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Federal Tax Update — April 2019

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

Proposed Regulations under Code Section 1400Z define “substantially all” as at least 70 percent in the context of percentage of tangible assets in a qualified opportunity zone but define “substantially all” as at least 90 percent in the context of the holding period.

In Clay v. Commissioner, 152 TC No. 13, the Tax Court concluded that members of a Native American tribe receiving per capita distributions from the casino on tribal lands were subject to tax on the distributions as the payments were not directly derived from the land which would have exempted the distributions from tax.

In McNely v. Commissioner, TC Memo 2019-39, the Tax Court under pre-2018 law denied a couple a theft loss for a fraudulent investment scheme because they failed to file an insurance claim and, in addition, could not show the unlikelihood of restitution.

In Brown v. Commissioner, TC Memo 2019-30, the Tax Court determined that the “tax home” of a CFO was where his sole service recipient was in New Jersey and not where his family was in Georgia making nondeductible his unreimbursed travel between locations.

In Program Manager Technical Advice 2019-2, IRS stated that it will deny the child tax credit to persons who have religious objections to obtaining social security numbers. more

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