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TIFD III-E, Inc. v. United States: Second Circuit Rejects Debt Holder as Partner, Enforces § 6662 Penalties

The Second Circuit recently found that partners whose interests are bound by overwhelmingly debt-like features are not partners for tax purposes. In TIFD III-E, Inc. v. United States, 666 F.3d 836 (2d. Cir. 2012), the Second Circuit rejected taxpayer’s argument that I.R.C. § 704(e)(1) broadened existing law to include debt… More...

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Two Bills Based on New York's "Amazon" Nexus Statute Introduced in CA Assembly

An Act to amend Section 6203 of the Revenue and Taxation Code, Relating to Taxation | AB 27 | 1/30/2009

Assembly members Charles Calderon (D) and Nancy Skinner (D) have introduced on the floor of the California Assembly bills that would require collection of sales tax by an out-of-state seller who maintained an agreement with a resident of California to refer sales for a commission or other consideration. More...

Another Bill Providing Tax Relief Filed

Taxpayer Relief Act of 2008 | H.R. 7338 | 12/10/2008

Rep. John B. Shadegg, R-Arizona, has filed a bill providing tax relief to individuals. More...

CAR Bill to Provide a $1,500 Tax Credit for Buying American Automobile

Consumer and Automotive Recovery Act of 2008 | H.R. 7303 | 11/20/2008

Rep. Louie Gohmert, R-Texas, has introduced the Consumer and Automotive Recovery (CAR) Act of 2008. More...

Kerry-Specter Bill to Modernize America's Rail System Will Make Use of Tax Bonds

High-Speed Rail for America Act of 2008 | S. 3700 | 11/19/2008

Sens. John Kerry (D-Mass.) and Arlen Specter (R-Pa.) have introduced a bill to modernize America's outdated and underfunded passenger rail system will make use of tax-exempt bonds and tax credit bonds as its source of funding. More...

Disaster Tax Relief Passes House, But Remains Pending at the Senate

Disaster Tax Relief Act of 2008 | H.R. 7006 | 9/24/2008

The House of Representatives has voted to pass the Disaster Tax Relief Act of 2008 (H.R. 7006, "Act"). Introduced by Charles B. Rangel (D-NY), the measure passed by a 419 to 4 vote. More...

Worker, Retiree, and Employer Recovery Act of 2008 Goes to the U.S. President for Signing

Worker, Retiree, and Employer Recovery Act of 2008 | H.R. 7327 | 12/11/2008

The Senate has passed by unanimous consent and sent to the U.S. President legislation that would temporarily waive the excise tax on seniors who fail to make the required minimum withdrawal from their defined contribution retirement accounts More...

New Bill Amending IRC Seeks to Provide Tax Credit for Health Insurance Costs Under COBRA

Health Insurance Stability Act of 2008 | H.R. 7010 | 9/23/2008

Rep Melissa L. Bean (Il.) has sponsored a bill amending the Internal Revenue Code ("IRC") to allow individual taxpayers a refundable tax credit for amounts paid to continue health care coverage for the taxpayer, the taxpayer's spouse, and dependents under the applicable continuation provisions of the Consolidated Omnibus Budget Reconciliation Act ("COBRA"). More...

House Passes Tax Bill to Provide Relief to Middle-Class Families from the Alternative Minimum Tax

Alternative Minimum Tax Relief Act of 2008 | H.R. 7005 | 9/24/2008

The House of Representatives, by a vote of 393 to 30, passed the Alternative Minimum Tax Relief Act of 2008, providing a one-year, inflation-adjusted extension of the Alternative Minimum Tax (“AMT”) exemption amount and a one year extension of AMT relief for nonrefundable personal tax credits. The More...

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