Thought-provokinganalysis and opinion on federal tax issues

Nov
20

A Link To My Articles At Tax Analysts

November 20, 2020 | by Monte A. Jackel

I am attaching a link to my articles and letters at Tax Analysts (which is behind a paywall). https://www.taxnotes.com/document-list/contributors-authors/jackel-monte-0?esq%3D%26from%3D0%26size%3D250%26orderby%3Dsearchdate%26order%3Ddesc%26filterterm%3Dfulltext%26menu_type%3Dauthors%26tid%3D1364%26search_type%3Dtopic_page. https://jackeltaxlaw.com/wp-content/uploads/2020/10/Jackel_Monte_IN_450x255.png Thought it would be of interest.

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Nov
16

Potential Regulatory Projects For New Administration

November 16, 2020 | by Monte A. Jackel

I thought the attached would be of interest. https://jackeltaxlaw.com/wp-content/uploads/2020/11/Potential-Regulatory-Projects.docx

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Nov
12

ENTITY LEVEL SALT TAXES ONCE AGAIN

November 12, 2020 | by Monte A. Jackel

Notice 2020-75, issued a few days ago, held that the so-called SALT workarounds using state laws that allow the partners to cause the partnership entity to incur an entity level income tax with a credit at the partner level, are true entity level taxes and that the SALT limitation of section 164 as amended by […]

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Nov
08

Is A New Treasury and IRS Transition On The Way?

November 8, 2020 | by Monte A. Jackel

Presidential transitions bring extreme changes within the Treasury Office of Tax Policy and the IRS Office of Chief Counsel, usually starting the day after the election results are in and continuing through the date of inauguration of a new president. I saw this play out once in 1992-1993 when serving on the staff of the […]

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Oct
26

A Principal Purpose Regs Over The Past Few Decades

October 26, 2020 | by Monte A. Jackel

I am attaching a short write-up on the “a principal purpose” anti-abuse regulations generally. I thought this would be of interest. https://jackeltaxlaw.com/wp-content/uploads/2020/10/A-Principal-Purpose.docx.

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Oct
09

A Thank You To Tax Analysts and to Eric Sloan

October 9, 2020 | by Monte A. Jackel

I wanted to thank Tax Analysts for both helping to promote me and for its assistance and support over the years. I also wanted to personally thank Eric Sloan of Gibson Dunn for the quote he gave them. Eric is a true professional. Please see this link for a promotional ad by Tax Analysts for […]

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Oct
09

Procedurally Taxing Blog Post By Me On Guaranteed Payments and the Validity of Tax Regulations

| by Monte A. Jackel

This blog post from the Procedurally Taxing blog site discusses the guaranteed payment as interest issue in the context of how to challenge the validity of tax regulations. I thought it would be of interest. https://procedurallytaxing.com/consistency-and-the-validity-of-regulations/

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Oct
02

Inconsistent Treatment Of Guaranteed Payments As Interest Expense

October 2, 2020 | by Monte A. Jackel

Guaranteed payments resemble interest expense under section 163 but those payments are not, as a technical matter, interest on actual indebtedness. Recent IRS regulations have treated guaranteed payments inconsistently. Below is the substance of a letter to the editor that I will be publishing in Tax Notes next Monday. Text Of Substance Of Letter: How […]

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Sep
28

NY Times Story On Trump Taxes: The Internal Revenue Code Favors Real Estate Professionals but….

September 28, 2020 | by Monte A. Jackel

I wrote a post yesterday evening on LinkedIn. Here is the link. https://www.linkedin.com/in/monte-jackel-18921024/detail/recent-activity/shares/. The text is reproduced below. I am not offering a view, one way or the other, on the merits of the matters discussed. Who could competently do that without adequate facts and requisite knowledge? But I can say that the tax law […]

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Sep
21

Legislative History Versus Regulation Preambles

September 21, 2020 | by Monte A. Jackel

The attached is a short write up I have done relating to conflicting or potentially conflicting legislative history and regulation preambles. https://jackeltaxlaw.com/wp-content/uploads/2020/09/Of-Legislative-History-and-Regulation-Preambles.docx. I thought this would be of interest.

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Sep
19

AICPA Comments On IRS Negative Tax Capital Reporting

September 19, 2020 | by Monte A. Jackel

The AICPA recently released a comment letter it sent to the IRS on the tax basis negative capital proposed reporting regime.https://aboutbtax.com/TbQ. 1. The purpose of this reporting regime, as I understand it, is to ensure that a partner reports the recapture of the excess of his share of debt over his tax basis when a […]

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Sep
19

New S Corporation Case And The Check-The-Box Regulations

| by Monte A. Jackel

This case came out today. https://www.ustaxcourt.gov/USTCInOp2/OpinionViewer.aspx?ID=12322.  1. It deals with whether a controlling person of a Kentucky not for profit corporation was an S corporation shareholder.  2. I do not disagree with the holding of the court, which seems very apparent; beneficial ownership, a proprietary interest, is necessary to be a shareholder. 3. However, the mode […]

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Sep
05

Carried Interests Three Part Article

September 5, 2020 | by Monte A. Jackel

I am attaching the three part article I published in Tax Notes Today Federal, Tax Analysts, Fairfax, VA, on carried interests and the new section 1061 proposed regulations. https://jackeltaxlaw.com/wp-content/uploads/2020/09/Jackel-Carried-Interests-Combined-Article.pdf. It can also be found at this link from a recent LinkedIn post. https://www.linkedin.com/feed/update/urn:li:activity:6717385115091169280/. I thought it would be of interest.

