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 […]
Read MoreNew S Corporation Case And The Check-The-Box Regulations
| by Monte A. Jackel
This case came out today. 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 […]
Read MoreCarried 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.
Read MorePart 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.
Read MoreNew 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 […]
Read MoreVideo 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 […]
Read MoreSome 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 […]
Read MorePartnership 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 […]
Read MoreConservation 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 […]
Read MoreProposed 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 […]
Read MoreGrantor 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 […]
Read MoreDisguised 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://jackeltaxlaw.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://jackeltaxlaw.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://jackeltaxlaw.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://jackeltaxlaw.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://jackeltaxlaw.com/wp-content/uploads/2020/02/Table-of-contents-for-web-posts-1.pdf
Read More