For a trust to qualify for the charitable deduction, a charitable contribution must be made from gross income. [ See IRC § 642(c) .] IRC Section 642 requires tracing since the source of the charitable contribution must be gross income rather than...
Julia D. Corelli and
Laura D. Warren
On September 27, 2010, President Obama signed into law the Small
Business Jobs Act of 2010 (H.R. 5297), which included among many other
provisions, a short-term 100 percent exclusion (subject to per...
The proposed changes to the Internal Revenue Code section 1202 could
increase interest in investments in small business stock.
Section 1202 of the Internal Revenue Code provides a special partial
exclusion from gross income for individual taxpayers...
By Gale E. Chan , Jon Finkelstein and Patrick J. McCurry The U.S. Court of Appeals for the D.C. Circuit recently reversed two
U.S. Tax Court decisions and held that an overstatement of basis
constitutes an omission from gross income that is subject...