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Aug
22

Part Two Of Carried Interests Article In Tax Notes

August 22, 2020 | by Monte A. Jackel

Part two of my three part article on the section 1061 proposed regulations in Tax Notes is out today. Here is a link. Tax Notes Article . It is behind Tax Analysts’ paywall. I thought it would be of interest.

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Aug
15

New Carried Interests 1061 Article

August 15, 2020 | by Monte A. Jackel

Tax Notes has published part one of a three part article by me on the proposed section 1061 regulations. Carried Interest Tax Notes article. Part two is scheduled for publication on August 24 and the final part on August 31. The article is behind the Tax Analysts paywall at present. I thought this would be […]

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Aug
07

Video Discussion on Carried Interests

August 7, 2020 | by Monte A. Jackel

Tax Notes just released this video. https://www.youtube.com/watch?v=6GGcBwJIh48. It is a discussion by me with Ben Willis, contributing editor of Tax Notes, on Ben’s regular monthly Willis Weighs In podcast. This video was recorded right before the regulations were released but it contains a number of what I think are interesting issues. I thought this would […]

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Jul
31

Some Preliminary Observations on the Partnership Aspects of New Final and Proposed 163(j) Regulations

July 31, 2020 | by Monte A. Jackel

Recent regulations under section 163(j) were issued in final form and new regulations were proposed. Some high level highlights reflecting several posts I have on LinkedIn here. https://www.linkedin.com/in/monte-a-jackel-18921024/detail/recent-activity/. Some post excerpts are below. “On the proposed 163(j) regulations relating to partnerships, a few questions. First, why don’t the rules address where a partnership lends to […]

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Jul
12

Partnership Aspects of Final FDII Regulations

July 12, 2020 | by Monte A. Jackel

I put together this brief outline with highlights and the pertinent provisions of the final FDII regulations as they relate to partnerships and partners. https://jackeltaxlaw.com/wp-content/uploads/2020/07/Proposed-250-regs.docx. Thought it would be of interest. The highlights of these regulations as they relate to partnerships and partners follow. With respect to partnerships and partners, the inclusion rule refers to […]

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Jun
26

Conservation Easement Partnerships

June 26, 2020 | by Monte A. Jackel

The IRS recently publicly disclosed a settlement offer to conservation easement partnerships. The announcement disclosed the general terms of the offer. Among the terms was that all partners have to agree, the deduction is disallowed, penalties are imposed but the investor partners can write off the acquisition cost of the investment. See https://www.linkedin.com/feed/update/urn:li:activity:6682239236176982016/. There are […]

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Jun
12

Proposed Section 1031 Real Property Regulations Contain A Glitch

June 12, 2020 | by Monte A. Jackel

The IRS recently proposed regulations relating to the definition of real property for purposes of section 1031. https://www.federalregister.gov/documents/2020/06/12/2020-11530/statutory-limitations-on-like-kind-exchanges. These proposed regulations state that a number of regulations under section 1031 will no longer apply unless the exchange involves a qualifying exchange of real property. Among those listed final regulations are reg. sec. 1.1031(d)-2, dealing with […]

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Jun
05

Grantor Trust Ownership Again

June 5, 2020 | by Monte A. Jackel

The IRS very recently expressed its view that changes in the ownership percentages of investors in a multiple owner grantor trust were sales and purchases for federal tax purposes. In Rev. Proc. 2020-34 https://www.irs.gov/pub/irs-drop/rp-20-34.pdf, the IRS provided safe harbors for an entity titled a statutory trust under Delaware law from being treated as having the […]

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Jun
03

Disguised Sales and the Centralized Partnership Audit Regime

June 3, 2020 | by Monte A. Jackel

I posted this recently in the Procedurally Taxing blog. https://procedurallytaxing.com/disguised-sales-to-partnerships-bba-centralized-audits-and-due-process/. It deals with disguised sales to partnerships, the BBA centralized partnership audit regime, whether the selling partner’s gain is part of the imputed underpayment, and the due process issue raised if the selling partner is separately audited on the sales gain which is not treated […]

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May
21

Recently Proposed Rehabilitation Tax Credit Regulations

May 21, 2020 | by Monte A. Jackel

Proposed regulations under section 47, REG-124327-19, filed on May 21, 2020 with the federal register, provides guidance on the requirement added in the Tax Cuts and Jobs Act (TCJA) relating to the allocation of the rehabilitation tax credit over a five year period. Those proposed regulations also provide guidance on the interaction between the new […]

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May
21

Recent Presidential Executive Order and Its Potential Effects on Tax Regulations

| by Monte A. Jackel

I recently posted this on the Procedurally Taxing blog. It deals with the potential effects of a recent presidential executive order on tax regulations. I thought it would be of interest. https://procedurallytaxing.com/executive-order-on-regulatory-relief-to-support-economic-recovery/.

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May
15

Procedurally Taxing Blog Post On the APA and Tax Regulations

May 15, 2020 | by Monte A. Jackel

Thought this would be of interest. https://procedurallytaxing.com/conservation-easement-donation-and-the-validity-of-tax-regulations/

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