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Federal Tax Update — May 2019

from By David S. De Jong, Esq., CPA, Stein Sperling Bennett De Jong PC

In Jim v. United States, the U.S. Supreme Court denied certiorari, declining to review a ruling of the Eleventh Circuit Court of Appeals at 121 AFTR2d 2018-1939 which held that shared gaming revenue among Native American tribe members was not exempt from taxation as welfare payments.

In Barbara v. Commissioner, TC Memo 2019-50, the Tax Court determined that a couple running a lending business materially participated, finding that their hours exceeded 700 per year and that participation was regular, continuous and substantial.

In Williams v. Commissioner, 123 AFTR2d 2019-________, the Ninth Circuit Court of Appeals agreed with the Tax Court that an individual’s airplane rental activity was not a single economic unit with a telephone skills training business, causing the airplane rental to be a passive activity.

In Conner v. Commissioner, 123 AFTR2d 2019-________, the Eleventh Circuit Court of Appeals agreed with the Tax Court that the character of several pieces of land had changed from being held for development to being held for investment when developmental steps got stymied and ceased, giving only a capital loss. more


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