TCLE

Surk, LLC v. Commissioner, T.C. Memo. 2024-99, explained the need to prove basis as a cumulative number. Estate of Fry v. Commissioner, T.C. Memo. 2024-8, allowed a taxpayer to argue substance over form to get basis. In that case, the taxpayer’s profitable S corporation transferred funds to the taxpayer’s loss corporation. The taxpayer failed to document that as a distribution or loan from the profitable company to the shareholder, followed by a contribution or loan from the shareholder to the loss company; however, the court gave the shareholder that favorable treatment anyway. Finally, Steve will briefly refer to IRS forms describing basis.

Lastly, proposed regulations governing practice before the IRS (Circular 230) would apply common professional standards to those preparing tax returns or making other submissions to the IRS (including appraisals). They also suggest best practices for running a practice. Our presenter will cover the highlights of those rules.

CLE

The live presentation of this webinar was approved for 1.5 hours of general CLE credit in California, Illinois, and Texas; 1.8 hours of general CLE credit in Missouri; and 1.5 hours of professional practice CLE credit in New York. Please visit the CLE Overview page to see how the CLE credit for this recorded webinar can be applied in CA, IL, MO, NY, & TX. 

If you are interested in receiving CA, IL, MO, NY, or TX CLE credit for watching the recorded presentation, you must register for the program by clicking here. 

Participants will only be emailed a Certificate of Attendance if the webinar is viewed in its entirety. If you were unable to view the webinar in its entirety, please contact webinarinquiries@thompsoncoburn.com to see if you are eligible to receive partial credit. 

If you do not receive your Certificate of Completion, please e-mail webinarinquiries@thompsoncoburn.com.

Presenters:

Steve Gorin

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