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 […]
Read MoreRecently 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 […]
Read MoreRecent 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/.
Read MoreProcedurally 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/
Read MoreProcedurally Taxing Blog by Me On The Role of FAQs
May 8, 2020 | by Monte A. Jackel
Just published this on the Procedurally Taxing blog on the role of FAQs. Thought it would be of interest. https://procedurallytaxing.com/the-proper-role-of-faqs/. See also https://procedurallytaxing.com/.
Read MoreAnother Procedurally Taxing Blog Post by me on amended tax returns
May 5, 2020 | by Monte A. Jackel
This post on the Procedurally Taxing blog deals with whether amended tax returns can be mandated by the IRS. I thought this would be of interest. https://procedurallytaxing.com/the-newest-time-machine/
Read MoreProcedurally Taxing Blog Item By Me
May 4, 2020 | by Monte A. Jackel
This blog is a tax procedure blog by Professors Book, Fogg et al. https://procedurallytaxing.com/helpful-links/. I thought the item I posted on tax returns and the coronavirus pandemic would be of interest. https://procedurallytaxing.com/the-wavering-due-date-for-tax-returns/
Read MoreIRS Issues PTP Look-through Ruling That Lacks Authority
April 21, 2020 | by Monte A. Jackel
I wrote a letter to the editor of Tax Notes relating to an issue of the pass-through treatment of PTPs when applying the investment company rules of section 351(e) and 721(b). https://www.taxnotes.com/tax-notes-today-federal/partnerships-and-other-passthrough-entities/letter-ruling-ptp-look-through-illegal/2020/04/21/2cfn8. I also posted a comment to that letter in LinkedIn and Twitter. https://www.linkedin.com/feed/update/urn:li:activity:6658337228848156672/ and https://twitter.com/jackeltaxlaw/status/1252571602698620928. Thoughtful feedback to either me or the government […]
Read MoreDeduction of Payroll Costs under PPP of the CARES Act
April 13, 2020 | by Monte A. Jackel
The attached story from the Wall Street Journal, which quotes me as well as several others, explains the condundrum. https://secureservercdn.net/198.71.233.96/wk8.36e.myftpupload.com/wp-content/uploads/2020/04/Multibillion-Dollar-Tax-Muddle-Hovers-Behind-Small-Business-Loan-Program-WSJ.pdf
Read MoreCorona virus business tax provisions
March 26, 2020 | by Monte A. Jackel
The attached document provides some highlights of the business provisions contained in the Senate bill. https://secureservercdn.net/198.71.233.96/wk8.36e.myftpupload.com/wp-content/uploads/2020/03/Virus-business-tax-provisions.docx
Read MoreSome Recent Posts on LinkedIn
March 20, 2020 | by Monte A. Jackel
I have posted a number of comments on LinkedIn dealing with various current developments. They are located here. https://www.linkedin.com/in/monte-a-jackel-18921024/detail/recent-activity/
Read MoreAt Risk Basis for Guarantees
February 21, 2020 | by Monte A. Jackel
I am attaching a write-up on a recent Tax Court case dealing with at risk basis under section 465 and guarantees. https://secureservercdn.net/198.71.233.96/wk8.36e.myftpupload.com/wp-content/uploads/2020/02/At-risk-Tax-Court-case.docx
Read MoreTax Credit Partnerships Again
February 20, 2020 | by Monte A. Jackel
I am attaching a short write-up on the issue of whether an investor will be treated as a partner in a tax credit partnership. https://secureservercdn.net/198.71.233.96/wk8.36e.myftpupload.com/wp-content/uploads/2020/02/Tax-Credit-Guidance.docx
Read MoreTable of Contents to Prior Posts
February 16, 2020 | by Monte A. Jackel
Attached is a link to a document containing a list of all prior posts which have previously been posted on this website. If you would like a copy of something previously published, please let me know. https://secureservercdn.net/198.71.233.96/wk8.36e.myftpupload.com/wp-content/uploads/2020/02/Table-of-contents-for-web-posts-1.pdf
Read MoreIRS Corrects Attribution Example in Final 721(c) Regs
