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Posted by Troy Terakedis | Dec 23, 2019 | Tax, Taxation, Troy Terakedis
A redemption of stock owned by a shareholder of a corporation may be characterized as a “sale or exchange” under IRC Section 302 or as a “dividend” payment under IRC Section 301. The manner in which the redemption is...
Read MorePosted by Troy Terakedis | Aug 5, 2019 | IRS, Tax, Taxation
The IRS has recently began sending letters to certain owners of virtual currency (e.g., Bitcoin, Ether, etc.) regarding requirements for reporting transactions involving such virtual currencies. See IRS Information Release...
Read MorePosted by Troy Terakedis | Apr 1, 2019 | IRS, Tax, Taxation
On March 28, 2019, U.S. Senate Finance Committee Chairman Chuck Grassley (R-IA) and Senator Ron Wyden (D-OR) introduced new tax legislation referred to as the Taxpayer First Act of 2019. This legislation is largely aimed at...
Read MorePosted by Troy Terakedis | Dec 17, 2018 | IRS, Tax, Taxation
In Patients Mutual Assistance Collective Corporation (dba Harborside Health Center) v. Comm’r, 151 T.C. No. 11, the Tax Court held, among other things, that a California medical-marijuana dispensary that was also involved in (i)...
Read MorePosted by Troy Terakedis | Apr 2, 2018 | Tax, Tax Cuts and Jobs Act, Taxation, Troy Terakedis
A “net operating loss” (“NOL”) arises when the amount of a taxpayer’s business deductions for the current tax year exceed its gross income for the current tax. Prior to the enactment of the 2017 Tax Cuts and Jobs Act (generally...
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