I’m in beautiful Ottumwa, Iowa today to help at the Iowa State University Center for Agricultural Law Farm and Urban Tax School. Ottumwa last month made a rare appearance i!n the tax news when a resident pleaded guilty to tax charges arising from an investment scam.
There are four sessions of the school left — Muscatine, Red Oak, Sheldon and Ames. Sign up today!
Whither Wandry? The IRS made clear that the withdrawal of their appeal of the Wandry case does not mean they are going along with it.
The case involved a “defined value” formula that prevented the IRS from increasing the value of intra-family gifts for gift tax purposes. The formula said that if the IRS changed the value of the gift, the recipients would have to give part of the gift back to the donor so that the value of the remaining gift would be the amount reported on the gift tax return.
The Tax Court agreed with the taxpayer that this worked, preventing an assessment of gift tax, but it apparently was settled before the 10th Circuit could rule on the IRS appeal. The IRS has announced its “non-acquiescence” to the Tax Court case, signaling that they will continue to contest defined value clauses on family gifts. Three circuits have ruled against the IRS in similar cases involving charitable gifts.
William McBride, The Fiscal Cliff and the Stock Market (Tax Policy Blog)
Howard Gleckman, Washington Starts To Dance Away from the Fiscal Cliff
Brian Strahle, Is There a State Tax “Fiscal Cliff”?
Christopher Bergin, Beware the ‘Frankentax’!
Robert D. Flach, A SIMPLE FIX
Missouri Tax Guy, Small Business Health Care Tax Credit
Spelling test. IRA Penalty On Withdrawal To Pay Alimony – Can Family Law Judge Spell QDRO ? (Peter Reilly)
Russ Fox, If It’s In Cash It Doesn’t Count, Right?
Won’t that make it a lot more expensive? “Cost of Ramsey Northstar station: $130,000 per new rider; But supporters say it will boost ridership significantly. (Via Gongol.)
Tags: TaxProf, Kay Bell, Russ Fox, Robert D Flach, Christopher Bergin, TaxGrrrl, Gongol, Paul Neiffer, Howard Gleckman, Jack Townsend, Missouri Tax Guy, Brian Strahle, Peter Reilly, William McBride, Anthony Nitti, Fiscal Cliff