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Field Attroney Advice

Taxpayer had to compute depletion allowance under two separate methods

Taxpayer had to compute depletion allowance under two separate methods

Legal Advice Issued by Field Attorneys 20161401F In a redacted Legal Advice Issued by Field Attorneys (LAFA), IRS has concluded that where a taxpayer that mined minerals and used some of its mined mineral to manufacture certain products, it had to perform two Code Sec. 613 percentage depletion allowance calculations: one for the mineral it […]

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Field Advice – No partnership existed for tax purposes because there was no risk of loss or chance of gain

Field Advice – No partnership existed for tax purposes because there was no risk of loss or chance of gain

Legal Advice Issued by Field Attorneys 20161101F In a highly redacted Legal Advice Issued by Field Attorneys (LAFA), IRS has concluded that a taxpayer’s investment in an arrangement which was to provide it with Code Sec. 45 refined coal production tax credits wasn’t a bona fide partnership. The purported partner did not engage in a […]

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IRS memo shows potential pitfalls in calculation of structural component disposition loss

IRS memo shows potential pitfalls in calculation of structural component disposition loss

Legal Advice Issued by Field Attorneys 20154601F In Legal Advice for Field Attorneys (LAFA), IRS has pointed out errors in a taxpayer’s calculation of the amount of loss it should be able to take with respect to structural component dispositions (SCDs). Background. Final Code Sec. 168 regs issued in 2014 apply to tax years beginning on […]

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Drug maker seeking FDA OK for generic drug must capitalize patent infringement defense costs

Drug maker seeking FDA OK for generic drug must capitalize patent infringement defense costs

Legal Advice Issued by Field Attorneys 20154502F In Legal Advice issued by Field Attorneys (LAFA), IRS has concluded that a drug company must capitalize under Code Sec. 263 legal fees it paid in defending against a patent infringement lawsuit that was filed as part of the complex process of obtaining FDA approval for a generic […]

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Multiple poker tournament buy-ins weren’t identical wagers for purposes of withholding rules

Multiple poker tournament buy-ins weren’t identical wagers for purposes of withholding rules

Legal Advice Issued by Field Attorneys 20153601F In Legal Advice Issued by Field Attorneys, IRS has held that, where a poker tournament had an initial buy-in amount in order to participate, and also allowed players who lost all their initial buy-in chips to buy in a second, third, etc. time, multiple buy-ins were not “identical […]

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No deduction for partially worthless debts where charge-off requirement not met

No deduction for partially worthless debts where charge-off requirement not met

Legal Advice Issued by Field Attorneys 20153501F In Legal Advice Issued by Field Attorneys (LAFA), IRS has concluded that a taxpayer couldn’t deduct partially worthless debts because it failed to charge off the amounts on its books during the tax year.Click here for Legal Advice Issued by Field Attorneys 20153501F. Background. A deduction is allowed for […]

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Failure to adequately describe gifts allowed IRS to assess gift tax at any time

Failure to adequately describe gifts allowed IRS to assess gift tax at any time

Legal Advice Issued by Field Attorneys 20152201F Background on gift tax limitations period. The Code imposes a tax on a transfer of property by gift. (Code Sec. 2501(a)) In general, any individual who makes a transfer by gift in any calendar year must file a gift tax return for that year using Form 709, United States […]

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Cost of services provided to taxpayer’s joint venture was capital contribution

Cost of services provided to taxpayer’s joint venture was capital contribution

Legal Advice Issued by Field Attorneys 20153101F In Legal Advice Issued by Field Attorneys, IRS has concluded that the cost of services that a taxpayer incurred on behalf of a joint venture in which it was a participant, was a capital contribution to the joint venture and a deductible expense of the joint venture. Background. Code […]

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Regs to be issued on U.S. person’s transfers of property to partnership with foreign partners

Regs to be issued on U.S. person’s transfers of property to partnership with foreign partners

Notice 2015-54, 2015-34 IRB In a Notice, IRS has announced that it intends to issue regs under Code Sec. 721(c) to ensure that, when a U.S. person transfers certain property to a partnership that has foreign partners related to the transferor, income or gain attributable to the property will be taken into account by the […]

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LIFO recapture applies to a Qsub election for C corporations

LIFO recapture applies to a Qsub election for C corporations

Legal Advice Issued by Field Attorneys 20153001F In Legal Advice Issued by Field Attorneys (LAFA), IRS has untangled the last-in, first-out (LIFO) recapture consequences resulting from the C corporation parent of a consolidated group merging with an S corporation’s subsidiary, followed by that S corporation electing to treat the parent’s consolidated group as qualified subchapter […]

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FASIT Didn’t Qualify Under Grandfather Rules

FASIT Didn’t Qualify Under Grandfather Rules

Legal Advice Issued by Field Attorneys 20150601F   In a highly redacted Legal Advice Issued by Field Attorneys (LAFA), IRS has concluded that an entity didn’t fall under the grandfather rules exempting it from the repeal of the financial asset securitization investment trust (FASIT) provisions. Further, payments with regards to stock didn’t qualify as a […]

