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Grant Of An Option Found To Be A Gift
October 23, 2018
On January 2, 1978, A transferred to B, his son, an option to purchase real property located in State X and owned by A. B paid A $10 upon receipt of the option....

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Recent Reports

"Sale" Of "Carryout" Bags Not Subject To New York Sales Tax
October 23, 2018
The Suffolk County (N.Y.) Legislature recentlyenacted Local Law No. 27-2016.... This Local Law took effect on January 1, 2018. The Local Law was passed to "encourage...
Personal Exemption Deductions And Sec. 36B
October 23, 2018
Sec. 11041 of the Tax Cuts and Jobs Act, ("TCJA"), added Sec. 151(d)(5) to the Internal Revenue Code. Sec. 151(d)(5) reduces the amount of the personal exemption dedu...
No Deduction Under Sec. 166 For Debts Owed By "Political Parties"
October 23, 2018
An organization files a Return of Organization Exempt From Income Taxation, (Form 990), for each of the taxable years Year 1, Year 2, and Year 3 as an organization described in...
Drug Wholesaler Not Entitled To Preferential Tax Rate
October 22, 2018
AventisPharmaceutic, Inc., a Delaware corporation, transferred all of its business activities and employees to Sanofi-AventisUS LLC, ("Sanofi), a Delaware limi...