Decisions — Excluding Hardship

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As Humphrey Bogart said in The African Queen, “Things are never so bad they can’t be made worse.” That’s true when you take an early distribution from your retirement account, even if you need the money to avoid eviction.

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Case — Temporarily Permanent

TL Case Summ

THE QUESTION: When is an amount permanently set aside for a charitable contribution deduction on an estate income tax return?

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Decisions — What’s New

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Have you been keeping up with what’s happening in the world of tax? Test your knowledge of what’s new.

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Case — The Real Deal

TL Case Summ

THE QUESTION: Is the sale of real property acquired by tax deeds capital gain or ordinary income?

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Decisions — Virgin Territory

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In the realm of tax law, the statute of limitations is not new territory. You know the general rule: the statue of limitations for assessment of taxes expires three years from the due date of the return or the date filed, whichever is later (section 6501).

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Definition — Tax Turtles and Body Materials

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This week the court discussed tax turtles in one case and decided in another not to figure out how to allocate basis in the human body, or the holding period for human-body parts, or the character of the gain from the sale of those parts.

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Decisions — Cutting off the Deadline

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In the days of the American Civil War, deadlines had consequences–prisoners were shot on sight if they crossed a marked boundary known as the “deadline.” The effect of deadlines in tax law is generally less serious, and can often be mitigated by extensions.

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Definition — Adding Up the Mileage

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However many business miles you have to go before you sleep, you probably know you can claim a tax deduction for each of them using the standard mileage rate. But do you know the rules?

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Decisions — School Math Day

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Writer Ambrose Bierce defined a day as a period of twenty-four hours, mostly misspent. In tax law, thanks to “timing rules,” misspending during those twenty-four hours can mean the difference between benefiting from a credit or losing it.

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Definition — Standing Alone

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The annual accounting concept is a familiar part of tax law. Under internal revenue code section 441, you compute your taxable income on the basis of your taxable year. When completing your return, you look at events on an annual basis, using the facts as they exist at the end of the year covered by the return. Each taxable year is a separate unit, and the future is left to take care of itself.

Posted in Taxing Definitions

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Useful Tax Law Links

US Tax Code- Cornell University Law School Legal Information Institute. Searchable.

http://uscode.house.gov/ - Office of the Law Revision Counsel. Searchable. Downloadable.

US Tax Court - TC Opinions, Memorandum Opinions, Summary Opinions. Searchable. Downloadable.

Treasury Regulations - Government Printing Office provides the Federal Tax Regulations. Searchable. Downloadable.

Other Official US Tax Guidance - US Internal Revenue Service. Searchable. Downloadable.

Useful Downloads by Taxing Lessons

Foreign Earned Income Exclusion - free PDF - Graphic of Internal Revenue Code Section 911

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