A taxpayer ran his businesses through several entities. The U.S. Tax Court ruled he wasn’t entitled to deduct consulting fees and commission expenses that one of his LLCs paid to his corporation. The taxpayer claimed the expenses were for camera rentals and were “ordinary and necessary” for his business. However, he didn’t provide sufficient, credible […]
The sole shareholder of an S corp guaranteed a loan taken out by the business. Years later, the company liquidated, but operations continued under the S corp’s name, and the borrower renewed the debt. On his return, the taxpayer reported a loss, claiming he’d assumed the note as guarantor after the liquidation and that created sufficient basis. The […]
An important deadline is coming up. March 15 is the due date for several tax matters, including 1) filing calendar-year partnership and S corp returns and making 2016 contributions to partners’ pension and profit sharing plans (unless a 6-month extension is filed on Form 7004); 2) electing S corp status for 2017 by filing Form 2553; 3) using up remaining Flexible Spending Account […]
The U.S. Tax Court held that a taxpayer wasn’t entitled to a charitable deduction for his alleged gift of his interest in an aircraft. He didn’t claim the deduction on his original tax return but rather on an amended return filed nearly six years after the donation. And the documentation attached to his amended return […]
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