by usoftax_admin | Jun 7, 2024 | Tax News
In a unanimous decision, the Supreme Court holds that life insurance proceeds a corporation receives to fund a share redemption agreement increases the corporation’s estate tax value. by usoftax_admin | Jun 7, 2024 | Tax News
A trust can deduct gross income set aside as a charitable contribution stemming from the distribution of real property from the corporation that is the trust’s sole shareholder, the IRS said in a private letter ruling released Friday. by usoftax_admin | Jun 7, 2024 | Tax News
A Texas-based company that leases out heavy equipment was entitled to petition to have its supplies removed from local appraisal rolls in two counties despite previously declining to seek court review of the counties’ assessments, the state’s high court... by usoftax_admin | Jun 7, 2024 | Tax News
Connecticut will extend by 10 years the window when companies may carry forward a net operating loss deduction for corporation business tax purposes and will allow a deduction for some combined groups affected by the state’s shift to combined reporting, under a... by usoftax_admin | Jun 7, 2024 | Tax News
Certain West Virginia and Kentucky taxpayers impacted by tornadoes and other major weather events that hit the area April 2 now have until Nov. 1 to file various individual and business tax returns and make payments, the Internal Revenue Service said Friday. by usoftax_admin | Jun 7, 2024 | Tax News
A company that executed forward-rate agreements cannot claim a loss in connection with the termination of the agreements because its adjusted basis in the agreements was zero, according to a memo released Friday by the IRS Office of Chief Counsel.