Uncle Sam May Tax Your Foreclosure

Uncle Sam May Tax Your Foreclosure

Real estate is an integral part of many savers’ retirement portfolios, even when not part of a qualified plan (IRA, 401(k), etc.). With the recent downturn in the real estate market (I am referring primarily to residential real estate), foreclosures have become...
Uncle Sam May Tax Your Foreclosure

PPA 2006 Affects Valuation Rules

The Pension Protection Act of 2006 (signed into law in August 2006) changed the documentation rules for non-cash charitable contributions. The knee-jerk reaction is to focus on these new rules as merely requiring more receipts when we donate household items to a local...
Uncle Sam May Tax Your Foreclosure

Women’s Retirement Security Act of 2007

It’s August 2007 and Congress is not in session, but once they return, they have some very interesting legislation to [re]consider (the bill was originally introduced in the fall of 2006). According to analyses by Towers Perrin and the American Benefits Council,...
Uncle Sam May Tax Your Foreclosure

Pension Protection Act and Employer Liability

Employer retirement plan liability can stem from plan choice (e.g., a traditional “defined benefit” pension that requires the employer to commit to a specified level of retirement benefits no matter how the plan’s invested funds perform). Liability...
Uncle Sam May Tax Your Foreclosure

FLPs: Bad Facts Yield Bad Results!

A brand new Tax Court Memo ruling gives us yet another glimpse into how the IRS defeats Family Limited Partnerships (FLPs). See Estate of Gore v. Commissioner, T.C. Memo. 2007-169 (6/27/07). After transferring funds to the FLP, the decedent did not execute any other...