
Individual income tax update: Legislation, cases and rulings
The following outline is a summary of recent tax legislation and select cases and rulings presented by the Federal Taxation Section Council at its annual Law Ed Program, the 2009 Federal Tax Conference. The materials focus on income tax issues for individuals and sole proprietors. Also included is a summary of the newly enacted American Recovery and Reinvestment Act of 2009.
Tax updates and opportunities in the current economy
If utilizing any of these techniques could reduce some clients’ estate tax, then now is the time to consider implementing such a plan with the current depressed market conditions and the looming possibility that legislative action may curtail the effectiveness of these techniques.