Daily Tax Report: State provides authoritative coverage of state and local tax developments across the 50 U.S. states and the District of Columbia, tracking legislative and regulatory updates,...
In Gateway Hotel Partners LLC v. Commissioner of Internal Revenue, the U.S. Tax Court recently determined that two transfers of Missouri historic preservation tax credits were partnership distributions but that a portion of a third credit transfer was a taxable sale. In this interview, Philip Karter, lead trial counsel for petitioner Kimberly-Clark Corp., offers valuable insight on various aspects of the decision, including the imposition of a negligence penalty and the IRS's decision to allow one partner to “escape taxation.” He also discusses some important tax planning issues for partners and partnerships.
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