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Service prevails before Tax Court in self-employment tax case

Fox Rothschild LLP
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USA
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January 21 2013

In a recent memorandum decision of the Tax Court in Howell, TCM 2012-303, a couple was held liable for a deficiency in self-employment taxes, plus

Tax Court Memorandum decision denies charitable deduction for highly valued real estate in Joseph Mohamed, Sr., TC Memo 2012-152

Fox Rothschild LLP
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USA
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June 4 2012

In a recently issued Tax Court Memorandum decision written by Judge Holmes the taxpayers were denied charitable deductions for millions of dollars in value of real property which they contributed by donation in 2003 and 2004 for the benefit of three charities as remaindermen of a charitable remainder unitrust

Tax Court rules that securities transaction did not qualify under Section 1058: decision follows on the heels of the Tax Court's recent decisions under Section 1058 in anshutz (135 T.C. No.5) and Carroway (135 T.C. No. 3) decided last year

Fox Rothschild LLP
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USA
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July 24 2011

In Henry Samueli et al v. Commissioner, 132 T.C. No. 4 (2011), the Tax Court, per Judge Kroupa’s opinion for the majority, in response to the petitioners and respondent (IRS) filing of cross motions for summary judgment in a consolidated proceeding, upheld the Service’s deficiencies in income tax for denying the taxpayers interest deductions claimed on the underlying “margin loans” used to acquire the securities, were disallowed on the basis the purported payments of “interest” were not made with respect to an actual debt

Canadian Tax Court rules Delaware LLC is U.S. resident for treaty purposes in TD Securities (USA) LLC v. Her Majesty the Queen

Fox Rothschild LLP
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Canada, USA
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April 20 2010

In a detailed and comprehensive review of the US-Canada Income Tax Convention, the recently issued Fifth Protocol, and the OECD Model Treaty and related Commentaries, as well as the domestic tax law treatment of single member limited liability companies, pass through entities and other organization, the Canadian Tax Court, in an opinion written by Patrick Boyle, on April 8, 2010, concluded that implicit in the clear intention of the OECD countries, including Canada and the US, that treaty benefits be enjoyed by TD LLC in the present circumstances, and given the context of the Canadian and US tax régimes and the text of the US Treaty, TD LLC must be considered to be a resident of the US for purposes of the US Treaty otherwise the treaty could not apply

Tax Court, in a fully reviewed opinion, holds that 90 stock loan tax scheme program was a disguised sale

Fox Rothschild LLP
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USA
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July 10 2010

In August 2001, Calloway ("Petitioner") entered into an agreement with Derivium Capital, LLC whereby Petitioner transferred 990 shares of his IBM common stock to Derivium in exchange for the sum of $93,586

Commissioner prevails in imposing deficiency with respect to at-risk recapture in Roy Zeluck, TC Memo 2012-98

Fox Rothschild LLP
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USA
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April 8 2012

Taxpayer invested $310,000 in an oil and gas partnership in 2001 consisting of cash of $110,000 and a subscription note issued by the taxpayer obligating him to pay $200,000 at the stated maturity date of December 31, 2009

Eleventh Circuit affirms lower court's holding that consulting partner's sale of Ernst & Young interest was taxable in year of sale despite temporary limitations on economic enjoyment

Fox Rothschild LLP
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USA
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April 22 2011

In U.S. v. Fort, 107 AFTR 2d 2011-739 (11th Cir. 4192011) a three-judge panel of the Eleventh Circuit upheld a federal district court's (Northern District of Georgia) decision, granting the Department of Justice, Civil Tax Division, summary judgment on that issue that under the constructive receipt doctrine, a consulting partner's sale of an interest in Ernst & Young was a fully taxable in the year the interest was sold to Cap Gemini in exchange for the stock

Tax court strikes taxpayer's expert valuation report as inadmissible in rejecting claimed conservation easement deduction in Boltar LLC et al v. Commissioner

Fox Rothschild LLP
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USA
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October 6 2011

In Boltar LLC et al v. Commissioner, 136 T.C. No. 14 (4152011) the Tax Court granted the government’s motion in limine, which motion was timely submitted pre-trial, to strike the admission of the taxpayer’s experts’ report into evidence at trial based on its argument that the report was “unrealiable and irrelevant” under FREV 702 and the Supreme Court’s landmark decision in Daubert v. Merrell Dow Pharmaceutical, Inc., 509 U.S. 579 (1993

First Circuit Court of Appeals holds tax accrual workpapers and related documents used to prepare financial statements are not work product under the Hickman v. Taylor doctrine

Fox Rothschild LLP
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USA
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February 28 2010

In a decision deserving of Supreme Court review, the en banc decision of the First Circuit Court of Appeal in Textron, 104 AFTR 2d 2009-5719, 08132009 , has vacated the district court's determination that a public corporation's tax accrual workpapers were protected from IRS summons by the work-product doctrine

Tax court finds shareholder's leasing of cell towers to S corporation was a passive activity despite corporation's grouping such leasing activities as part of the conduct of a trade or business

Fox Rothschild LLP
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USA
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January 17 2013

Petitioner-taxpayer leased land and telecommunication towers to his wholly owned S corporation, in exchange for a percentage of the Company's

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