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Table of Contents
October
2006

Note: In accordance with IRS Circular 230, Regulations Governing the Practice of Attorneys, Certified Public Accountants, Enrolled Agents, Enrolled Actuaries, and Appraisers before the Internal Revenue Service, the information on this website is not intended or written to be used as, and cannot be used as or considered to be a “covered opinion” or other written tax advice, and should not be relied on for the purpose of (1) avoiding tax-related penalties under the Internal Revenue Code or (2) promoting, marketing or recommending to another party any transaction or tax-related matter(s) addressed herein, for IRS audit, tax dispute or other purposes.

Asterisks indicate items in the Tax Clinic department.
 

Charitable Contributions

  *

Being Charitable—without Going Broke

 
Consolidated Returns
    Controlled Services Transactions
 
Credits Against Tax
  * Adoption Expenses Credit: Foreign-Born Child
  * Tax Credit for Home Builders
 
Depreciation
  *  The Ins and Outs of Sec. 197
 

Employee Benefits & Pensions

   

Pension Protection Act of 2006

  * Computing the Sec. 4975 Excise Tax for Failure to Timely Deposit Elective Deferrals
 

Estates, Trusts & Gifts

Transferring Inherited IRA to Grantor Trust During Life

 

Excise Taxes

  * Long-Distance Telephone Excise Tax Refunds—2006 Tax Returns Affected
 

Foreign Income & Taxpayers

  *

Estate Tax Relief and Planning under the U.S.–Canada Income Tax Treaty

  * NRA Tax Reporting
    Withholding Requirements for Income Allocated to Foreign Partners (Part II) by Howard Godfrey
 

Gains & Losses

  *

Safe-Harbor Methods for Claiming Casualty and Theft Losses from 2005 Gulf Hurricanes

 

Gross Income

    Payments from Neighborhood Restoration Program Taxable
 

Individuals

    The AICPA Looks at the Uniform Definition of a Child by Ellen D. Cook
    10% Penalty Applied to Beneficiary’s IRA Distribution
 

LLCs &LLPs

    Renting Property to an LLC
 

Partners & Partnerships

  * IRS Filing Obligations for Tiered Real Estate Partnerships
 

Personal Financial Planning

    The PFS Designation Adds Value
 

Practice & Procedures

    New OIC 20% Partial Payment Requirement Could Backfire
    IRS Help Is Just a Click Away
    Tax Prepayments—Advance Payments or Deposits under Blom?
 

Procedure & Administration

    Innocent Spouse Relief
     

Real Estate

  * Sec. 1031 and Fractional Property Interests
  * Sec. 1031 Exchanges of Vacation Homes
     

S Corporations

  * Health Insurance for S Corp. Shareholders
    Current Developments (Part I) by Hughlene Burton and Stewart S. Karlinsky
     

State & Local Taxes

  * In re Reiner: Estoppel Conquers All
 
Reader Survey

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2006 AICPA