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Searching Content indexed under Capital Gains Tax by Grant Thornton LLP ordered by Published Date Descending.
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Oklahoma Supreme Court Allows Individual To Take Capital Gain Deduction For Sale Of S Corporations' Goodwill
On June 27, 2017, in a unanimous decision, the Oklahoma Supreme Court reversed the Oklahoma Tax Commission and held that an individual taxpayer could take a capital gain deduction for the proceeds...
United States
11 Sep 2017
2
Indiana Tax Court Finds Department Erred In Reclassifying Gain From Sale Of Subsidiary As Business Income
On July 11, 2017, the Indiana Tax Court held that the Indiana Department of Revenue erred in reclassifying a corporation's gain on a 2001 sale of a subsidiary from nonbusiness income to business income.
United States
7 Sep 2017
3
IRS Rules On Timing Of Plan Of Liquidation
In a recently issued private letter ruling (PLR 201731008), the IRS ruled that a corporate taxpayer had not adopted a plan of liquidation until after certain steps were completed in an internal restructuring...
United States
6 Sep 2017
4
There's A Difference Between Restricted Stock And Restricted Stock Units
Restricted stock and restricted stock units (RSUs) -- they're the same thing, right? This is one of the most common misconceptions about these equity vehicles.
United States
30 Aug 2017
5
Tax Court Ruling On Redemption Of Partnership Interest By Foreign Partner May Allow For Refund Opportunity
On July 13, 2017, in Grecian Magnesite Mining, Industrial & Shipping Co., SA v. Commissioner, 149 T.C. No. 3 (2017), the U.S. Tax Court held that certain gain recognized by a nonresident partner...
United States
22 Aug 2017
6
Oklahoma Supreme Court Allows Individual To Take Capital Gain Deduction For Sale Of S Corporations' Goodwill
On June 27, 2017, in a unanimous decision, the Oklahoma Supreme Court reversed the Oklahoma Tax Commission and held that an individual taxpayer could take a capital gain deduction for the proceeds that he received...
United States
14 Aug 2017
7
Treasury Identifies Eight Regulations Subject To Modification And Potential Repeal
The Treasury Department on July 7 issued Notice 2017-38 which identifies eight regulations — including those issued under Section 385 — that could be subject to some reform, including modification...
United States
21 Jul 2017
8
New Jersey Tax Court Holds Gains From Deemed Asset Sale Of S Corporation Constitutes Non-Operational Income
The New Jersey Tax Court has held that the gain from a deemed asset sale was non-operational income and therefore not subject to apportionment.
United States
29 Jun 2017
9
IRS Publishes Revenue Ruling On ‘North-South' Spinoffs
In Situation 1 of the Rev. Rul., Parent owns all the stock of Distributing, which owns all the stock of Controlled. On Date 1, Parent purports to contribute $25x of property of Controlled in...
United States
16 May 2017
10
Trump Outline Seeks To Reclaim Tax Reform Effort
The Trump administration released an outline for tax reform on April 26 that includes the president's bold proposals to slash rates but leaves many of the difficult questions unanswered.
United States
4 May 2017
11
Resulting Partnership May Use Partial Netting Approach For Certain Section 704(C) Allocations
In private letter rulings (PLRs) 201710007 and 201710008, the IRS responded to a request for rulings on three issues: first, whether the merger of several investment partnerships would result in...
United States
6 Apr 2017
12
Year-End Tax Guide For Compensation And Benefits
Grant Thornton LLP's Year-End Tax Guide for Compensation and Benefits is designed to give comprehensive information about the complex tax issues you worry about. We include a portion of the guide here.
United States
22 Dec 2016
13
Texas Letter Ruling Denies Capital Asset Or Investment Treatment For Goodwill And Government Permits And Licensing
On July 22, 2016, the Texas Comptroller of Public Accounts issued a letter ruling addressing the proper apportionment of gross receipts from the sale of substantially all of the assets of a company located in Texas to an entity incorporated in Delaware.
United States
20 Oct 2016
14
Court Holds Deposit From Terminated Sale Contract Isn't Capital Gain
The Tax Court has held in CRI-Leslie, LLC v. Commissioner (147 T.C. No. 8) that a partnership recognized ordinary income from its gain from a terminated sale contract.
United States
12 Oct 2016
15
IRS Concludes That Termination Fee Is Capital Loss Under Section 1234A
The IRS concluded in field attorney advice (FAA 20163701F) that a fee related to the termination of a merger agreement resulted in a capital loss to a taxpayer under Section 1234A.
United States
3 Oct 2016
16
Court Holds Deposit From Terminated Sale Contract Isn't Capital Gain
The Tax Court has held in CRI-Leslie, LLC v. Commissioner (147 T.C. No. 8) that a partnership recognized ordinary income from its gain from a terminated sale contract.
United States
3 Oct 2016
17
Trump Sends Mixed Signals On Pass-Through Rates While Clinton Bumps Up Her Estate Tax Proposal
Presidential candidate Donald Trump provided new details on his tax reform plan last week, but the campaign provided conflicting information on how the 15% business rate would apply to pass-through businesses.
United States
29 Sep 2016
18
Clinton And Trump Spar Over Tax Policy With New Proposals
The Democratic presidential nominee, Hillary Clinton, responded to the new tax proposals of the Republican nominee, Donald Trump, by updating her own tax platform with changes...
United States
5 Sep 2016
19
IRS Issues Proposed Regulations On Device And Active Trade Or Business Requirements Under Section 355
The IRS issued proposed regulations (REG-134016-15) that provide guidance under Treas. Reg. Secs. 1.355-2 and -9 to address concerns regarding the spinoff of too many nonbusiness assets relative to...
United States
8 Aug 2016
20
Republican Tax Reform Blueprint Would Slash Rates And Cut Incentives
House Republicans released a "blueprint" for tax reform on June 24 that calls for sharp cuts in tax rates and full expensing for business investments.
United States
1 Jul 2016
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