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Timing of the tax deduction for worthless intangibles

Offer Details: With the recent reduction in tax rates and changes to net-operating-loss (NOL) rules in P.L. 115-97, known as the Tax Cuts and Jobs Act (TCJA), taxpayers have been focusing on maximizing deductions in the 2017 tax year, including attempts to write off Sec. 197 intangible assets from prior asset acquisitions.. In the case of an asset purchase (or deemed asset purchase), these intangible assets

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Taxation of qualified tuition plan contributions and

Offer Details: Of the $12,000 distribution, $5,000 represents earnings on the contributions to the QTP (the other $7,000 being a return of principal). Because 75% ($9,000 ÷ $12,000) of the distribution is used for qualified expenses, $3,750 ($5,000 × 75%) of the amount that would otherwise be taxable is excluded from income. Thus, of the $12,000

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IRS Disallows Write-Off of Startup and Organizational

Offer Details: An electing taxpayer may immediately deduct up to $5,000 of qualifying startup expenditures once the taxpayer begins its active trade or business. This amount is reduced dollar for dollar by the amount of startup expenditures exceeding $50,000 (Sec. 195 (b) (1) (A) (ii)). The residual amount is deducted ratably over 180 months beginning with

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Expensing Restaurant Smallwares

Offer Details: Sammy’s paid $60,000 for these items prior to opening. It estimates that it will need to purchase an additional $20,000 of replacement smallwares during 2007 and at least $30,000 per year thereafter. The $60,000 of smallwares purchased before opening are start-up costs under Sec. 195. Sammy’s can expense the $20,000 of smallwares costs

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Tax Treatment When Employees Surrender Paid Time Off to

Offer Details: The employee’s PTO appears to be a valuable right for several reasons, including that (1) the value of the PTO increases as the employee’s pay increases in the future, and (2) the employee can use that PTO for future days off from work.

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In Texas, the rules of the game have changed for sourcing

Offer Details: One other change in the rule that might catch players off guard is a new definition of "internet hosting services." Since 2014, by statute, receipts from internet hosting services have been sourced to the customer's location.

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Accounting for Customer Loyalty Programs: Opportunities

Offer Details: The types of programs that are likely not to qualify in the retail context are those that provide customers cents-off coupons (i.e., a coupon issued for less than the value of the item for which it can be redeemed and that cannot be accumulated with other coupons toward the purchase of an item), even if the coupons are issued to a customer when

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Taxation of Worthless and Abandoned Partnership Interests

Offer Details: The partnership paid off the liabilities before the abandonment. The court based its ruling on the fact that no liabilities existed at the time of the abandonment. However, in these situations, the IRS may attempt to apply the reasoning in Mas One Limited Partnership 33 to convert the loss to a …

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A Little-Known Tax Benefit: The Gift of Inventory

Offer Details: A Little-Known Tax Benefit: The Gift of Inventory. Tax incentives are available for contributions of inventory for the care of the ill, needy, or infants, but many taxpayers may be unaware of them. This item outlines the current rules for an increased deduction and analyzes events leading up to the current rules.

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Deduct Your Demolished Building Using a General Asset Account

Offer Details: These items are considered tangible personal property and can be written off over a 5- or 7-year tax life. Also, because personal property can be retired when the building is demolished, a cost segregation study should be considered regardless of whether the building is put in a GAA.

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Determining the Taxability of S Corporation Distributions

Offer Details: To determine the taxability of the $11,000 distribution, the distribution must be divided into three tiers: Tier 1: The $11,000 distribution will be treated as having come from an S corporation without accumulated E&P to the extent of the positive AAA balance. This requires the AAA balance to be computed first.

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Considering Alternatives to Liquidation

Offer Details: The gains and losses recognized in the deemed sale offset each other on an overall basis, and there is a net step-up in the basis of assets that can be depreciated or written off quickly and a step-down in the basis of assets that are nondepreciable or depreciable over an extended period.

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Deducting Business Bad Debts

Offer Details: The requirement to record a book charge-off means the portion charged off must no longer appear as an asset in the business's financial records or on its financial statements. However, it does not mean the business must cancel the debt or notify the debtor of the charge-off.

