March 6th, 2025
February Federal Tax Update
INDIVIDUALS In Green Valley Investors LLC v. Commissioner, TC Memo 2025 – 15, IRS reduced a conservation easement deduction from the $90 million that was claimed down to $1.15 million, rejecting arguments intended to avoid…
February 4th, 2025
January Federal Tax Update
INDIVIDUALS In Franklin v. Commissioner, TC Memo 2025-8, the Tax Court determined that a withdrawal of $155,000 by an Alabama county sheriff from an account used to fund meals for jail inmates that was invested…
January 9th, 2025
December Federal Tax Update
INDIVIDUALS In Bruyea v United States, 134AFTR 2d2024-6310, the US Court of Federal Claims became the second court to determine that a treaty-based (in this case Canada) foreign tax credit applies against the Net Investment…
November 1st, 2024
October Federal Tax Updates
INDIVIDUALS In Warren v. Commissioner, TC Summary Opinion 2024-20, the Tax Court declined to classify an engineer as a “real estate professional” as he worked as an employee on a full time basis and claimed…
June 1st, 2024
May Federal Tax Updates
INDIVIDUALS In Excelsior Aggregates LLC v. Commissioner, TC Memo 2024-60, in a decision applied to 13 cases, the Tax Court doubted the value of conservation easements restricting sand and gravel mining and reduced the deduction…
May 1st, 2024
April Federal Tax Updates
INDIVIDUALS In Estate of Finnegan v. Commissioner, TC Memo 2024-42, the Tax Court concluded that settlement proceeds paid by a state as a result of improper findings of abuse and neglect of their children were…
April 9th, 2024
Podcast: David De Jong Talks About Tax Implications of Catching a Record-Breaking Baseball
As the Major League Baseball season kicks off, tax attorney David De Jong shares insights with Money Life with Chuck Jaffe on what you have to consider from the tax perspective if you’re fortunate enough…
April 1st, 2024
March Federal Tax Updates
INDIVIDUALS In State of New Jersey v. Mnuchin, 133 AFTR2d 2024-________, a New York Federal District Court upheld an IRS Regulation nixing a “workaround” to the $10,000 state and local tax deduction maximum; the method…
March 1st, 2024
February Federal Tax Updates
INDIVIDUALS In Turner v. Commissioner, TC Memo 2024-20, the Tax Court held that a grandparent was not eligible to claim head of household status or to receive the earned income credit despite year-round support inasmuch…
February 1st, 2024
January Federal Tax Updates
INDIVIDUALS In United States v. Cacchione, 133 AFTR2d 2024-________, a Pennsylvania Federal District Court denied a Net Operating Loss carryback generated by an S corporation loss when the taxpayer could not prove that he had…
