Source: https://floridatax.com/goldman-v-estateof-goldman/
Timestamp: 2019-08-23 05:38:07
Document Index: 452287663

Matched Legal Cases: ['§1', '§1', '§1', '§1', '§170', '§170', '§170']

Goldman v. Estateof Goldman
This decision deals with an award of attorney’s fees and costs against a party without a finding of bad faith by the trial court. An attorney, in her capacity as Guardian Ad Litem, inadvertently disclosed confidential financial and medical information of the ward to the ward’s nieces and nephews.
IRS to Provide New Exception to Partnership Formation Nonrecognition When There Are Foreign Partners »
« Congress Sneaks in Some Important Procedural Tax Changes
Proposed Regulations on Cross-Border Cloud Transactions and other Digital Content Transactions
Determining the source and character of transactions involving the Internet or digital items for U.S. income tax purposes is not always easy, given the paucity of IRS guidance on the subject. Treas. Regs. §1.861-18 is the exception, which addresses how to characterize transactions involving “computer programs,” but that is as far as it goes.
In an effort to bring clarity and guidance to this exploding area of commerce, the IRS has issued proposed regulations under Treas. Regs. §1.861-18 and introduced a new proposed Treas. Regs. §1.861-19.
The proposals under Treas. Regs. §1.861-18 expand . . .
District Court Strikes Regulation Defining Educational Organization Under Code §170(b)(1)(A)(ii)
EXECUTIVE SUMMARY: The U.S. District Court for the District of Minnesota ruled in favor of the Mayo Clinic and held that in determining whether an organization meets the definition of an educational organization under Code §170(b)(1)(A)(ii), the primary function test imposed by regulation is invalid.
FACTS: The Mayo Clinic sought to exclude debt-financed passive income from unrelated business income by qualifying as an organization described in Code §170(b)(1)(A)(ii). That provision describes an organization that is:
an educational organization which normally maintains a regular faculty and curriculum and normally has a regularly enrolled body of pupils or students in attendance at the place where its educational activities are regularly carried on.
The Government acknowledged that the Mayo Clinic “normally maintains a regular faculty and curriculum and normally has a regularly enrolled body of pupils or students in attendance at the place where its educational activities are regularly carried on.” However, the Government argued that the Mayo Clinic was not an “educational organization” within the meaning of the statute since the Clinic did not meet the primary function. . .
IRS Sending Out Cryptocurrency Warning Letters
According to the IRS, cryptocurrency like Bitcoin is treated as property, not money. Notice 2014-21. Therefore, taxpayers who use it buy things or convert it to dollars are treated as having sold it, and have to recognize gain or loss based on what they receive when the dispose of it compared to what they paid for it.
In 2016, only 802 individual income tax returns reported cryptocurrency transactions out of the 132 million filed electronically. The IRS is clearly concerned about a lack of knowledge and/or intentional lack of compliance in this area. Late last month, it announced it is sending 10,000. . .