Current Federal Tax Developments

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2019-09-03 No Horse, No Business

August 31, 2019 by Ed Zollars, CPA

Current Federal Tax Developments for the week of September 3, 2019: No Horse, No Business

  • Tax Court finds that taxpayer did not have a trade or business of raising/showing horses since she didn’t have a horse

  • Tax Court rejects IRS’s “step in the shoes” theory for gifted partnership interest with interest from debt-financed distribution received by donor

  • IRS accepts court’s revision of IRA beneficiary, surviving spouse allowed to treat IRA as her own

  • Coffeehouse was not a §501(c)(3) charitable organization

  • Notice of deficiency sent to addresses used on returns found to be sent to last known address

An audio version of this week’s broadcast can be streamed or broadcast below.

Articles on this week’s developments can be downloaded below.

2019-09-03 Current Federal Tax Developments

August 31, 2019 /Ed Zollars, CPA
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