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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U.S. Treasury Releases Proposal For Income Tax Law Changes
IntroductionCorporate Tax Shelter ProvisionsCorporate ProvisionsFinancial ProductsPass-through Entity ProvisionsForeign ProvisionsTax AccountingEnergy-Related ProvisionsInsurance Law ChangesBenefits-Related ItemsContacts On Monday, February 1, in ...
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Transfer Pricing Update Canada
Some transfer pricing trends are beginning to emerge that taxpayers should be aware of and be prepared to address in the course of preparing for an audit. Observers have noted: • the CRA's use of the "recharacterization" and penalty provisions in ...
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Too Much of a Good Thing
It's fine for business associates to dine or lunch together. Indeed, if business is discussed before, during, or after the lunch (something which doesn't impose a hardship on most businesspeople), 50% of the cost of the lunch is deductible. It ...
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This Holiday Give Turkeys, Not Certificates for Turkeys
In a recent Technical Advice Memorandum ("TAM"), the Internal Revenue Service concluded that employer-provided holiday gift coupons that were redeemable at certain grocery stores for up to $35 were taxable to employees. Generally, an employee's ...
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Thelen Reid Report: Internet Tax Freedom Act Imposes Three-Year Moratorium on State and Local Government Taxation of the Internet
On October 13, 1998, the United States Supreme Court announced it will decide whether the Employee Retirement Income Security Act of 1974 ("ERISA") preempts two California rules that could be used to alter the terms of an employee benefit plan ...
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Tax Court Warns: Cash Distributions from an IRA Must be Rolled Over in Cash
The Tax Court recently ruled in Albert Lemishow v. Commissioner of Internal Revenue, 110 T.C. No. 11 (1998), that a taxpayer receiving a cash distribution from an IRA or Keogh plan must roll it over to an IRA in cash in order to qualify as a ...
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The Tax Consequences of Sellling an Asset that is Inherited or Received as a Gift
A very common but often overlooked aspect of income taxation concerns the tax consequences of an individual's sale of an asset received either by inheritance or as a gift. When such property is sold, the question arises as to whether the seller has ...
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The Publicly Supported Charity-The features, the basic rules and requirements of the most common publicly supported charity under subsection 509(a)(1)
Of the four different kinds of public charities recognized under Section501(c)(3) of the Internal Revenue Code, the traditional publicly supported charity is the most common form. The tax exempt letter will refer to it as a subsection509(a)(1 ...
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The Internal Revenue Service Restructuring and Reform Act of 1998
From Riker Danzig Tax UPDATE The Internal Revenue Service Restructuring and Reform Act of 1998 made some noteworthy tax law changes that will have ongoing effects. Among them are: Prior to the Act, there was a complicated three-level structure ...
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The Home Office Tax Deduction
The Internal Revenue Service has issued new rules affecting the income tax deduction for the business use of a home. A "home" means a house, apartment, condominium, mobile home, or boat, including other structures on the property, but the term does ...
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