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S Election Terminated as a Result of Form Operating Agreement Language
Category: Tax
A limited liability company (an “LLC”) is a business structure created by state statute, but it is not a distinct business entity for tax purposes (like a partnership or a corporation). Instead, businesses structured as LLCs are taxed under the provisions of the Internal Revenue Code applicable to…
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Which State Can Tax a Trust?
Category: Tax
What are the limits on one state’s power to tax the undistributed income of a trust with no connection to that state, other than the mere fact that a discretionary income beneficiary lives in that state? Authority is divided over whether the residence of a beneficiary or settlor of an out-of-state…
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Second Set of Qualified Opportunity Zone Proposed Regulations Provide Clarity to Potential Investors
Category: Tax
As discussed here in November (Why 2019 Will be the Year of Opportunity (Zones)), the Tax Cuts and Jobs Act created a tax-advantaged incentive program for investing in designated “qualified opportunity zones” throughout the country, including many locations in Arkansas. The opportunity zone program…
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Recent IRS Interim Guidance Provides That It Is Not Too Late For Your Willful Clients To Voluntarily Disclose Their Offshore Accounts, But Penalties Abound
Category: Tax
The Internal Revenue Service has had a long-standing practice of providing taxpayers with potential criminal exposure a means to come into compliance with the law and potentially avoid criminal prosecution through the making of a voluntary disclosure of their domestic or offshore noncompliance…
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Increased Estate/Gift Tax Exemptions Under TCJA: No-Clawback, but Use it or Lose It
Category: Tax
The Tax Cuts and Jobs Act (“TCJA”) passed in December, 2017, doubled the estate and gift tax basic exclusion amount from $5.0 million to $10.0, coupled with a cost of living adjustment. For 2019, the basic exclusion amount is $11.4 million. Unless extended, the increased basic exclusion amount…
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