Tax Section
Federal Income Tax Update
Tax Court Again Rules Emotional Distress is Not Physical Illness. In Tressler v. Commissioner, T.C. Summ. Op. 2021-33, the Tax Court held emotional distress…
Marketable Securities as Money Under Partnership Tax Rules
Section 731(c) generally treats marketable securities as money in determining gain or loss on a distribution to a partner. Section 731(a)(1) provides no gain…
OAH Tax Case Records Become Available to the Public
On November 1, 2021, the Chief Judge of the Office of Administrative Hearings, Donald van der Vaart, issued a memorandum announcing all OAH records of every…
Penalty Waiver for Failure to Pre-Pay Penalties
The most common penalties assessed by the IRS are the failure to file and failure to pay penalties under Section 6651. However, another common penalty is the…
North Carolina Construction Sales and Use Tax
In 2017, North Carolina sales and use tax related to construction changed, creating a binary system. Although the Department of Revenue released Directive…
Should I Own Real Estate through an S Corporation or a Partnership?
Holding real estate through an S corporation may seem like a good idea at first glance. Almost all professionals, however, recommend a partnership over an S…
Statutes of Collections for Federal and North Carolina Taxes
For administrative convenience, federal and North Carolina law both provide that after a specific period of time, uncollected taxes are written off and…
Tax Advantages of S Corporations
Limited liability companies can elect to be taxed under federal and state law in a number of different ways. One popular choice for small business owners is…
Federal Income Tax Update
This is the second installment of this article. The first installment was previously posted on the Tax Section’s blog. I. No Easement Charitable…
Gain Exclusion for Section 1202 Stock
The decrease in the corporate tax rate by the 2017 Tax Act has made it more favorable for businesses to operate as C corporations. With more businesses opting…