Tax Section

Federal Income Tax Update: Part 2

I. Hobby Losses: Horse Breeder Had For-Profit Activity. The 7th Circuit Court of Appeals reversed the Tax Court and held Mr. Roberts engaged in his horse…

Discharging Individual Income Taxes In Bankruptcy: Five Easy Pieces

A well-timed bankruptcy can be a powerful arrow in the quiver of a taxpayer with burdensome tax debt. Many lawyers and tax professionals are not aware a…

The Chair’s Comments: Kiawah is Calling

Tax Section Fellow Tax Section Members: It is hard to believe only three months remain in my term as chair of the Tax Section. It has been a rewarding…

Your Client Lost His Case To the IRS: Are His Accountant and Attorney Fees Deductible?

Section 212(3) of the Code provides in pertinent part: “In case of an individual, there shall be allowed as a deduction all the ordinary and necessary…

Federal Income Tax Update

This is the first of two installments of this article.  The second installment will appear soon on the Tax Section’s blog. I. Audit Statistics; What Are…

The Chair’s Comments: Make the Year Even Better By Getting Involved

Fellow Tax Section Members: As I write this, the inaugural post for our section’s blog, much of eastern North Carolina is beginning the long process of…

New Law Requires Section 501(c)(4) Organizations To Register With the IRS

Late last year, Congress enacted Section 506, which requires any organization seeking to operate as a tax-exempt social welfare organization pursuant to…

How To Overcome ‘Special Purpose’ Property Classification in Ad Valorem Valuation: In re Appeal of Corning Inc.

and Reed J. Hollander North Carolina Property Tax Commission Case No. 13 PTC 822 (March 20, 2015) North Carolina Court of Appeals 786 S.E.2d 816 (N.C.App.…