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Estate of Badgett: Potential Income Tax Refunds Includible in Gross Estate

Wednesday, November 25, 2015

In Estate of Badgett v. Commissioner, the Tax Court held income tax refunds due a decedent at the time of his death were includible in his gross estate for estate tax purposes, although returns claiming those refunds had not yet been filed.

Tax Humor?

Wednesday, November 25, 2015

The first Form 1040 appeared in 1913, when Congress imposed a "1 percent tax on net personal incomes above $3,000 with a 6 percent surtax on incomes of more than $500,000."

IRS to Audit Sampling of (c)(3)s Granted on Short Form

Tuesday, November 24, 2015


At a conference of nonprofit advisors, TE/GE Commissioner Sunita Lough said IRS would be conducting post-determination correspondence examinations of about 1,500 organizations granted exempt status using the short form 1023-EZ.

TAM 201547007 - No Abatement of First Tier Tax Despite "Advice" from Counsel

Monday, November 23, 2015

In TAM 201547007, the National Office advised that first tier excise taxes imposed on a private foundation for failing to exercise of expenditure responsibility should not be abated, even though the trustees had relied on counsel who was fully informed of the relevant facts.

December 7520 Rate Again Flat at 2.0%

Monday, November 23, 2015

Rates, Tables & Statistics

In Rev. Rul. 2015-25, the Service announced the Section 7520 rate for December will remain at 2.0% for a third consecutive month.

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