Sec. 183 generally bars any deduction of expenses of an activity not engaged in for profit that exceed the gross income derived from the activity. Thus, losses from an activity classified as a hobby ...
Andrew McKelvey was the founder and former CEO of Monster Worldwide Inc. As such, he held a large amount of Monster stock with zero basis. The amount of stock to be delivered was determined by a ...
This annual update summarizes key changes advisers need to be aware of to ensure their clients’ estate plans remain effective and in line with their intentions. It covers developments in the estate ...
Editor: Jessica L. Jeane, J.D. While Harper ultimately prevailed, the case underscored a broader issue: Taxpayers cannot expect IRS audit action to validate claims that are procedurally weak at filing ...
This annual update on trust, estate, and gift taxation covers recent IRS guidance and administrative issuances, relevant legislative proposals, and selected court decisions for the period ending June ...
Editor: Jessica L. Jeane, J.D. The rules relating to aggregation and segregation are rules of convenience and presumption. However, if the corporation has actual knowledge of the ownership of certain ...
Editor: Jessica L. Jeane, J.D. Secs. 332, 351, 368, and 1036. As a consequence, full no-gain-or-loss rulings are available under Secs. 332 (corporate subsidiary liquidation into its corporate owner); ...
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