FICPA Podcasts

Federal Tax Update: No Horse, No Business

September 3, 2019

https://vimeo.com/357081100

https://www.currentfederaltaxdevelopments.com/podcasts/2019/8/31/dskr2u0nswq526yq8hbhxjq89mhmbg

 

Issues for this week:
 
  • Tax Court finds that taxpayer did not have a trade or business of raising/showing horses since she didn’t have a horse
  • Tax Court rejects IRS’s “step in the shoes” theory for gifted partnership interest with interest from debt-financed distribution received by donor
  • IRS accepts court’s revision of IRA beneficiary, surviving spouse allowed to treat IRA as her own
  • Coffeehouse was not a §501(c)(3) charitable organization
  • Notice of deficiency sent to addresses used on returns found to be sent to last known address