Individual taxation: recent developments

Recent developments in the area of individual taxation are discussed, including cancellation-of-debt (COD) income; a hobby loss case where the taxpayer prevailed with the IRS, but not with the state taxing authority, theft and casualty losses; and a number of home office deduction cases. The Eighth...

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Bibliographic Details
Published in:The Tax Adviser 2016-03, Vol.47 (3), p.188
Main Authors: Baldwin, David R, Carlton, Lawrence H, Chambers, Valrie, Gershman, Edward Alan, Haim, Donna, Porter, II, Jeffrey A, Rubin, Kenneth L, Sheridan, Kaye F, Taylor, David E, Zidik, Jr., Donald J
Format: Magazinearticle
Language:English
Subjects:
Bankruptcy
Beneficiaries
Capital costs
Data integrity
Debt cancellation
Employees
Federal court decisions
Income taxes
Infringement
Installment payments
Installment sales
Passive activity
Retirement
Tax courts
Tax credits
Tax deductions
Tax refunds
Tax returns
Taxable income
Taxation
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Summary:Recent developments in the area of individual taxation are discussed, including cancellation-of-debt (COD) income; a hobby loss case where the taxpayer prevailed with the IRS, but not with the state taxing authority, theft and casualty losses; and a number of home office deduction cases. The Eighth Circuit held that income tax refunds attributable to additional child tax credits are protected from creditors in bankruptcy because they are meant to be welfare payments, which are exempt from the bankruptcy estate under applicable Missouri state law.
ISSN:0039-9957