Tag Archives: tax
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Charitable Conservation Easements Found A Friend In The 11th Circuit
Many Tax Court cases have been decided based upon an obscure Treasury Regulation, upholding the IRS’ 100% disallowance of charitable conservation easement deductions. The 11th Circuit struck down the Regulation, holding that it is “arbitrary and capricious”. A rare win for taxpayers. The Bloomberg article attached below was written by our own attorney, Nancy O. Kuhn. A Rare Victory For Taxpayers ... Read More
TAGGED: irs, tax, Treasury Regulation, 11th Circuit, taxpayers
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Exempt Organizations: Tax Reform Provisions to Watch
Part II: Senate and House proposals By Nancy Ortmeyer Kuhn, Chair of Jackson & Campbell's Tax Group The Joint Committee on Taxation released the Senate’s “Description of the Chairman’s Mark of the ‘Tax Cuts and Jobs Act’” on November 9, 2017. The Ways and Means Committee of the U.S. House of Representatives previously released its long-awaited tax bill on November 2, ... Read More
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Exempt Organizations: Tax Reform Provisions to Watch
By Nancy Ortmeyer Kuhn, Chair of Jackson & Campbell's Tax Group The Ways and Means Committee of the U.S. House of Representatives released its long-awaited tax bill on November 2, 2017. The bill is entitled Tax Cuts and Jobs Act, H.R. 1 (“TCJA”). Note that there is nothing in the title referencing “tax simplification”. The full text of the bill ... Read More
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Forgiven Debt – Taxable to the Borrower?
Generally, if a borrower is required to pay a sum certain at a specific time, the obligation is considered “debt” under the Internal Revenue Code. If the lender forgives a portion, it has “cancelled” the debt and the borrower must declare and take into income the dollar amount cancelled. A lender may unilaterally decide that a debt is not collectable ... Read More
TAGGED: bankruptcy, irs, taxes, 2016 taxes, 2017 taxes, chapter 11, chapter 7, debt, Federal taxes, tax