Federal Tax Update for the Week of May 24, 2010

1. Taxpayers May Not Use Domestic Partnerships to Avoid Subpart F
(Notice 2010-41, 5/14/2010)

2. Guidance on Small-Business Healthcare Tax Credit
(Notice 2010-44, 5/17/2010) 

3. Sixth Circuit Vacates Summary Judgment for Government in Excise Tax Case
(Worldwide Equipment Inc. v. United States;  CA 6, 5/17/2010) 

4. JCT Describes Gambling Tax Law, Reporting Requirements
(JCX-28-10, 5/17/2010)   

5. Extenders Compromise Bill Available
(H.R. 4213; American Jobs and Closing Tax Loopholes Act of 2010, 5/20/2010) 210 PAGES   

6. Revised Form to Claim Payroll Tax Exemption for Hiring of New Workers Available
(IR-2010-64, 5/18/2010) 

7. Loss From Joint Venture Not Deductible; Penalty Upheld
(Matthew Harris et ux.; T.C. Summ.  2010-63, 5/19/2010)

8. IRS Announces Applicable Federal Rates for June
(Rev. Rul. 2010-15; 5/19/2010) 

9. Mark-to-Market Rules do Not Apply to Foreign Currency Options
(Mark D. Summitt et ux.; 134 T.C. No. 12, 5/20/2010)

10. Four “Innocent Spouse” decisions last week:

a. (Elizabeth E. Jones v. Commissioner; T.C. Memo. 2010-112)  YES. . . AS TO K-1s SHE DIDN’T KNOW ABOUT . . . . NO . . . AS TO $10,000 SHE KNEW WAS RECEIVED

b. (Dorianne L. Ho DeMattos; T.C. Memo. 2010-110) NO . . . SHE HAD KNOWLEDGE

c. (Carol Lynn Hood Venables; T.C. Summ. 2010-62) YES . . . SHE WAS ABUSED

d. (Dana L. Acoba; T.C. Summ. 2010-64) NO . . . SHE HAD KNOWLEDGE

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