February 15, 2020 | by Monte A. Jackel
I recently published an article in Tax Notes discussing the final regulations under section 721(c). See link which is behind Tax Notes’ paywall. https://www.taxnotes.com/tax-notes-today-federal/transfer-pricing/complexity-and-confusion-cross-border-partnership-regs-finalized/2020/02/10/2c3xl?highlight=Jackel . In the article, I pointed out that the attribution example in the final regulation preamble was incorrect because there is no concept of indirect ownership through corporations in the final […]
Read MoreThe Politics of Regulation Drafting
February 1, 2020 | by Monte A. Jackel
The attached is a re-print of an article I recently published in Tax Notes on the politics of regulation drafting. I thought this would be of interest. https://secureservercdn.net/198.71.233.96/wk8.36e.myftpupload.com/wp-content/uploads/2020/01/Jackel-01-20-2020.pdf
Read MoreThe Effective Date of Section 721(c) Regs
January 17, 2020 | by Monte A. Jackel
I wrote a short note on the effective date of the section 721(c) regulations on LinkedIn. I am really not sure of the answer. See attached link. https://www.linkedin.com/in/monte-a-jackel-18921024/detail/recent-activity/shares/
Read MoreMy LinkedIn Posts For Tax Notes Articles and Stories
January 3, 2020 | by Monte A. Jackel
I cannot post my comments to Tax Notes stories and articles here because the Tax Notes stories are behind a pay wall, for those subscribers only. But here is a link to my LinkedIn page where you can find posts of mine dealing with those stories and articles. https://www.linkedin.com/in/monte-a-jackel-18921024/detail/recent-activity/
Read MorePassthroughs and Special Industries Must Spin Off Partnerships As A Separate Division
December 27, 2019 | by Monte A. Jackel
I recently read a news story in the tax press about recommended changes to the IRS as part of the mandated report due next October under the Taxpayer First Act, P.L. 116-25. The act mandates a report to Congress relating to potential reorganization changes to the IRS. Although this act is directed at the Internal […]
Read MoreBrief Summary Of Ozone Final Regulations Highlights For Partnerships And Partners
December 22, 2019 | by Monte A. Jackel
Read MoreTax Court Worthless Partnership Interest Loss Case Fails to Address Several Key Issues
December 11, 2019 | by Monte A. Jackel
In MCM Management, the Tax Court, in a memorandum opinion, held that a partnership interest was worthless and generated an ordinary loss based on the facts of the case. Some key takeaways from the case follow: There is no discussion in the case of cancellation of indebtedness income. Since the court held that there was […]
Read MoreGuaranteed Payments On Capital As Interest Expense
December 9, 2019 | by Monte A. Jackel
The attached outline discusses this https://secureservercdn.net/198.71.233.96/wk8.36e.myftpupload.com/wp-content/uploads/2019/12/COMMENTARY-ON-INTERACTION-OF-THE-TERM.docxissue.
Read MoreHighlights of Recent Foreign Tax Credit Regs and Partnerships
December 5, 2019 | by Monte A. Jackel
The recently proposed and final foreign tax credit regulations issued December 2 of this year provides the following key points relating to partnerships and partners. This is a brief summary only to highlight these changes. Further study is required. The final regulations finalize what are known as “downstream loans”, which are loans by partners to […]
Read MoreSun Capital Case Rejects Joint Economics And Favors Separate Formalities In Determining Whether A Partnership In Fact Exists
November 27, 2019 | by Monte A. Jackel
The recent Sun Capital case in the First Circuit rejected the holding of the District Court below that two separate entities had formed a deemed partnership in fact due to their joint objectives, cooperation and sharing in joint profits and losses. Rather, the First Circuit focused more heavily on the separateness of the two entities […]
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