LexisNexis® Legal Newsroom
Todd Reinstein
Sustainability, CleanTech and Climate Change Alert

On July 9, the Treasury released terms and conditions of the highly anticipated "1603 Program," which provides cash grants in lieu of tax credits for renewable energy property. The Treasury is not yet accepting applications, but to expedite...

Peter Miller
Proposed Surtax in House Bill Health Plan Raising Eyebrows

If the 4.6% income-tax rate increase coming in 2011 isn't enough to take the wind out of the sails of high-income taxpayers, how does a hefty surtax to pay for health care reform sound? The $1 trillion House bill to extend health care to the uninsured...

Mark A. Muntean
Investor Alert on California IOUs

Earlier this week I was wondering if investing in California IOUs was a good idea. Well the answer may be a big fat NO . The SEC has issued an opinion that California IOUs are “securities,” and therefore those holding the IOUs are entitled...

Todd Reinstein
Carrying Back Your NOL? New CCA May Limit a Portion of the Loss

The downturn in the economy has caused many companies to turn from profitability to incurring significant operating and tax losses (NOL). Commonly, corporations carry back newly created federal income tax loss to a profitable year to claim a refund of...

Annette M. Ahlers
IRS Issues Advice Affecting The Ability to Use Losses

In the current business environment taxpayers are looking to fortify their cash position and reduce their overall tax burden. Identifying available losses is one way to achieve these goals. This article discusses three recent forms of guidance in which...

LexisNexis Tax Center
Garnett v. Comm'r, 2009 U.S. Tax Ct. LEXIS 18 (T.C. June 30, 2009)

Plaintiffs owned interests in L.L.P.s, L.L.C.s, and tenancies in common. On cross-motions for partial summary judgment, the parties request a ruling as to whether plaintiffs’ interests are subject to IRC Sec § 469(h)(2) , which treats losses...