Federal Tax
This is FindLaw’s collection of Federal Tax articles, part of the Finance section of the Corporate Counsel Center. The Federal tax law is administered primarily by the Internal Revenue Service, a bureau of the U.S. Treasury. The U.S. tax code is known as the Internal Revenue Code of 1986 as amended (Title 26 of the U.S. Code). There is a special trial court which hears disputes between the IRS and taxpayers regarding federal income, estate and gift tax underpayments – the U.S. Tax Court. Law articles in this archive are predominantly written by lawyers for a professional audience seeking business solutions to legal issues. Start your free research with FindLaw.
Tax
Federal Tax Articles
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Proposed Regulations Would Allow Defined Contribution Plans To Drop Some Optional Forms Of Payment
The IRS issued proposed regulations, dated March 20, 2000 (the "Proposed Regulations") that would permit a plan sponsor of a defined contribution plan ("DC Plan") to eliminate certain alternative forms of distributions without violating Section ...
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Pension Reform Provisions in the Small Business Job Protection Act of 1996 Affecting Qualified Retirement Plans
Pension reform proposals that have been languishing in Congress every year for the last several years finally became law when they were wrapped into the Small Business Job Protection Act passed by Congress on August 2, 1996 and signed by President ...
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Obtaining Innocent Spouse Relief
(Article originally published in Massachusettes Bar Association Section Review, Vol. 2) The Internal Revenue Service has recently issued Notice 98-61 which gives taxpayers and practitioners guidance regarding the criteria necessary to obtain ...
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The Taxpayer Relief Act of 1997
On August 5, 1997, the President signed the Taxpayer Relief Act of 1997 (the "Act"). This memorandum summarizes the provisions of the Act which we believe have particular significance to high technology companies and their investors. The Act makes ...
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Annual Cost-Of-Living Adjustments: 1997
On October 24, 1996, the Internal Revenue Service announced the annual cost-of-living adjustments ("COLAs") for certain limits which affect the administration of tax-qualified retirement plans, including 401(k) plans, and certain other types of ...
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Y2K
Information and Readiness Disclosure Act President Clinton recently signed into law the Year 2000 Information and Readiness Disclosure Act (IRDA). The statute's broad purposes are to promote the disclosure and exchange of information related to Year ...
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When Is A Liability “Assumed”?
In a variety of contexts the "assumption" of a liability can trigger recognition of gain from a disposition of property that is otherwise tax-deferred. For example, in an installment sale, the excess of the liabilities assumed over the tax basis of ...
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Vanishing Holding Requirements: Like-Kind Exchanges After Magneson, Bolker and The Tax Reform Act of 1984
A random glance at the real estate advertisements in any major newspaper indicates the extent to which exchanges of properties have become a major component of the investment market. Like-kind exchanges, although always present, have blossomed in ...
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Unrelated Business Income Should Be Reviewed In 501(C)(3) Bond Issues
Marcus S. Owens, the retiring director of the Exempt Organizations Division of the Internal Revenue Service, departed with a warning to organizations described in sec. 501(c)(3) of the Internal Revenue Code. In his last speech as director, he noted ...
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UBIT Issues Facing Aquariums
I. ISSUE: WOULD GIFT SHOP SALES, FOOD SALES, FACILITY RENTAL AND THE SALE OF MEMBERSHIP LISTS BY A TAX-EXEMPT AQUARIUM BE SUBJECT TO THE UNRELATED BUSINESS INCOME TAX? A. Introduction. This memo discusses whether the income from gift shop sales ...
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