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Taxation Law Section 

Please join us on Tuesday April 18, 2017 from 6:00pm-7:00pm in the large conference room at Stein Sperling (25 West Middle Lane, Rockville, MD) for a discussion on Hot Topics in Tax Law: Horses, Hobbies and More.  Our speaker is Jessica Marine, a partner at Frost & Associates.  Jessica manages the firm's litigation and tax collection practices, and has extensive experience representing taxpayers before the Internal Revenue Service and the United States Tax Court.

Jessica will discuss the tax implications of her recent US Tax Court case of Hylton v. Commissioner, where the IRS asserted that the taxpayer was operating a horse activity as a hobby versus a business.  The amount at issue between Federal and State is over $10 million, making this one of the largest horse hobby loss cases in US Tax Court history.  The US Tax Court held in favor of the IRS, and this case is currently being appealed to the 4th Circuit.  Jessica will discuss the factors the Court looks at in deciding these cases and how taxpayers can better protect themselves from falling into the hobby loss rules.  Jessica will also discuss how the IRS is targeting many other businesses in this same respect by extending the applicability of the passive loss rules.  Jessica will explain how to recognize these potential pitfalls and what a client needs to do to overcome these targeted IRS issues.  Jessica will also discuss the President’s proposed changes to tax laws, as well as explain two "loopholes" used by Donald Trump prior to becoming President.

There will be a light dinner from Mission BBQ and beer as well as non-alcoholic drinks.  There is no cost and all are welcome.  Please RSVP to John Pontius at john.pontius@irstaxlitigation.com, so that we know how much food to order.

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Noteworthy
   Late last year, Congress passed and the President signed, the Protecting Americans from Tax Hikes Act ("PATH"), which extended, in many cases on a permanent basis, numerous expiring tax provisions affecting taxpayers.  Some of the more important provisions include:
Key Provisions impacting Businesses:
      • Permanently sets the Code Sec. 179 expensing limit at $500,000 with a $2 million overall investment limit before phase out (both amounts indexed for inflation beginning in 2016).
      • Making permanent the 100% exclusion on gain from the sale of qualified small business stock held for more than five years by non-corporate taxpayers.
  • Permanently reducing the built in-gains recognition period for C corporations electing to be taxed as an S corporation.
Key Provisions impacting Individuals
    • Making permanent the election to claim an itemized deduction for state and local sales taxes rather than state and local income taxes.
     • PATH permanently extends the provision for individuals age 70 1/2 and older to be allowed to make tax-free distributions from individual retirement accounts (IRAs) to a qualified charitable organization. The treatment continues to be capped at a maximum of $100,000 per taxpayer each year.
     • Extending, through 2016, the above-the-line deduction for qualified tuition and fees for post-secondary education.
     • Extending the exclusion from income arising from the cancellation of mortgage debt on a principal residence of up to $2 million ($1 million for a married taxpayer filing a separate return) through 2016. 
If you would like to receive our BAMC Taxation Law Section listserve messages, please contact Cindy at Cindy@barmont.org.

Co-Chairs

John S. Pontius, Jr.
Mark W. Schweighofer

 

Section Meetings

April 18, 2017

This meeting will be held from 6-7PM in the large conference room at Stein Sperling, 25 West Middle Lane, Rockville, MD 20850. 
 

CLE Seminars

None Currently Scheduled