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IRS: Use of Work Cell Phones No Longer Taxable

In a rare gesture of friendliness toward taxpayers, last week the IRS allowed that personal use of employer provided cell phones generally will now be considered nontaxable — a working condition fringe...

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Supreme Court Takes on Statute of Limitations Issue

An interesting issue has been batted back and forth in the courts for several years related to the matter of whether overstatement of basis is equivalent to omission of gross income, for purposes of...

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Go “Green” and Save Some Dough at Tax Time

  There are a couple of nice tax breaks for homeowners in 2011 in the “green energy” department. Homeowners who install energy efficient improvements such as insulation, new windows, and furnaces...

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Capital Gains Reporting — Increased Complexity

The good news for individual taxpayers who sustain long term capital gains is that the tax bite is favorable, compared with the tax on ordinary income.  Beginning with 2011 tax returns, however, the...

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IRS Clarifies Physical Injury Income Exclusion

IRS has issued final regulations under Code Section 104 regarding the exclusion from gross income of amounts received due to personal injury or physical sickness. The final regs reflect amendments made...

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Internal Revenue Code Section 83: Opportunities and Pitfalls

Generally speaking, Internal Revenue Code Section 83 requires that receipt of “property” in exchange for the performance of services creates income upon receipt of that property, measured by excess of...

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‘Burning Down the House’ as Charitable Donation?

In recent years, more than a few taxpayers have thought they could buy that “tear down,” give the house to their local fire department for a live burn it-training exercise, and claim a charitable...

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Muni Bond Income Not Always Tax-Exempt

Most people are familiar with the notion that interest income associated with municipal bond investments is “tax free,” which in most cases is true.  However, not all municipal bonds are created equal...

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‘Ponzi Scheme’ Victims Claim Theft Loss Deductions

Unfortunately, modern-era taxpayers sometimes suffer losses at the hands of unscrupulous financial “deal” promoters.  Recently, the notorious Bernard Madoff was the perpetrator of such a scheme, which...

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Strict Standards for Charitable Contribution Documentation

A recent Tax Court decision highlights the IRS’ tough stance on exactly what taxpayers must have in the way of documentation in order to substantiate their charitable contributions. In Durden, TC Memo...

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