By H. Jacob Lager of Zuber & Taillieu
The Tax Court has held that the step transaction doctrine did not apply to a series of bargain sales from a family-owned S Corp. to a charitable organization. As a result, the shareholders were entitled to charitable contribution deductions related to the sales. In William R. Klauer v. Commissioner of… More...
The 61-page Stop Tax Haven Abuse Act contains a number of proposed provisions to combat offshore and tax shelter abuses, according to U.S. Senator Carl Levin. More...
The House of Representatives Judiciary Committee’s Subcommittee on Commercial and Administrative Law has voted by unanimous consent to endorse Rep. Zoe Lofgren’s Cell Tax Fairness Act to the full Judiciary Committee. More...
The House Financial Services Committee has approved H.R. 4868, the Housing Preservation and Tenant Protection Act of 2010, a comprehensive affordable housing legislation introduced by Chairman Frank that helps to stem the loss of affordable rental housing units across the country and prevent the displacement of low-income tenants, many of who are elderly or disabled. More...
The Senate Finance Committee, through its Chairman Max Baucus, D-Mont. has released its report on the Committee’s proposed substitute amendment(“Substitute”) to the Small Business Jobs Act. More...
The U.S. House of Representatives has voted to extend the closing deadline for taxpayers seeking the homebuyer’s tax credit. More...
The Senate Finance Committee has issued a report on the revisions to the substitute amendment filed by Chair Max Baucus, D-Mont., to the American Jobs and Closing Tax Loopholes Act, H.R. 4213. More...
The European Commission (“EC,” or “Commission”) has asked Ireland, The Netherlands, Poland and Austria to amend certain aspects of their respective legislation that do not comply with European Union (“EU”) rules on Value Added Tax (VAT Directive 2006/112/EC). More...
By a vote of 60 to 37, the United States Senate has decided to finally put an end to federal tax exemptions for corporate payments for punitive damage awards, ostensibly to compensate for the extension of the homebuyer tax credit. More...
The U.S. House of Representatives has approved H.R. 5486, the Small Business Jobs Tax Relief Act of 2010, by a bipartisan majority of 247-170. More...
The U.S. Congress House Ways and Means Committee has issued a summary and cost estimates for H.R. 5486, the Small Business Jobs Tax Relief Act of 2010, a legislation that seeks to provide tax incentives to businesses to spur job creation. More...
