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Two Scholarship Exception Rulings

Monday, January 26, 2015

In two unrelated rulings, PLRs 201504018 and 201504019, the Service determined a private foundation's grants to individuals would fall within the scholarship exception to the general prohibition against taxable expenditures.

PLR 201504009 - Yet Another Late Form 8939 Filing

Monday, January 26, 2015

In PLR 201504009, the Service exercised its discretion to permit the late filing of Form 8939, on which the executor of a decedent who died in 2010 elects out of the federal estate tax, and allocates up to $1.3 million in basis increase to selected assets.

February 7520 Rate Slips Back to 2.0%

Monday, January 26, 2015

Rates, Tables & Statistics

In Rev. Rul. 2015-3, the Service announced the Section 7520 rate for February will again fall to 2.0%. The rate was steady at 2.2% throughout much of 2014, touching 2.4% twice, but dipping to 2.0% in December. Over the course of 2014, the rate averaged nearly 62 basis points higher than in 2013.

IRS Updates Applicable Federal Rates for February 2015

Friday, January 23, 2015

The IRS has announced the Applicable Federal Rates for February 2015, including the Section 7520 rate of 2.0%.

Hatch, Wyden Announce Subcommittee Assignments

Friday, January 23, 2015


In a joint press release Thursday, Senate Finance Committee Chair Orrin Hatch (R-UT) and Ranking Member Ron Wyden (D-OR) announced assignments for the 114th Congress to the panel's six subcommittees.

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