lystn

Current Federal Tax Developments for the week of September 3, 2019: No Horse, No Business Tax Court finds that taxpayer did not have a trade or business of raising/showing horses since she didn’t have a horse Tax Court rejects IRS’s “step in the shoes” theory for gifted partnership interest with interest from debt-financed distribution received by donor IRS accepts court’s revision of IRA beneficiary, surviving spouse allowed to treat IRA as her own Coffeehouse was not a §501(c)(3) charitable organization Notice of deficiency sent to addresses used on returns found to be sent to last known address Copyright 2019 Kaplan, Inc.