In Custom Stair, the Court determined that Custom Stairs’ failure to make the deposits, in the context of the cascading penalties encountered here, was due in significant part to Hurricane Ivan, the 2008 economic collapse, and the practical fact of the cascading penalties themselves.
In PLR 1126030, the language “it is my desire” in Article III of Decedent’s Will was determined by the IRS to be given mandatory construction as passing the described property interests to the Decedent’s children as specific bequests, thereby reducing the marital deduction under § 2056 and increasing the taxable estate, taking into consideration the rules of abatement under Statute in regard to Decedent’s debts and obligations.
In Ramig, TC Memo 2011-147, the Tax Court has concluded that a chief executive officer (CEO), who was also a board member and minority shareholder, could deduct legal fees in defending against charges that he made misrepresentations to an investor in the company. The legal fees were deductible under Code Sec. 162 as the ordinary and necessary expenses of his business of rendering services to his company as an employee. The IRS argued that the suit
Additional Information: I agreed to buy a condo in Naples, FL and now I’ve decided that it’s not what we want, we’d be making too many concessions. How do I cancel with the least financial expense? ATTORNEY ANSWER: When a buyer enters into a Purchase and Sale Agreement, the buyer needs to be aware that the only reason he or she can get out of the agreement is if the mortgage is denied, the property is
On its website, IRS has posted drafts of the 2011 Form 3800, General Business Credit, and its instructions. They reveal that IRS is in the process of redesigning Form 3800, General Business Credit, for the 2011 tax year.
The Tax Court decided in Memorandum 2011-137 that a self-employed contractor who regularly retained the properties he built or improved for their rental income was considered an investor.
In PLR 201119003, the Internal Revenue Service ruled that certain purchases and sales between a Marital (QTIP) Trust and the surviving spouse’s step-children pursuant to a valid, arm’s-length settlement agreement will not trigger gifts among the parties and will not result in a disposition of the life estate in the QTIP trust under section 2019 of the Internal Revenue Code. The Beliveau Law Group: Massachusetts | Florida | New Hampshire The attorneys at The Beliveau Law Group
Additional Information: We are in the process of buying a home in Danvers, MA but the seller is unable to find a replacement property by the time the sixty day escrow closes. They have requested an extension of thirty days. If we do not agree to that extension, what will happen? Will we lose the appraisal fee, the home inspection fee, and our deposit? If we do agree, do we get any thing in return? ATTORNEY
The Ninth Circuit Court of Appeals has affirmed a March 2009 memorandum opinion of the U.S. Tax Court which held that a decedent’s estate included assets that she transferred to two family limited partnerships. There was no bona fide sale, and she retained control over the assets transferred. The Beliveau Law Group: Massachusetts | Florida | New Hampshire The attorneys at The Beliveau Law Group provides legal services for estate planning (wills and trusts), Medicaid (planning
The IRS Small Business/Self-Employed (SB/SE) Division has issued an internal memorandum SBSE-05-0711-044 which provides interim guidance concerning Internal Revenue Code (IRC) § 6672 and its application to Trust Fund Recovery Penalty (TFRP) investigations in cases involving third-party payer arrangements.
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