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Failure to Abandon U.S. Residency Leads to Tax Liability

People planning to expatriate can do a number of things to avoid this result.  German citizen's failure to establish that he was a resident of Germany meant that he was a "covered expatriate" for Sec. 877A purposes and therefore liable for tax on stock sale gains that would otherwise have been exempt under the United States–Germany tax treaty. To read the full article in The Tax Advisor, click: Failure to A ...

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Avoid “Dangerous” Planning Generalizations After New Tax Law

Now that the status quo of tax planning has been upended by the passage of the Tax Cuts and Jobs Act of 2017, wills, trusts, and portfolios are all due for a once-over and advisors are bracing to make sense of some of the most sweeping tax changes in decades. To read the full article in FinancialPlanning, click: Avoid “Dangerous” Planning Generalizations After New Tax Law. ...

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New Form 990-EZ has Help Icons to Aid Exempt Organizations in Filing

Form 990-EZ, Short Form Return of Organization Exempt From Income Tax, which can be filed by small exempt organizations that meet certain gross receipts and assets tests, now has 29 help icons on various parts of the form that link to explanations, instructions and other resources, the Internal Revenue Service announced Tuesday.  Sally Schreiber, JofA senior editor, explains. To read the full article in the ...

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IRS Grants Relief To Small Estates

(…and possibly their valuation consultant?) Rev. Proc. 2014-18 provides a simplified method for certain taxpayers to obtain an extension to elect portability under Code Sec. 2010(c)(5)(A). This method allows a widow or widower to apply a deceased spouses unused exclusion (DSUE) amount to the surviving spouse's subsequent transfers during life or at death. In these situations, the ability to file and use the ...

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Federal Law Cases Review Mortgages, Broker Price Opinions

A Credit Card Debt is Settled, But Tax on DOI Income Still Due Judge Ruwe at the Tax Court finds petitioners owe tax on income from a settled credit card debt in Shepherd v. Commissioner, and a U.S. Bankruptcy Court for the Western District of Pennsylvania rules on the valuation of a mortgagee’s creditor’s secured claim in Buena Vista Oceanside, LLC., v. Optimum Bank ...

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