Tax Law

Recent Posts

New Jersey Tax Court Concluded SMLLC’s Share of Partnership Loss Not Business Loss
Posted on 17 Mar 2020 by Eversheds Sutherland LLP

The New Jersey Tax Court ruled that an individual owner of a single-member limited liability company (“SMLLC”) correctly reported his distributive share of partnership income reported by the SMLCC. The SMLLC owned a 50% interest in a partnership that... Read More

Profits or Salary? New Jersey Tax Court Determines Distributions Are Dividends, Not Compensation for Services
Posted on 8 Jan 2020 by Eversheds Sutherland LLP

The New Jersey Tax Court held that distributions made to a corporation’s two shareholders constituted dividends, and rejected the corporation’s argument that the distributions should be treated as compensation for managerial services that could be deducted... Read More

Louisiana Residents Entitled to Claim Credit for Texas Franchise Tax Paid by Pass-Through Entities
Posted on 31 Jan 2019 by Eversheds Sutherland LLP

The Louisiana Supreme Court ruled that residents who owned an S corporation and limited liability company were entitled to a credit against their Louisiana income tax liability for Texas franchise tax paid by the pass-through entities. In so holding,... Read More

Tax Court: Premature FPAA on Computational Items Invalid, Jurisdiction Denied
Posted on 29 Mar 2012 by Asbury Law Firm

There are few areas of the tax code as complex and potentially confusing as the rules for TEFRA partnership proceedings. Even the most steely-eyed tax pros wince at the details. Nonetheless, TEFRA is at the heart of many of the transactions that the IRS... Read More

Tax Court: Premature FPAA on Computational Items Invalid, Jurisdiction Denied
Posted on 29 Mar 2012 by Asbury Law Firm

There are few areas of the tax code as complex and potentially confusing as the rules for TEFRA partnership proceedings. Even the most steely-eyed tax pros wince at the details. Nonetheless, TEFRA is at the heart of many of the transactions that the IRS... Read More