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Code Section 754: Allocating Gain Where it Belongs

Our Recommended Reading List on Tax Policy

Nothing to Fear but Fear Itself: Planning in the Current Environment
Final Subpart F Regulations and Domestic Partnership Tax Reporting
A Year in Review and an Outlook on the Horizon for Tax-Exempt Entities

Latest Articles

  • Code Section 754: Allocating Gain Where it Belongs

    By:
    Dean L. Surkin, JD, LLM
    |
    May 1, 2023
    The genesis of Code Section 754 stretches back to the first third of the 20th century, as the IRS tried to combat tax avoidance through income shifting from higher-bracket taxpayers to lower-bracket taxpayers.

  • Nothing to Fear but Fear Itself: Planning in the Current Environment

    By:
    Carl Fiore, JD, LLM
    |
    May 1, 2023
    As the calendar turns to 2023, taxpayers and their advisors face an uncertain future. Given a divided government for at least the next two years, it is not the usual suspect of potential legislation and sweeping tax changes that fuels this uncertainty. Instead, a declining market, the potential for recession looming, and increasing interest rates has left many taxpayers in a general malaise heading into the new year.

  • Final Subpart F Regulations and Domestic Partnership Tax Reporting

    By:
    Sean Dokko, JD, LLM (taxation) and Suzy Lee, CPA 1
    |
    May 1, 2023
    On January 25, 2022, the Department of the Treasury and the Internal Revenue Service (collectively, “the Treasury”) published in the Federal Register final regulations (T.D. 9960) which generally treat a domestic partnership2 as an aggregate of its partners for purposes of determining whether, and to what extent, its partners have Subpart F inclusions (the final Subpart F Regulations).3 Application of the final Subpart F Regulations can affect a domestic partnership’s Schedules K-1, K-2 and K-3 reporting.

  • A Year in Review and an Outlook on the Horizon for Tax-Exempt Entities

    By:
    Magdalena M. Czerniawski, CPA
    |
    May 1, 2023
    The new year brings numerous changes in tax and financial reporting for tax-exempt entities, as well as looming deadlines to recoup payroll taxes paid during the early days of the COVID-19 pandemic. Following is a roundup of the more significant changes discussed recently at the New York State Exempt Organizations Conference

  • Let’s Talk Look-Back

    By:
    Courtney Vitale, CPA
    |
    Apr 1, 2023
    What is look-back? Look-back is essentially a re-visit under the premise of: If I would have known then what I know now, how would the Gross Profit on the job be different? You are looking back to see. It is a hypothetical calculation, and that is because you are not amending returns; it is just a hypothetical calculation of tax with interest resulting thereof. 

  • Moving From the U.S. to Canada: An Introduction

    By:
    Nathan Farkas, CPA
    |
    Apr 1, 2023

    Every four years in America, an unusual event occurs. It takes place on the Wednesday following the first Monday in November. On this day, Americans of all stripes threaten to move to Canada, as a response to their preferred candidate losing the previous day’s presidential election.

  • New York Adult-Use Cannabis THC Potency Tax

    By:
    Jason Klimek, Esq.
    |
    Apr 1, 2023

    When the Marijuana Regulation and Taxation Act (MRTA) was passed, it added Article 20-C to the New York State Tax Law. Article 20-C contains both the THC potency tax (Potency Tax), an excise tax on adult-use cannabis products, and the adult-use retail tax (Retail Tax).

  • Total Tax Mindset as a Sustainable Business Strategy

    By:
    Daniel Fuller, CPA, and Jonathon Geisen, CPA
    |
    Apr 1, 2023

    For many years, sustainability was little more than a footnote in corporate strategies – written on paper, but disconnected and low on the priority list. Yet the case for sustainable business was steadily building, underpinned by the belief that how companies manage environmental, social and governance (ESG) issues influences long-term resilience, reputation and ROI.

  • Defending IRS Collection Actions Part 2

    By:
    Erika Colangelo, JD and Scott Ahroni, JD, LLM (taxation)
    |
    Mar 1, 2023

    The OIC program allows a tax debtor to settle his or her tax liability for less than the amount owed. An OIC cannot be used if the taxpayer is in bankruptcy.

    In order for the IRS to process any offer in compromise request, a taxpayer seeking an OIC must be in compliance with all of his or her current filing and payment requirements, including tax estimates if required.

  • Open Account Debt & Form 7203

    By:
    Robert Barnett, JD, MS (taxation), CPA
    |
    Mar 1, 2023

    Form 7203 places renewed emphasis on the proper calculation and reporting of S corporation open account debt. The Form is designed with a three-part format for calculating a shareholder’s stock and debt basis to properly report available tax losses and the tax effects of distributions and loan repayments. Proper stock and debt basis is essential in order to determine allowable loss utilization and the tax treatment of dividends and distributions.
Page

Tax Cases


In Case You Missed It – May 2023
Tax Jokes
  

Which Avenger pays the least taxes? Spider-Man, because his income is all net.

https://parade.com/1317763/jessicasager/accounting-jokes/

Tax News


IRS, Other Agencies Issue COVID-19 FAQs in Response to Impending End of Public Health Emergency,The Trusted Professional

Tax Court Rules IRS Does Not Have Statutory Authority to Assess Penalties for Failure to File Form 5471,Forbes Media LLC

IRS Revises Guidance on Bitcoin, in Light of Its Use As Legal Tender in Some Nations,The Trusted Professional

Hight Court Considering Case on Whether IRS Can Secretly Obtain Bank Records of Taxpayer's Relatives,The Trusted Professional

More Foreign Companies Than Expected May Be Subject to 1% Buyback Tax,The Trusted Professional

After Beyoncé Failed to Work It Out With IRS, She Filed A Petition in Tax Court,Forbes Media LLC

*Outside the Box is a new addition to the TaxStringer featuring important articles on financial and investment management topics by top authors who have expertise both inside and outside the realm of taxation.

 

 

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