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Defeasance and Its Impact on Real Estate Transactions

Offer Details: Generally, investors in a CMBS prefer that underlying mortgage notes are not unexpectedly paid off, as this can affect the value of the CMBS and leave investors open to pricing manipulation. As a result, the underlying mortgage notes generally include some type of provision that prohibits the prepayment of principal.

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Guide to expensing roofing costs

Offer Details: Each year, tax professionals who deal with real estate must evaluate the most recent building expenditures and determine which items should be written off as a repair expense or capitalized. The most common, and often significant, item that is evaluated is roofing-related work.

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Long-Term Tax Benefits of the Partial Disposition Election

Offer Details: Even if the current-yearwrite-off is minimal in tax savings, taxpayers can, upon the sale of the asset, save thousands of dollars in taxes. By making a partial asset disposition election, the taxpayer not only writes off the remaining depreciable basis of that portion of the asset; it also writes off future Sec. 1245 or 1250 gain, depending on

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New Retail and Restaurant Remodel/Refresh Safe Harbor for

Offer Details: In the trade or business of preparing and selling meals, snacks, or beverages to customer order for immediate on-premises and/or off-premises consumption that conduct activities within NAICS code 722 (except certain businesses such as caterers, hotels, casinos, amusement parks, theaters, etc.); or

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Tax Treatment of Market Discount Bonds

Offer Details: A taxpayer who purchases a note at a discount as an investment might therefore assume that any gain realized will qualify for capital gain treatment if the note is held until maturity and paid off or sold for a profit. Prior to 1984, this assumption would have been correct.

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Startup and Organizational Costs in a Partnership

Offer Details: The amount that may be deducted in that year is the lesser of (1) the amount of the organizational expenses of the partnership or (2) $5,000, reduced (but not below zero) by the amount by which the organizational expenses exceed $50,000. Under Secs. 195 (b) (1) (B) and 709 (b) (1) (B), if the partnership makes the election, any costs in excess

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Prop. Regs. Create Capital Gains and Losses for Non-bank

Offer Details: Editor: Frank J. O'Connell, Jr., CPA, Esq. On August 7, 2006, the IRS issued Prop. Regs. Sec. 1.1221-1(e), in an attempt to clarify the character of gains and losses resulting from sales of loans and notes receivable acquired through purchase or loan origination; see REG-109367-06. While the character of …

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IRS Examines Treatment of Restructuring Costs

Offer Details: The taxpayer’s board of directors quickly eliminated the first two alternatives and then shortly thereafter eliminated the consideration of a spin-off or targeted stock offering. The only restructuring option remaining was an IPO split-off, and the board soon approved this alternative.

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Deducting Losses on Worthless Investment Securities

Offer Details: Sec. 165. The general rule for deducting losses on worthless investment securities is found in Sec. 165 (g), which permits a loss deduction for a security that becomes worthless during the tax year, but only if the security is a capital asset in the taxpayer’s hands. The loss amount is determined by treating it as having resulted from a

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Tax Court Determines Character, Source of Golfer’s

Offer Details: Generally, off-court endorsement contracts are treated as having generated only royalty income. On-court contracts, however, routinely come under heavy scrutiny because they contain mixed elements of both the provision of services and the licensing of name and likeness rights.

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Retailer and Restaurant Remodel-Refresh Safe Harbor

Offer Details: On Nov. 19, 2015, the IRS issued Rev. Proc. 2015-56, which provides certain retailers and restaurants a safe-harbor method of accounting for remodel or refresh expenditures on qualified buildings. Historically, the treatment of remodel and refresh costs has been a contentious examination area. The revenue procedure is intended to reduce disputes over which costs are required to be …

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Handling tax issues related to noncompete agreements

Offer Details: Handling tax issues related to noncompete agreements. Editor: Trenda B. Hackett, CPA. May 1, 2021. A covenant not to compete is a contract in which the seller of a business agrees not to compete with the buyer. Noncompete agreements can be used to protect a company's interest as long as they are drafted in an appropriate manner.

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IRS memorandum provides clarity on treatment of debt

Offer Details: IRS memorandum provides clarity on treatment of debt-issuance costs. The IRS concluded in a recent field attorney advice memorandum, FAA 20172901F, that a taxpayer could deduct the unamortized debt - issuance costs related to its existing debt upon its exchange for new debt. Though the FAA redacts some facts, the circumstances may be familiar

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Leasing Business Autos

Offer Details: Automobile leases have certain advantages. They require a minimal investment and are convenient if the customer replaces the car every two or three years. With a lease, there is no hassle with selling or trading in the car. Instead, the lease customer simply drops it off at the end of the lease and arranges another lease for a new one.

