Keith A. Wood

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…

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…

2020 Federal Income Tax Update

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

FEDERAL INCOME TAX UPDATE

This is the first of two installments of this article.  The second installment will soon be posted on the Tax Section blog. I.     Damages for Emotional…

Federal Income Tax Update No. 2

This is the second of two installments of this article.  Read the first installment here. I. Charitable Deduction Fails Where Tax Basis Not Shown on Form…

Federal Income Tax Update No. 1

This is the first of two installments of this article.  Find the second installment here. I. Audit Statistics: What Are Your Chances of Being Audited? The…

Federal Income Tax Update, Part II

I. No Tax Basis Increase for Loan Guaranties Even After the S Corporation Loan Is Called in Full.  An S corporation shareholder may deduct his/her pro rata…

Federal Income Tax Update

This is the first of two installments of this article. I. Audit Statistics; What Are Your Chances of Being Audited? The 2016 Internal Revenue Service Data…

Federal Income Tax Update, Part I

I. Audit Statistics; What Are Your Chances of Being Audited? The 2016 Internal Revenue Service Data Book (IR-2017-69) contains audit statistics for the fiscal…

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…