In PLR 201416006 (4/18/2014) the Service ruled that a taxpayer could successfully effectuate a reverse like-kind exchange under §1031, and in accordance with the safe harbor guidance issued in Rev. Proc. 2000-37, 2000-2 C.B. 308, even though the taxpayer and two related parties entered into a separate qualified exchange accommodation arrangements (QEAAs) for “parking” the same property held by an exchange accommodation titleholder (EATX).
In Johnson v. Commissioner of Internal Revenue, an interesting new decision from the United States Tax Court, a former husband was held unable to deduct the payments to his ex-wife as alimony because the amount of such payment was subject to a “child-related contingency.”
A previous post on this site captioned “Another franchise tax win for a Texas taxpayer” observed that “It’s not been a happy couple of years for the Texas Attorney General’s tax lawyers who’ve represented the Comptroller of Public Accounts in state court tax litigation.”
On April 15, Georgia passed a law amending its tax code to provide a limited tax credit to qualified interactive entertainment companies.
A recent proposal by San Francisco Board of Supervisors President David Chiu would impose significant new disclosure obligations on nonprofits that have business with the City and County of San Francisco.