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Grain sales by cooperative’s partnership didn’t result in per-unit-retain-paid-in-money

Grain sales by cooperative’s partnership didn’t result in per-unit-retain-paid-in-money

Legal Advice Issued by Field Attorneys 20150801F In a redacted Legal Advice issued by Field Attorneys (LAFA), IRS has concluded that a cooperative that was a partner in a partnership that wasn’t itself a cooperative couldn’t treat the partnership’s grain purchases as the cooperative’s per-unit-retain-paid-in-money (PURPIM) under Code Sec. 1388(f). Further, the cooperative couldn’t re-characterize […]

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IRS Legal Advice: Negative easement payments were rental income for personal holding company test

IRS Legal Advice: Negative easement payments were rental income for personal holding company test

Legal Advice Issued by Field Attorneys 20152102F In Legal Advice Issued by Field Attorneys (LAFA), IRS has concluded that payments for a negative easement (i.e., to leave property undeveloped) to a corporation were rental payments includable in personal holding company income under Code Sec. 543(b)(3) —a conclusion that presumably subjected the corporation to the 20% […]

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IRS Legal Advice: How filing the wrong payroll tax form affects statute of limitations on assessments

IRS Legal Advice: How filing the wrong payroll tax form affects statute of limitations on assessments

Legal Advice Issued by Field Attorneys 20152101F In a Legal Advice Issued by Field Attorneys (LAFA), IRS has provided guidance on the effect on the running of the statute of limitations for assessment of: a) a taxpayer filing Form 941, the quarterly employment tax return, when he was supposed to file Form 944, the annual […]

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Taxpayer’s Issuance of Debt Exchangeable For Stock It Owned Created a Straddle

Taxpayer’s Issuance of Debt Exchangeable For Stock It Owned Created a Straddle

Legal Advice Issued by Field Attorneys 20151201F In Legal Advice issued by Field Attorneys, IRS has concluded that: a) a taxpayer’s issuance of bonds that were exchangeable for shares of public companies that were owned by the taxpayer at the time of the bond issuance, created a straddle; and b) as a result, the taxpayer […]

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Company not required to file information returns for payment made for freight hauling services

Company not required to file information returns for payment made for freight hauling services

Legal Advice Issued by Field Attorneys 20151002F In Legal Advice issued by Field Attorneys, IRS has concluded that a motor freight carrier company (Company) that paid independent operators to haul freight on Company’s trailers was not required to file information returns under Code Sec. 6041and was not a broker as defined in Code Sec. 6045. […]

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TEFRA Doesn’t Apply to Employment Tax Examinations or Worker Classification Proceedings

TEFRA Doesn’t Apply to Employment Tax Examinations or Worker Classification Proceedings

Legal Advice Issued by Field Attorneys 20145001F   In Legal Advice Issued by Field Attorneys (LAFA), IRS has concluded that the unified partnership audit rules under the Tax Equity and Fiscal Responsibility Act of ’82 (TEFRA, (P.L. 97-248)), as codified in Code Sec. 6221 – Code Sec. 6234 , don’t apply to employment tax examinations […]

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3-to-5-year carryback of 2008/2009 NOLs doesn’t change order for utilizing AMT NOLs

3-to-5-year carryback of 2008/2009 NOLs doesn’t change order for utilizing AMT NOLs

Legal Advice Issued by Field Attorneys 20144201F In Legal Advice Issued by Field Attorneys (LAFA), IRS has concluded that alternative tax net operating losses (ATNOLs) that were incurred in 2008 or 2009, and that qualify for the special 3-to-5-year carryback under Code Sec. 172(b)(1)(H), cannot be utilized by taxpayers after ATNOLs that are incurred in […]

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No Extended NOL Carryback For Successor Of Tarp Recipient

No Extended NOL Carryback For Successor Of Tarp Recipient

Legal Advice Issued by Field Attorneys 20144601F In Legal Advice Issued by Field Attorneys (LAFA), IRS concluded that a taxpayer who acquired a Troubled Asset Relief Program (TARP) recipient in a statutory merger was prevented by the Code Sec. 381 attribute carryover rules from electing the extended net operating loss (NOL) carryback in Code Sec. […]

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What is the value and utility of regs, rulings, and other IRS documents? – Part II

What is the value and utility of regs, rulings, and other IRS documents? – Part II

IRS issues a wide variety of documents every week, some of which are written for public release and others of which are for IRS’s internal use but are ultimately released under the Freedom of Information Act. Whether written for internal or public use, IRS administrative pronouncements vary in precedential value and utility. This 2-part Practice […]

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Meet Paul Raymond

Meet Paul Raymond

Mr. Raymond is a sought after speaker in tax controversy law by many attorney, accountant, and business groups and at the request of the Internal Revenue Service, has presented programs at the IRS Nationwide Tax Forum, attended by tax professionals throughout the United States.

Additionally, he continues to be an active member in the Section of Taxation, American Bar Association, where he was the Past Chair of the Employment Taxes Committee.

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Member CA Bar Member Orange County Bar US Tax Court Attorney