Federal Tax Update for the Week of June 26, 2010

1. IRS Proposed $50 Annual Fee for Holders of PTIN Along With Enhanced Standards to Obtain Such a Number
Citation: NPRM REG-139343-08, 7/22/10

2. Gambling Was Taxpayer's Trade or Business Despite IRS View That His Method Was Irrational and Wasn't a Full Time Business
Citation: Le v. Commissioner, TC Summary Opinion 2010-94, 7/19/10

3. State Court Entitled to Determine Validity of QDRO
Citation: Mack v. Kuckenmeister, CA9 No. 09-15290, 7/22/10

4. Complex Tax Compliance Obligations Unrelated to Rollover Not Deemed Adequate Reason to Grand Late Rollover Relief
Citation: PLR 201029025, 7/23/10
  
5. At Risk Amount for Leasing Activity Did Not Include Amount Due on Promissory Note for RV Not Owned by LLC or Used in LLC's Leasing Activity
Citation: Estate of Roberts v. Commissioner, TC Memo 2010-156, 7/21/10
  
6. Participation by Trustee of Trust, and Not of Beneficiaries, Is Measured to Determine Material Participation by Trust
Citation: PLR 201029014, 7/23/10
  
7. Linked Prepaid Variable Forward Contract and Share Lending Agreement Triggered Immediate Gain Recognition in Built In Gain Measurement Period
Citation: Anschutz Company v. Commissioner, 135 TC No. 9, 7/22/10
  
8. Nonresident Alien Who Had Funds Withheld by Buyer From Sale of Real Estate Should Be Given Credit by IRS Even if Buyer Does Not Pay Over Tax Withheld
Citation: Chief Counsel Email 201028040, 7/16/10

9. IRS Can Disclose Information to Employees of Corporation Named as Fiduciary on Form 56
Citation: CCM 201028001, 7/16/10

10. Taxpayer Awarded Fees When IRS Fails to Consult Return Filed Three Months Before Issuance of Deficiency Notice
Citation: Burgess v. Commissioner, TC Summary Opinion 2010-98, 7/22/10

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