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...
In a 27 to 1 vote, the Texas Senate has approved a legislation that seeks to attract more movie, television, film, and digital interactive media production to the state of Texas through the grant of more incentives. More...
Rep. Virginia Foxx, R-N.C., has introduced the Federal Withholding Tax Repeal Act of 2009 (H.R. 1919), a bill would repeal the withholding of income and Social Security taxes. More...
Congressman Chaka Fattah (D-Pa), author of the recently enacted tuition tax credit which will help millions achieve their dream of a college education and the architect of the college awareness and access program GEAR UP, has introduced “Communities Committed to College Tax Credit Act of 2009,” H.R. 1579, that provides a 50 percent tax credit for donations to qualifying local scholarship trusts. More...
Rep. Zach Wamp, R-TN, has introduced “The American Working Families Tax Relief Act of 2009,” a bill that would make permanent the state and local sales tax deduction, the tuition deduction, and the mortgage interest premium deduction and expand the home buyer credit. More...
Sen. Carl Levin, D-Mich., has reintroduced what he called an "improved" version of the Stop Tax Haven Abuse Act that he first introduced in the Senate together with then Sen. Barack Obama in February 2007. More...
U.S. Reps. Don Manzullo (R-IL) and Fred Upton (R-MI) have introduced legislation to stimulate the economy and create jobs by giving Americans tax incentives to purchase cars and trucks. More...
U.S. Senator Johnny Isakson, R-Ga., has introduced legislation to jump-start housing demand and to boost the economy by expanding the homebuyer tax credit passed by Congress last year. More...
Rep. Baron P. Hill, D-IN, has filed a new legislation that allows a credit for care packages provided for soldiers in combat zones and a credit for providing volunteer service to military families through the America Supports You program of the Department of Defense. More...
Riding on the crest of public furor over the grant of bonuses to AIG employees, the House of Representatives acted swiftly by a vote of 328-93 to approve a legislation that imposes an additional income tax on bonuses paid to employees or former employees of covered Troubled Assets Relief Program (“TARP”) recipients. More...
U.S. Rep. Gary Ackerman (D-NY), a senior Member of the House Financial Services Committee, has introduced legislation that would allow victims of Bernie Madoff’s Ponzi scheme to receive refunds for the taxes they paid on phantom profits -- revenue they thought they earned which in reality never existed due to Madoff’s fraud. More...
