No. 55-10, October 2024

Index

• Advising S corporation clients on reasonable compensation.
• Bonus depreciation phaseout planning.
• Capital gains treatment for dividends from foreign corporations.
• Card reward liabilities are eligible for the recurring-item exception.
• Distributions to LLC members that contributed appreciated property.
• Erroneous refund of interest does not support innocent-spouse relief.
• Exposing the hidden disqualified individuals of Sec. 280G. (Internal Revenue Code)
• IRS increases corporate aircraft exams.
• Opportunity zone penalties: What constitutes reasonable cause?
• Recent developments in estate planning: This annual update on trust, estate, and gift taxation covers recent IRS guidance and administrative issuances, relevant legislative proposals by Treasury, and selected court decisions for the period ending June 2024.
• Sec. 1042 recapture gain determined under installment method. (Internal Revenue Code, Berman v. Commissioner)
• State considerations for BBA exams and adjustments. (Bipartisan Budget Act of 2015)
• The time value of capital losses: Capital gains in the forecast? Stockpiling losses may make sense. For certain investors, systematically harvesting capital losses in a portfolio in anticipation of future capital gains can be a beneficial strategy, significantly increasing the quantity of gains that can eventually be offset, as this article illustrates using historical market data.