IRS’s Informal S Corporation No-Rule List Includes Three New Items

Published: March 16th, 2017

By: Stephen R. Looney

A taxpayer may, for a fee, request a written letter ruling from the IRS interpreting and applying tax laws to the taxpayer’s represented set of facts. However, there are some issues in which the IRS will not issue a letter ruling. Taxpayers should note that the IRS has recently added three new issues to its […]

When Do Disclaimer Clauses Bar Fraud Claims?

Published: February 14th, 2017

By: Darryl M. Bloodworth

When Do Disclaimer Clauses Bar Fraud Claims: Billington v. Ginn-La Pine Island, Ltd., 192 So.3d 77 (Fla. 5th DCA 2016) Background of Case The Plaintiff was an investor from the UK who had invested in Bobby Ginn developments previously. In the 2004-06 time frame, he bought two lots in Bella Collina, a high end development in Lake […]

UHF Relocation under the Spectrum Act Subject to Tax Deferral

Published: January 31st, 2017

By: Brad Gould

In PLR 201702034, the IRS held that a taxpayer’s sale of UHF TV broadcast rights to the FCC pursuant to the Middle Class Tax Relief and Job Creation Act of 2012 (also known as the Spectrum Act) constituted a sale under threat of condemnation of its FCC licenses and related property for purposes of § 1033 […]

Widow Allowed to Expense Previously Expensed Farming Inputs

Published: January 17th, 2017

By: Brad Gould

In the case of Estate of Backemeyer v. Commissioner, 147 TC 17 (2016), the Tax Court held that the widow of a Nebraska farmer was entitled to expense farming inputs she inherited from her husband, who had expensed the same inputs during his life. Mr. Backemeyer, a corn and soybean farmer, purchased farming inputs consisting of seed, […]

Reverse Like-Kind Exchange Qualifies For Section 1031 Non-Recognition Treatment

Published: November 16th, 2016

By: Stephen R. Looney

In Bartell v. Comm’r,[1] the Tax Court held that a reverse like-kind exchange made by a drug store chain which did not qualify for the safe harbor under Rev. Proc. 2000-37,[2] still qualified for non-recognition treatment under Section 1031. The Revenue Procedure was inapplicable because the replacement property was purchased before the publication of the […]

Florida’s Water Crises: Can We Afford The Solutions? (Part II)

Published: November 15th, 2016

By: Michael D. Minton Brad Gould Dana M. Apfelbaum

With the renewed focus on water projects due to discharges from Lake Okeechobee and a recent surge in blue/green algae, there is also a renewed effort to involve private interests in the development of these projects. This series of articles addresses exceptions to the general rule that government payments received by private landowners as a […]

The Pros & Cons of ESOPs – Is This Succession Planning Tool for You?

Published: October 26th, 2016

By: Joseph “Jay” Van Heyde II

Many business owners who are at or nearing retirement age are facing the difficult task of developing a business succession plan in order to reap the benefits of years spent developing a successful business. Often times, there is no “next generation” to inherit or carry on the family business or no team of key management […]

Florida’s Water Crises: Can We Afford The Solutions? (Part I)

Published: August 24th, 2016

By: Michael D. Minton Brad Gould Dana M. Apfelbaum

If you want to get the attention of your elected officials in Florida, make sure there is an event that may adversely affect the tourism industry! The State of Florida receives (on average) between 50 – 60 inches of rain each year. Currently, our water management system is designed primarily as a drainage system with […]