If a given year's contribution exceeds the deductible amount for that year, the excess can be carried over to and deducted in the following year, to the extent that the limits for that year are not exceeded, according to Sec. 419(d).
The employer's deduction limit is reduced under Sec. 419(c)(2) by the WBP trust's after-tax income.
Under Sec. 6231 (a) (2) (B), the parent would be treated as a partner for TEFRA partnership procedures purposes.
It was determined that the parent's payment was not a partnership item and that its status as a partner for Sec. 6231(a) (2) (B) purposes did not make it a partner for subchapter K purposes.
The proposed regulations to Sec. 645 also provided that a trust that was treated as owned by the decedent under Sec.
If an executor is appointed for the decedent's estate, the executor and trustee of the QRT jointly make the Sec. 645 election by filing Form 8855, Election to Treat a Qualified Revocable Trust as Part of an Estate [Treas.
Under the TIPRA, new Sec. 355(b)(3) amends the active-trade-or-business requirement, while new Sec.
Under Sec. 355(b)(2)(A), a corporation is treated as engaged in the active conduct of a trade or business only if it is directly engaged in the active conduct of a trade or business, or "substantially all" (2) of its assets consist of stock and securities of a corporation controlled by it that is so engaged.
The election to roll over under IRC Sec
. 1045 and R&TC Sec
Final regulations (2) provide that the COI and COBE requirements need not be met for Sec
. 368(a)(1)(E) and (F) reorganizations.
It relied on Sec
. 701 and the substance-over-form doctrine to rule that these taxpayers never became partners, but instead, sold the assets to the LLC.
The Tax Court held that TLC, the PEO, is subject to the Sec
. 274(n) limit, because it was the driver's common-law employer.
. 1.861-8(f)(1) already contains an extensive list of the operative sections which require the determination of taxable income from specific sources or activities.
To qualify for Sec
. 66 relief, spouses must meet several specific criteria, one of which, not surprisingly, is that the earned income could not have been transferred directly or indirectly to the nonearning spouse.
Prior to the ETA, the Sec
. 1245 recapture provisions applied to gains on dispositions of amortizable Sec