A few days ago, an opinion piece that appeared in the Wall Street Journal[i] began as follows: “President Biden’s effort to pass the largest tax increase in U.S. history is based on the verifiably ...

The Biden administration is ramping up new audit teams and regulations to collect some $50 billion in taxes over the next decade from business partnerships such as hedge funds, real estate investors ...

There are approximately 4 million partnership tax returns filed annually, reporting income and loss to almost 30 million partners. Partnership tax entities, which include LLCs, are the fastest growing ...

Heirs can generally benefit from a step-up in basis of inherited assets to their fair market value (FMV) as of the date of the decedent’s death. A recent program manager technical advice (PMTA) makes ...

For stock to qualify for the exclusion of taxable gain under Internal Revenue Code Section 1202, the issuing corporation must satisfy the Gross Assets Test, which generally requires that the ...

Inheriting an asset grants a step-up in basis, setting cost basis to FMV at death, reducing capital gains tax. Controversy surrounds step-up in basis, as it significantly lowers taxes on inherited ...