August 1, 2004 — Facts: Derek owns stock in two S corporations–he is the sole shareholder of Sunny Corp. and owns half the shares of Dew Corp. He works full-time …

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August 1, 2004 — At long last, a letter ruling approves a retirement payout strategy used by many personal service firms, so that the recipient avoids self-employment …

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August 1, 2004 — The Tax Court recently ruled that a former debtor in bankruptcy (P) could apply net operating losses (NOLs) acquired from his bankruptcy estate against nonbankruptcy income recognized during th

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August 1, 2004 — Clearly, taxpayers cannot deduct expenses paid on behalf of another on their individual returns. In Michael T. Hines, TC Suture. Op. 2004-55, the …

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August 1, 2004 — A grantor retained annuity trust (GRAT) is an irrevocable trust to which a grantor transfers property in exchange for the right to receive a fixed …

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August 1, 2004 — The aging of the baby boomers, the largest generation in American history, has begun. The oldest “boomers” celebrate their 58th birthday this year.

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August 1, 2004 — Sen. Russell Long (D-LA), the long-time tax dean of the Senate Finance Committee, believed that if labor were allowed to share in the rewards of …

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August 1, 2004 — EXECUTIVE SUMMARY * GRATs leverage the donor’s lifetime exemption by discounting the value of the future interest. * Funding GRATs with S …

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August 1, 2004 — Rev. Proc. 2004-34 offers accrual-basis taxpayers several options to recognize income received from advance payments for goods or services, including …

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August 1, 2004 — Financial crimes are grabbing headlines internationally; interested accounting graduates now have an opportunity to prevent and fight those crimes …

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