New Rev. Proc. 2014-20 allows “mezzanine” real estate loans to qualify for the Section 108(c) cancellation of debt (COD) income exception.
On December 17, 2013, the United States District Court for the Northern District of Georgia issued its decision in United States v. Morris Legal Group, LLC, 113 AFTR 2d, 2014-XXXX (D.C. Georgia).
A recent post on this site captioned “A proposed Tax Tribunal for Texas” discussed the possibility that Texas might enact a new, independent, Tax Tribunal for handling administrative tax disputes between taxpayers and the Texas Comptroller of Public Accounts.
Previously, many U.S. citizens living abroad eliminated their U.S. income tax liabilities with a credit for foreign taxes paid; however, individuals who are subject to the new 3.8 percent net investment income tax (NIIT) may now owe U.S. income tax, some for the first time.
The Navajo Nation is going to use sales tax policies to try changing food habits on the largest Indian reservation in the United States.