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Tax Ramifications of a Foreclosure: A Debtor’s Perspective

Offer Details: The tax ramifications of a foreclosure, from a debtor’s perspective, can best be understood by first exploring the general approach to determining the tax treatment of any particular debt forgiveness event. This approach begins with a twostep process. The first step is to divide the debt into two components: (1) discharged principal and (2) discharged, but previously deducted, accrued unpaid

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Structuring divisive reorganizations

Offer Details: Splitting off corporate assets to a shareholder 's active children: J is the founder and majority shareholder of FDI Inc. The corporation has two separate and distinct business activities — a flower shop and a wedding consulting activity — both of which have been conducted by FDI since its inception over five years ago.

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Leased farmland and the active business requirement for a

Offer Details: A split-off involves creating a subsidiary corporation under the parent corporation and transferring assets of the parent to the subsidiary. The parent corporation would then distribute the stock of the subsidiary to the shareholder in exchange for the shareholder's entire interest in …

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Partnership Structural Changes: Deductibility of Expenses

Offer Details: Sec. 709 (b) (1) allows a partnership to deduct organizational expenses up to $5,000 (reduced by the amount that the expenses exceed $50,000) in the year in which the partnership begins an active trade or business. The partnership may then amortize any remaining organizational expenses over 180 months (Sec. 709 (b) (1)).

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New Legislation Restricts Tax-Free REIT Spinoffs

Offer Details: In September 2015, the IRS issued Notice 2015-59 and Rev. Proc. 2015-43, announcing that it was studying spinoffs where either the distributing or spun-off entity (1) has significant investment assets, (2) has qualifying business assets with a relatively small value, or (3) elects to be treated as a REIT following the spinoff. The IRS indicated

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Recovery rebates: Tax planning pitfalls and opportunities

Offer Details: The Coronavirus Aid, Relief, and Economic Security (CARES) Act 4 provides for a recovery rebate credit of $1,200 for individuals or $2,400 for couples and $500 per child against the tax imposed in the first tax year beginning in 2020. 5 The credit is phased out at a rate of 5% of a taxpayer's adjusted gross income (AGI) exceeding $150,000 for joint filers, $112,500 for a head of household, …

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Bad News for Noncash Contributions

Offer Details: A taxpayer generally includes doorknob hangers, or blank receipts, from charities for goods picked up from the taxpayer or dropped off by the taxpayer at the charity's location. In many instances, an amount is stated without any substantiation of how the fair market value (FMV) was determined or a list of the items donated.

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Termination of a Partnership Interest

Offer Details: Termination of a Partnership Interest. This item explores the two main methods used when terminating a partnership interest: purchase and liquidation. A terminating partner may sell his or her interest to one or more of the remaining partners, or the partnership may liquidate his or her interest. The tax issues associated with these two methods

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Swaps with nonperiodic payments: Back to the old way for

Offer Details: A nonperiodic payment occurs when, for example, there is an upfront payment or premium made upon entering into the NPC, such as for a cap or floor agreement or for an off-market swap. A prepayment of one leg of a swap is also generally a nonperiodic payment.

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Implications of IRS Examination of Accounting Software Data

Offer Details: For QuickBooks versions prior to 2006, the Audit Trail feature could be turned on or off by the user; after 2006 the Audit Trail is automatically turned on. This feature retains a record for each transaction, and the Audit Trail report lists each accounting transaction and any additions, deletions, or modifications that affect that transaction.

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Corporate transactions’ effect on retirement plans

Offer Details: Both plans may continue to operate separately under their existing terms during this period. For example, consider a transaction that is effective on May 24, 2018, and that both companies have retirement plans that cover the calendar year. The plans would receive this relief through plan year 2019, or until Dec. 31, 2019.

