2009 Articles

Chairman’s corner By Joseph P. O’Keefe December 2009 As the current Chair of the Federal Taxation Section Council for 2009 – 2010, first let me welcome you and thank you for your continued membership in the Federal Taxation Section.

Clarification to “Inside out—Revaluation of Partnership Capital Accounts” By Michelle L. Heller March 2009 In reviewing for publication the article by Derek P. Usman titled “Inside out—Revaluation of Partnership Capital Accounts” published in the December 2008 Newsletter, I started to elaborate on section 754 elections. So, to clarify, the partnership may elect under IRS section 754 to adjust the basis of partnership property “as the result of a transfer of an interest in a partnership by sale or exchange or on the death of a partner” as provided in IRC section 743.

Collection Issues and the IRS—Part III By William M. Gasa March 2009 In addition to massive bailouts authorized by our federal government, other federal agencies have taken action to assist citizens. On January 8, 2009, the IRS issued “IRS TAX TIP 2009—Special Edition, IRS Help for Financially Distressed Taxpayers.” Because of the potential impact on everyone representing taxpayers before the IRS, the news release follows in full.

Congressional support for enhancing the Historic Rehabilitation Tax Credit: ISBA’s Section of Federal Taxation liaison meeting with legislative aides, May 6 & 7, 2009 December 2009 The federal Historic Rehabilitation Tax Credit (HTC) Program is the nation’s largest program to stimulate the preservation and reuse of historic buildings.

Economic Recovery Package March 2009 WASHINGTON, D.C.—Ways and Means Committee Chairman Charles B. Rangel (D-NY) today released details of the economic recovery package falling under the jurisdiction of the Committee. This groundbreaking plan will provide critical tax, health and job-training benefits to American families, incentives for businesses to grow and create jobs and assistance for those who have lost their jobs or are economically disadvantaged.

Estate and gift tax recent cases and rulings By Joseph P. O’Keefe & Elizabeth C. Hesselbach July 2009 Recent updates in estate and gift taxes.

Estate tax issues: ISBA’s Section of Federal Taxation liaison meeting with legislative aides, May 6 & 7, 2009 December 2009 The debate surrounding the estate tax no longer focuses on eliminating the tax in total.

Extension of IRC Section 1031: ISBA’s Section of Federal Taxation liaison meeting with legislative aides, May 6 & 7, 2009 December 2009 There is a strong link between historic preservation, economic development, housing, and jobs. Abandoned and underutilized historic buildings are often located in some of the nation’s most disinvested communities.

Fed Tax Section to Capitol Hill, Washington D.C. By Leonard S. DeFranco March 2009 The Federal Tax Section Council is planning another trek to visit with members of Congress.

Individual income tax update: Legislation, cases and rulings By Thomas F. Arends & Philip D. Speicher July 2009 The following outline is a summary of recent tax legislation and select cases and rulings presented by the Federal Taxation Section Council at its annual Law Ed Program, the 2009 Federal Tax Conference. The materials focus on income tax issues for individuals and sole proprietors. Also included is a summary of the newly enacted American Recovery and Reinvestment Act of 2009.

Offer in compromise: ISBA’s Section of Federal Taxation liaison meeting with legislative aides, May 6 & 7, 2009 December 2009 A primary concern is that the OIC program is not being properly utilized by the IRS.

Tax updates and opportunities in the current economy By Donna F. Hartl, Justin W. Clark, & Samuel Hans July 2009 If utilizing any of these techniques could reduce some clients’ estate tax, then now is the time to consider implementing such a plan with the current depressed market conditions and the looming possibility that legislative action may curtail the effectiveness of these techniques.

To C or not to C….With apologies to Shakespeare By Gregory A. Zbylut March 2009 It’s the bane of every attorney—the client who doesn’t pay.