INTERESTING TAX STUFF

[Lee B]

Notice 2020-75

"The IRS indicated that future regulations would allow flowthrough entities to deduct state and local income taxes paid at the entity level, in lieu of including all or a portion of that income at the individual level where a deduction would not be allowed."

 

Vasquez v. Commissioner, TC Summary Opinion 2021-32

"The Tax Court, under pre-2018 law, denied travel expenses for an individual who worked 237 miles from his residence, despite his work being temporary and lasting less than one year in that he was regularly reengaged on new jobs; thus his tax home was where he worked and slept in a trailer, rather then where his family resided and where he returned on weekends."

 

 Toulouse v. Commissioner 157 TC No. 4

"The Tax Court ruled that the Foreign Tax Credit may not offset the Net Investment Tax, as it is not a “Chapter 1” tax."

 

 Richlin v. Commissioner, 128 AFTR2d 2021-5969

"The Ninth Circuit Court of Appeals agreed with the Tax Court that a divorcing husband was entitled to all overpayment credits from a joint return and all estimated tax payments, as the parties had a prenuptial agreement that made him responsible for all tax liability not related to separate property of his spouse."

 

 Chief Counsel Advice 202142010

"The IRS stated that issuance of a closing letter to an estate does not preclude subsequent examination of the return."

[Gail in Virginia]

I love the quote you used under these tax court opinions!