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Application of the Tax Basis and At-Risk Loss Limitations

Offer Details: Individual partners who have been allocated a distributive share of loss must satisfy three separate loss limitations before the loss can be used. The loss limitations, in the order in which they are applied, include: (1) the Sec. 704 (d) basis limitation, (2) the at-risk limitation of Sec. 465, and (3) the passive loss limitation of Sec. 469

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IRS Addresses Treatment of M&A Transaction Costs and

Offer Details: Letter Ruling 201250015 is the first IRS ruling allowing a late election to use the safe-harbor method for success-based fees. In the letter ruling, the taxpayer incurred success-based fees for a covered transaction and capitalized 30% of the fees in accordance with the safe harbor, but it failed to attach the election statement required under

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Avoiding gain at the S shareholder level when a loan is repaid

Offer Details: Avoiding gain at the S shareholder level when a loan is repaid. Corporate repayment of loans owed to an S corporation shareholder reduces the shareholder's basis in such loans. However, when basis in a shareholder's loan has been reduced by passthrough losses, repayment of the loan is a taxable event to the extent full repayment exceeds the

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Deduction for worthless partnership interest

Offer Details: By tax year 2009, the year at issue, Companies' cash flow forecasts showed that an orderly winding down of the business over five years would produce more available cash to pay off the remaining senior debt of $70 million, but, unfortunately, leave nothing to pay the preferred interest holders or other owners of Companies upon liquidation.

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Early distributions from retirement plans related to COVID-19

Offer Details: Editor: Mark G. Cook, CPA, CGMA. In recognition of the ongoing economic impact of the COVID-19 pandemic, the IRS has provided procedures to allow individuals to take early distributions from certain retirement plans under Section 2202 of the Coronavirus Aid, Relief, and Economic Security (CARES) Act, P.L. 116-136.This provision is intended to ease the burden on taxpayers who may need …

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Majority of Costs to Remodel or Refresh Retail Stores Are

Offer Details: Remodel/refresh costs are costs incurred to remodel, repair, refresh, or maintain a building as part of a project. Costs to solely repaint or clean the building are not included. To take advantage of this safe harbor, taxpayers must file Form 3115, Application for Change in Accounting Method. Taxpayers that adopt this method must use it for all

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Tax Ethical and Penalty Issues in the UTP Context: A

Offer Details: Disreputable conduct (Circular 230, Section 10.51, and AICPA Code §1.400.001, Acts Discreditable Rule ); Preparer understatement penalty (Sec. 6694): In the case of willful or reckless conduct, the penalty is $5,000 or, if greater, 75% of the return fees; Abetting an understatement (Sec. 6701): Penalty for corporate liabilities is $10,000;

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The impact of filing status on student loan repayment

Offer Details: The increase in family size reduces the loan repayment amount in most cases. The median reduction under the PAYE or IBR plans is $56 per month for one child (range from $0 to $112 per month). Family size has less impact on the ICR payment amount with a median reduction of $0 (range from $0 to $46 per month).

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Maximizing the Benefits of Sec. 199 in an Asset Sale

Offer Details: Nonetheless, if, in developing new hotel properties, the hotel chain regularly engages in construction activities that are described under NAICS code 23, the hotel chain could qualify for a Sec. 199 deduction when it sells a hotel property, whether in a one-off transaction or as part of a divestiture of the entire business.

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Treatment of Capitalized Costs of Intangible Assets (Part I)

Offer Details: Pursuant to the INDOPCO regulations, A must capitalize the $27,000, because the renegotiated or upgraded amount is a category 2 intangible asset. The cost to renew the liquor license is treated as a new amortizable Sec. 197 intangible, subject to 15-year amortization, beginning in May, year 5 (month of renewal).

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IRS Expands Range of D Reorganizations, Highlights

Offer Details: When the IRS issued Rev. Ruls. 2015-9 and 2015-10, it expanded the range of transactions that qualify as type D acquisitive asset reorganizations (under Sec. 368(a)(1)(D)) and signaled a greater willingness to accept a taxpayer's chosen form of reorganization transaction.To better understand the significance of these rulings, a little background is necessary.

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Charitable Contributions of Artwork: An Important Primer

Offer Details: Specifically, Sec. 170 (e) (1) (B) states that the amount of a charitable contribution of tangible personal property is reduced if the donee's use is unrelated to the purpose or function constituting the basis for its exemption under Sec. 501. Example: A purchased a piece of artwork several years ago at a fire sale price.

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