Federal Taxation

The newsletter of the ISBA’s Section on Federal Taxation

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2003 Articles

Are tax returns privileged documents? By William F. Marutzky January 2003 Generally speaking, pretrial discovery rules are meant to be interpreted liberally in accordance with the policy favoring broad pretrial discovery
As good as it gets: Appeals’ fast track mediation, settlement and post-appeals mediation* By Karen V. Kole April 2003 The Appeals mission is to resolve tax controversies, without litigation, on a basis that is fair and impartial to both the Government and the taxpayer and in a manner that will enhance voluntary compliance and public confidence in the integrity and efficiency of the Service.
Chairman’s corner By Edward J. Hannon June 2003 Members of the Federal Tax Section Council recently had the opportunity to meet with Congressman Rahm Emanuel and members of the legislative staff for Speaker of the House Dennis Hastert, Congressman John Shimkus and Congressman Jerry Weller to discuss pending tax legislation and proposed tax simplification measures
Chairman’s corner By Edward J. Hannon January 2003 On January 7, 2003, President Bush announced plans for a tax stimulus package that included a provision that would exempt dividends from federal income tax.
Corporate and partnership tax update By Michael L. English April 2003 In Seggerman Farms, Inc., 2002 TNT 207-5, the Seventh Circuit Court of Appeals, affirming the Tax Court, has held that shareholders of a family farm corporation must recognize gain on the transfer of assets to the corporation where the liabilities assumed by the corporation exceeds the adjusted basis of the property transferred.
Creative tax strategy for business clients By Patrick F. Daly April 2003 Have you ever had a business client call and tell you that they are moving the business?
Employee benefits update—Defined benefit pension plan sponsors should be aware of restrictions made relevant by economic conditions By Peter M. Kelley June 2003 For large employers, particularly in manufacturing, transportation and utility businesses, rumors of the demise of defined benefit plans have been greatly exaggerated.
Estate and gift tax update By Edward J. Schoen, Jr. June 2003 On December 24, 2002, the Internal Revenue Service (IRS) issued final regulations (T.D. 9032) under Internal Revenue Code (IRC) section 645 regarding the election to treat certain revocable trusts as part of an estate.
Estate planning update By Kelli E. Madigan April 2003 As practitioners await the Tax Court's decision in Strangi, 15 T.C. 478, with respect to the IRS' section 2036 claim to include all of the assets held in the family limited partnership in the estate of the decedent, we see other section 2036 claims approved in Thompson and Kimbell.
Individual income tax update By James S. Zmuda January 2003 In United States v. Galletti, 298 F.3d 1107, as amended, 2002 U.S. App. LEXIS 23825 (9th Cir. 2002), the United States Court of Appeals for the Ninth Circuit (Ninth Circuit) held an assessment for employment tax liability against a partnership was not an assessment against individual general partners, who were separate taxpayers.
Individual income tax update: Highlights of The Jobs and Growth Tax Relief Reconciliation Act of 2003 By Thomas F. Arends June 2003 Introduction: On May 28, 2003, President Bush signed into law The Jobs and Growth Tax Relief Reconciliation Act of 2003
IRS excess benefit penalties for non-profit public charities By Donna F. Hartl January 2003 Many of us from time to time have had experiences of varying degrees with non-profit organizations.
Is good help hard to find? Split-dollar life insurance arrangements can help By Bart A. Basi January 2003 Life Insurance rates continue to go up, and let's face it, none of us are getting younger.
The “new” “A” reorganization— Disregarded entity mergers By James S. Zmuda April 2003 In TD 9038 the Department of the Treasury ("Treasury") issued temporary regulations defining the term "statutory merger or consolidation" ("Temp. Regs.") for purposes of section 368(a)(1)(A) of the Internal Revenue Code of 1986, as amended ("Code").
Tax administration and procedure update By James S. Zmuda June 2003 The Internal Revenue Service (IRS) has issued temporary and proposed regulations pursuant to Code §§6107 and 6695 to facilitate electronic filing and record keeping by tax return preparers.
Tax administration and procedure update By Thomas F. Arends January 2003 The following update contains selected information provided by the IRS Small Business/Self-Employed Taxpayer Education and Communication Group which periodically issues various news releases on IRS rulings, highlights on proposed regulations on tax procedure, and other tax administration announcements that may be relevant to the practitioner community.