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Author Archive for Tracy Tasch

ttasch

Partner Tax Basis Capital Reporting Not Required Until 2020 Partnership Tax Years

Partner Tax Basis Capital Reporting Not Required Until 2020 Partnership Tax Years The IRS has released guidance that provides that the requirement to report partners’ shares of partnership capital on the tax basis method will not be effective for 2019 partnership tax years, but will first apply to 2020 partnership tax years. 2019 Reporting For […]

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ttasch

Proposed Regulations Provide Guidance on Section 382(h) Built-in Gain and Loss Computation

Proposed Regulations Provide Guidance on Section 382(h) Built-in Gain and Loss Computation Proposed regulations would provide guidance on the inclusion of income and deduction items in the calculation of built-in gains and losses under Code Sec. 382(h). The proposed regulations would: simplify the application of Code Sec. 382; provide more certainty to taxpayers in determining […]

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ttasch

Nashville group buys the Westin Tampa Bay on Rocky Point, plans long-term renovation

Nashville group buys the Westin Tampa Bay on Rocky Point, plans long-term renovation https://www.bizjournals.com/tampabay/news/2019/07/02/nashville-group-buys-the-westin-tampa-bay-on-rocky.html By Ashley Gurbal Kritzer  – Senior Reporter, Tampa Bay Business Journal Jul 2, 2019, 2:50pm EDT Westin Tampa Bay, a 16-story hotel on Tampa’s Rocky Point, has been sold to a group of Nashville investors. Castlerock Asset Management said Tuesday that it […]

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ttasch

Final Regulations Clarify Employment Tax Treatment of Partners in Partnership That Owns Disregarded Entity

Final Regulations Clarify Employment Tax Treatment of Partners in Partnership That Owns Disregarded Entity The IRS has released final regulations that clarify the employment tax treatment of partners in a partnership that owns a disregarded entity. The Treasury Department and the IRS had issued the temporary regulations ( T.D. 9766) to clarify that the rule that […]

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ttasch

Final Regs Dealing With Lessees Claiming Investment Credit Disallow Basis Increases for Partners and S Shareholders Making Income Inclusions

Final Regs Dealing With Lessees Claiming Investment Credit Disallow Basis Increases for Partners and S Shareholders Making Income Inclusions IRS final regulations provide rules that apply when the lessor of investment tax credit property elects to pass the credit through to a lessee. If this election is made, the lessee is generally required to include […]

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ttasch

Preventive Care High Deductible Health Plan Exceptions Expanded for Chronic Conditions

Preventive Care High Deductible Health Plan Exceptions Expanded for Chronic Conditions Effective July 17, 2019, the list of preventive care benefits that can be provided by a high deductible health plan (HDHP) without a deductible or with a deductible below the applicable minimum deductible is expanded. The list now includes certain cost effective medical care […]

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ttasch

Proposed Regulations Address PFIC Rules

Proposed Regulations Address PFIC Rules The Treasury and IRS have issued proposed regulations on provisions dealing with passive foreign investment companies (PFICs). Proposed regulations published on April 25, 2015, also have been withdrawn ( NPRM REG-108214-15). U.S. persons who own interests in PFICs are subject to rules that limit deferral on passive income earned by foreign […]

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ttasch

Proposed Exception to MEP Unified Plan Rule

Proposed Exception to MEP Unified Plan Rule Proposed regulations would provide an exception to the unified plan rule for multiple employer plans (MEPs). The purpose is to reduce the risk of plan disqualification due to noncompliance by other participating employers. The regulations would apply on or after the publication date of final regulations in the […]

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ttasch

Proposed Reliance Regs Address Qualified Opportunity Funds, Zones and Businesses

Proposed Reliance Regs Address Qualified Opportunity Funds, Zones and Businesses Proposed regulations address gains that may be deferred when taxpayers invest in a qualified opportunity fund (QOF). Taxpayers may generally rely on these new proposed regulations. The IRS has also requested comments. The proposed regulations also withdraw and replace placeholder provisions in an earlier set […]

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