ARTICLES

Here is yet another case that emphasizes the importance of being careful when using a family limited partnership as an estate planning tool. Lois Lockett's husband predeceased her, and his will established a trust for her benefit. As part of her...

An investor's intent may not always be obvious, but recently a couple's activities helped clarify their decisions for the Tax Court. The IRS questioned the validity of a like-kind exchange made by Patrick and Jill Reesink of San Francisco. And the...

The IRS has provided the annual inflation-adjusted contribution, deductible and out-of-pocket expense limits that will apply to health savings accounts for 2013. Subject to statutory limits, eligible individuals may make tax-deductible...

With some parts of the economy starting to pick up, more people are in the market for a new job. Here are eight tax tips about the costs you might incur while job hunting - and the ins and outs of related tax deductions: To qualify for a deduction,...

The Atlantic Monthly recently took note of a Florida law designed to preserve farmland by offering lower property taxes to farmers. According to the investigative report, enterprising developers and other landowners allow cattle to graze...

A recent Tax Court decision serves as a reminder that couples should carefully scrutinize tax considerations in connection with a divorce. In this case, David LaPoint, a professional baseball player, entered into a postnuptial agreement (David...

The U.S. Supreme Court has handed down its final verdict on whether the IRS will have six years to consider assessing additional taxes on the gain from a sale. And the taxpayer won. Normally, the IRS has three years after a taxpayer files a tax...

The IRS has concluded that a manufacturer was able to deduct chargeback reimbursements it made to its wholesalers and distributors.  The IRS said the manufacturer met the "all events test" and further concluded that the recurring-item...

Wedding season is right around the corner. So, newlyweds and soon-to-be married couples need to think about their taxes - yes, really! For those who are recently married and others planning their nuptials, taxes are probably not high on your list...

Well-known criminal defense attorney F. Lee Bailey recently represented himself in a case before the Tax Court. The court concluded, in a 143-page opinion (F. Lee Bailey v. Commissioner, T.C. Memo 2012-96, April 2, 2012), that Bailey: Failed to...

A recent Tax Court decision serves as a reminder that refundable deposits are not deductible as a business expense as long as the payor has a right to recover the deposit. The case (Ernest N. Zweifel v. Commissioner, T.C. Memo 2012-93, March 28,...

Parents' involvement in their children's activities is usually good. But they shouldn't expect the IRS to consider it a legitimate part of their business. Many parents support their children by attending concerts, plays, sporting events and other...