Tax Section

Constructive Receipt Doctrine

Taxpayers intuitively believe they will not be taxed until they have cash or other consideration in their hands. However, the constructive receipt doctrine…

Federal Income Tax Update

I. Tax Court Finds Equitable Tolling May Excuse a Late-Filed Tax Court Petition; Gilbert vs. Commissioner; TC Memo 2026-10. The IRS examined Mr. and Mrs.…

PTET Election Under The OBBBA

As discussed in New North Carolina PTE Tax Can Reduce Federal Income Taxes (December 14, 2022), the pass-through entity tax (the “PTET”) elections enacted…

Federal Income Tax Update

I. Conservation Easement Deed did not Constitute a CWA because it did not Contain a Merger Clause; Martin vs. Commissioner, TC Memo 2026-39. A.…

S Corporation F Reorganizations Under Rev. Rul. 2008-18

An F reorganization, as discussed in The Basics of F Reorganizations, is a tax-free “mere change in identity, form, or place of organization of one…

Pandemic-Era Federal Tax Refunds: You May be Eligible, but the Deadline is Quickly Approaching

A recent case in the Court of Federal Claims confirmed taxpayers may be entitled to refunds of interest and penalties paid during the COVID-19 pandemic if…

Qualified Trade or Business Under Section 1202

and Savannah Rankich The general rules for qualified small business stock (“QSBS”) were discussed previously in “Gain Exclusion for Section 1202…

Section 453 Trap for S Corporation Asset Sales

In my prior post, Installment Sale Notes Owned by S Corporations, I discussed sales of S corporation assets in exchange for a promissory note, invoking the…

199A Deduction for Real Estate Rental Businesses

Section 199A, as discussed in my prior blog post Section 199A Pass-Through Deduction and the Magic Number, provides for a deduction generally equal to the…

Basics of 338(h)(10) Elections

Section 338(h)(10) allows a buyer and seller in a qualified stock purchase to elect jointly for the sale of target stock to be treated for tax purposes as a…