IRS Tax News – More proposed regs. on qualified opportunity funds issued
The regulations define the term “substantially all,” the definition of which was reserved in the earlier proposed regulations issued in October 2018.
Source: IRS Tax News – More proposed regs. on qualified opportunity funds issued
IRS Tax News – Can a state tax a trust based on the beneficiary’s residency?
The U.S. Supreme Court heard oral arguments in a case that will decide whether states can tax trusts based solely on the fact that a trust beneficiary lives in the state.
Source: IRS Tax News – Can a state tax a trust based on the beneficiary’s residency?
IRS Tax News – Safe harbor issued for valuing pro sports trades
The IRS will permit professional sports teams that trade player contracts to recognize zero gain if both parties to the exchange adopt the safe harbor and do not exchange cash.
Source: IRS Tax News – Safe harbor issued for valuing pro sports trades
IRS Tax News – AICPA asks government to issue more QBI deduction guidance
The AICPA asked Treasury and the IRS to issue additional guidance on Sec. 199A beyond the recently finalized regulations and a proposed revenue procedure in the form of a notice on a safe harbor for rental real estate.
Source: IRS Tax News – AICPA asks government to issue more QBI deduction guidance
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