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Material Participation Flow-chart Test

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Did you materially participate in that activity this year? If you materially participate in an activity you may be able to classify the activity as nonpassive and thus use any losses from that activity to offset other sources of taxable income. Generally, losses from passive activities can only offset passive income (which, strange though it…

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Tax Bulletin Feb 2011: IRS Offshore Account Disclosure Initiative

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Second (and likely final) IRS Offshore Account Disclosure Initiative Action Required by August, 31, 2011 By Christopher J. Loughran, Shareholder, Director of Tax Overview The IRS recently announced another “amnesty” type of program, available until August 31, 2011, for people with previously unreported offshore accounts. The prior disclosure program, which we summarized in our July…

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Tax Bulletin Feb 2011: Washington State Amnesty Program

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Washington State Seeks Additional Revenue By Andrew J. Meyers, CPA Overview The Washington State Legislature stayed busy in 2010 by trying to find ways to fill a $1 billion budget deficit after voters rejected their earlier push for increases on sales taxes for a myriad of consumer products, everything from candy, to bottled water, to…

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Building Value Newsletter Volume VIII, Issue I

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A Business Valuation Newsletter for Business Owners and the Professionals Who Advise Them Using Statistics to Assess Lost Profits During an Economic Downturn The economic downturn has obviously had negative effects on many commercial enterprises, causing them to suffer financial losses. When a firm is a plaintiff in a business lawsuit, how can one evaluate how…

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BDO Real Estate Monitor Winter 2010

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The newsletter of the BDO Real Estate Industry Practice Topics include Residential Real Estate: Making Modifications Work CMBS: Special Servicers Securitization: Covered Bonds Leases: Subordination Clause Could Harm Tentants Legal View: Second Circuit Rejects Champerty Defense Migration: Major Shifts

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Tax Bulletin Dec 2010: Tax Relief Act of 2010

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The Tax Relief Act of 2010-Finally! By Christopher J. Loughran, Shareholder, Director of Tax Overview After much anticipation, the Tax Relief Act of 2010 (the Act) was signed into law by President Obama on December 17, 2010. The most widely reported items included in the Act were the two year extension of existing income tax…

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Tax Bulletin Nov 2010: Small Business Jobs Act of 2010

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Misnamed, but Useful By Kathryn Wilson, CPA & Susan Sterne, CPA, Principal President Obama signed the Small Business Jobs Act of 2010 (SBJA) into law on September 27, 2010. The Act’s title is a misnomer – it includes provisions relevant to businesses of all sizes, expands the delayed taxation of Roth rollovers beyond IRAs and contains…

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FCG Valuation Case E-Flash Executrix v. Commissioner

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Authored by Chris D. Treharne, ASA, MCBA, BVAL and John Walker of Gibraltar Business Appraisals, Inc., a member firm of FCG Issue 12:2 Citation Estate of Charlene B. Shurtz, Deceased, Bonnie K. Case, a.k.a. Bonnie Cathleen Case, Executrix, v. Commissioner, T.C. Memo. 2010-21, Docket No. 6076-07, February 3, 2010 Comments As with Estate of Black v. Commissioner…

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FCG Valuation Case E-flash Petitioner v. Commissioner of Internal Revenue

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Authored by Chris D. Treharne, ASA, MCBA, BVAL and Fawntel Romero of Gibraltar Business Appraisals, Inc., a member firm of FCG Issue 12:1 CITATION: WALTER M. PRICE, Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent, and SANDRA K. PRICE, Petitioner v. COMMISSIONER OF INTERNAL REVENUE, Respondent, T.C. Memo 2010-2, Docket Nos. 9611-06, 9642-06. Filed January 4,…

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BDO Real Estate Monitor Spring 2010

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The newsletter of the BDO Real Estate Industry Practice Topics include Real Estate Workouts: Cash Flow Mortgages Leases: The Takeover Lease Mortgage Loans: Buying and selling Mortgages: Buyer Contingency Clauses Loans: Prepayment Penalty Upheld Metropolis: Five New Realites

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