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Tax Section

Federal Income Tax Update

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Keith A. Wood

I. Sections 453 and 1042 Deferral Provisions Can Apply in the Same ESOP Transaction; Berman vs. Commissioner, 163 TC No. 1 (2024). In 2002, Mr. and Mrs.…

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Equitable Recoupment

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John G. Hodnette

The doctrine of equitable recoupment applies to both assessment by the IRS (in Section 6501) and refunds by taxpayers (in Section 6511) where the IRS or…

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Forfeiture of Unvested Profits Interests

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John G. Hodnette

Pursuant to Rev. Proc. 2001-43, recipients of unvested profits interests are treated as partners on the date of grant regardless of whether they make Section…

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Federal Income Tax Update

Keith, a white man with brown hair, wears wire-rimmed glasses, a white shirt and black jacket.
Keith A. Wood

I. Conservation Easement Charitable Deduction Limited to Taxpayer’s Basis in Ordinary Income Property; Oconee Landing Property vs. Commissioner, TC Memo…

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Assignment of Income Doctrine

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John G. Hodnette

The assignment of income doctrine was established in Lucas v. Earl, 281 U.S. 111 (1930). It is a judicial doctrine that requires income earned by a taxpayer…

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Basics of Section 409A

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John G. Hodnette

Section 409A addresses the taxation of nonqualified deferred compensation plans. A nonqualified deferred compensation plan is any arrangement that provides…

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Taxation of Cooperatives Under Subchapter T

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John G. Hodnette

Tax practitioners are familiar with Subchapter C (C corporations), Subchapter K (partnerships), and Subchapter S (S corporations) but are generally less…

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Welcome to the 2024-2025 Tax Section Year!

Reed, a white man with light brown hair, wears clear glasses, a pale blue shirt, a black jacket, and a yellow tie with blue and white squares.
Reed J. Hollander

I trust everyone is having a good summer and finding enjoyable ways (aside from work) to avoid the heat and the daily downpours. We were fortunate this year…

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Federal Income Tax Update

Keith, a white man with brown hair, wears wire-rimmed glasses, a white shirt and black jacket.
Keith A. Wood

I. Thanksgiving Holiday Extends the Due Date for Filing Tax Court Petition; Sall vs. Commissioner, 161 T.C. No. 13 (2023). Mr. Sall received a notice of…

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Section 351

John, a white man with dark brown hair, wears a pale blue shirt, lime green and blue tie, and black suit.
John G. Hodnette

Section 1032 provides no gain or loss is recognized by a corporation on the issuance of its stock to a new owner, whether in exchange for cash or otherwise.…

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