Federal Tax Update for the Week of April 12, 2010

1. New Issues to Be Addressed Under Industry Issue Resolution Program
(IR-2010-40, 4/2/2010)

2. Sixth Circuit Affirms Trust's Transfers Are Subject to GSTT
(Estate of Louise Blythe Timken et al. v. United States; CA 6, No. 09-3650, 4/2/2010) 

3. IRS Can Inquire Into Inventory Removals in 263A calculation
(ILM 201013035; 5/23/2008, rel. 4/2/2010) 

4. Extension Granted for Single Rental Real Estate Activity Treatment
(LTR 201013016; 11/3/2009, rel. 4/2/2010) 

5. S Corporation Owners Entitled to Charitable Contribution Deductions for Land Transfers
(William R. Klauer et al. v. Commissioner;  T.C. Memo. 2010-65, 4/5/2010) 

6. IRS Releases Publication on Foreign Tax Credit for Individuals
(Publication 514; 3/29/2010) 

7. Credit Union  Liable for UBIT on Some Insurance Products, Not All
(Bellco Credit Union v. United States; DC CO, No. 1:08-cv-01071, 4/2/2010)

8. IRS Releases Special Payroll Tax Exemption Form, FAQ
(IR-2010-43; 4/7/2010) 

9. IRS Increases Oversight of Tax Return Preparers
(IR-2010-44; 4/7/2010) 

10. Eighth Circuit Affirms Valuation of Family Limited Partnership Interests
(Thomas H. Holman Jr. et ux. v. Comm.;  CA 8, No. 08-3774, 4/7/2010) 

11. ABA Warns Against “Technical Correction” of Seven Taxable Year Rule
(Tax Analysts Doc 2010-7729; 4/6/2009)

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