by Pierre Philantrope | Aug 2, 2023 | Tax Tip
In United States v. Crandell, 2023 PTC 178 (5th Cir. 2023), the Fifth Circuit held that a district court did not abuse its discretion by denying a taxpayer’s motion for mistrial after a jury convicted him of tax evasion under Code Section 7201...
by Pierre Philantrope | Jul 26, 2023 | Tax Tip
In White v. Commissioner (White v. Comm’r, T.C. Memo. 2023-77), the Tax Court held that the discharge of White’s indebtedness of $14,433 was excluded from gross income. The taxpayer was entitled to exclude cancellation of indebtedness income resulting from...
by Pierre Philantrope | Jul 19, 2023 | Tax Tip
In Gans v. Commissioner, the taxpayer prevailed over the Internal Revenue Service by establishing that she was abused by her husband, among others, and consequently qualified for relief from joint tax liability. Married taxpayers are jointly and severally liable for...
by Pierre Philantrope | Jul 4, 2023 | Tax Tip
Marriage could bring heavy tax consequences that could be alleviated through careful tax planning strategies. Marriage planning should include discussion about tax. The subject of tax is even more important if you plan to execute a prenuptial or premarital agreement....
by Pierre Philantrope | Jun 28, 2023 | Tax Tip
Generally, no gain or loss is recognized by either party on a transfer of property from an individual to a spouse, or a former spouse if the transfer is incident to divorce. When nonrecognition treatment applies under this rule, the spouse who receives the property in...
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