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Tax Blawg

Tax Talk Blog for Tax Pros

Welcome to TaxBlawg, a blog resource from Chamberlain Hrdlicka for news and analysis of current legal issues facing tax practitioners. Although blawg.com identifies nearly 1,400 active “blawgs,” including 20+ blawgs related to taxation and estate planning, the needs of tax professionals have received surprisingly little attention.

Tax practitioners have previously lacked a dedicated resource to call their own. For those intrepid souls, we offer TaxBlawg, a forum of tax talk for tax pros.

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Posts tagged basis.

The Seventh Circuit handed the government a victory yesterday, deciding in Beard v. Comm’r that a taxpayer’s overstatement of basis can result in an omission of income under Code section 6501(e), thereby extending to six years the statute of limitations for the IRS to make an assessment, rather than the usual three.

Background

Beard involved an individual taxpayer who had engaged in a variant of the so-called “Son-of-BOSS” transaction in which the taxpayer sold short a position in a financial asset and contributed to a partnership both the proceeds of and the debt created by ...

Categories: Audit, Litigation

From time to time, we receive questions from readers about current topics on their minds.  One of our readers wrote earlier this week to ask about an article from Monday’s Tax Notes2011 Brings New Return Obligation for Corporate Actions Affecting Basis, by Amy Elliott.  The article discussed the newly effective Code section 6045B which generally requires corporations that engage in some act that affects the basis of their outstanding stock or other securities (e.g., a stock split or a distribution in excess of earnings and profits) to file a statement with the IRS and furnish a ...

Categories: Corporate