Source: https://sherayzenlaw.com/category/taxation-law/international-tax-law/international-tax-lawyer-minnesota/
Timestamp: 2020-01-24 08:54:29
Document Index: 277843757

Matched Legal Cases: ['§267', '§267', '§267', '§267', '§267', '§267', '§267', '§267', '§267', '§267', '§267', '§267', '§267', '§267', '§1563', '§267', '§1563', '§267', '§267', '§318', '§267', '§267', '§267', '§267', '§318']

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January 6, 2020 /in international tax lawyer minnesota, Legal Notes /by Manager
In a previous article, I introduced the Internal Revenue Code (“IRC”) §267 constructive ownership rules. Today, I would like to focus specifically on the §267 entity-to-member attribution rule.
§267 Entity-to-Member Attribution: General Rule
§267(c)(1) describes the §267 entity-to-member attribution rule. It states that stocks owned by a corporation, partnership, estate or trust will be treated as owned proportionately by its shareholders, partners, or beneficiaries.
Let’s use an example to explain §267(c)(1). Let’s imagine that Peter and Mary (both US citizens who are not family members within the meaning of §267(c)(4)) own 70% and 30% respectively of shares of X, a C-corporation organized in South Dakota. X owns 100% of shares of N, a Nevada C-corporation.
In this situation, under §267(c)(1), Peter and Mary constructively own 70% and 30% of shares of N. Hence, pursuant to §267(b)(2), Peter is considered to be a related person with respect to X and N corporations due to actual constructive ownership of 70% of shares of both corporations (since this is higher than the 50%-of-value threshold demanded by §267(b)(2)).
Also, note that X and N are related persons, because, pursuant to §267(b)(3), they are members of the same controlled group. §267(b)(3) relies on §267(f) for the definition of the “controlled group”; §267(f), in turn, mostly adopts §1563 definition of controlled group (the main difference is that §267(f) reduces the required level of ownership to more than 50% of voting power and value of the stock as opposed to more than 80% demanded by §1563).
§267 Entity-to-Member Attribution: How Stock is Attributed
The §267(c)(1) is a downstream attribution rule. This means that the attribution of stock flows only in one direction – from entity to the shareholder, partner or beneficiary. There is no “upstream attribution” from shareholder, partner, or beneficiary to the corporation, partnership, estate or trust. Note that this differs from the attribution rules for many corporate transactions governed by §318.
Section 267(c)(1) fails to specify the manner in which attributed stock ownership should be apportioned. The most convincing authority for the apportionment of attributed stocks can be found in case law, particularly Hickman v. Commissioner, 30 T.C. Memo 1972-208. In that case, the Tax Court determined that stock would be attributed from a trust to its beneficiaries proportionately based on the fair market value without any discount for indirect ownership. Actuarial value apportionment was also rejected.
§267 Entity-to-Member Attribution: Chain Ownership
It is important to understand that stock constructively owned by a shareholder, partner, or beneficiary pursuant to §267(c)(1) is treated as actually owned for the purposes of further attribution. In other words, the constructive ownership of a shareholder, partner or beneficiary may be further attributed to others. Moreover, such attribution does not have to be under §267(c)(1); rather, any other attribution category can be used (for example, family member stock attribution).
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http://sherayzenlaw.com/wp-content/uploads/2018/01/sherlawltd_logo.png 0 0 Manager http://sherayzenlaw.com/wp-content/uploads/2018/01/sherlawltd_logo.png Manager2020-01-06 15:29:392020-01-06 15:29:39§267 Entity-to-Member Attribution | International Tax Lawyer & Attorney
IRS 2016 Standard Mileage Rates for Business, Medical and Moving
December 20, 2015 /0 Comments/in international tax lawyer minnesota, Legal Notes /by Manager
On December 17, 2015, the IRS issued its 2016 standard mileage rates to calculate deductible automobile operation costs for business, charitable, medical or moving purposes.
The 2016 standard mileage rates for the use of a car (also vans, pickups or panel trucks) will be:
These 2016 standard mileage rates are effective January 1, 2016 and they are optional; taxpayers always have the option of calculating the actual costs of using their vehicle rather than using the standard mileage rates.
There are some circumstances where a taxpayer cannot use the business standard mileage rate. These exceptions include where a vehicle is depreciated using any depreciation method under the Modified Accelerated Cost Recovery System (MACRS) or after claiming a Section 179 deduction for that vehicle. Furthermore, the business standard mileage rate cannot be used for more than four vehicles used simultaneously.
The 2016 Standard Mileage Rates apply to the vehicles that the taxpayers own or lease (though, there may be additional complications if the vehicle is leased). In addition to standard mileage rates, taxpayers may also deduct, as separate items: parking fees and tolls attributable to the use of a car for business purposes; interest related to the business purchase of a car; state and local personal property taxes (to the extent allowed by IRC Sections 163 and 164).
Parking fees and tools are also available for deduction, as separate items, for the use of a car for charitable, medical, or moving expense purposes. The interest related to the purchase of a car and state/local property taxes are not deductible as charitable, medical or moving expenses; however, they may be deducted as separate items to the extent allowed by IRC Sections 163 and 164.
IRS Notice 2016-01 contains the 2016 standard mileage rates, the amount a taxpayer must use in calculating reductions to basis for depreciation taken under the business standard mileage rate, and the maximum standard automobile cost that a taxpayer may use in computing the allowance under a fixed and variable rate plan.
http://sherayzenlaw.com/wp-content/uploads/2018/01/sherlawltd_logo.png 0 0 Manager http://sherayzenlaw.com/wp-content/uploads/2018/01/sherlawltd_logo.png Manager2015-12-20 16:47:312016-01-15 18:08:21IRS 2016 Standard Mileage Rates for Business, Medical and Moving
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§318 Upstream Estate Attribution | International Tax Lawyer & Attorney