The qualified family-owned business interest deduction: RRA 98 clears up some of the confusion

Article Abstract:

Tax planning benefits have resulted from changes made to family-owned business interest deduction provisions by the IRS Restructuring and Reform Act of 1998. The change of IRC section 2057 replacing section 2033A was accompanied by substantive changes such as making the former exclusion a deduction against the value of the gross estate. Clarification of issues was achieved by the legislation, but the complexity of the provisions remain.

Estate Planning, Methods, Interest deductions, Family-owned business enterprises, Family-owned businesses

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The claim of right doctrine: judicial interpretations

Article Abstract:

The claim of right doctrine which was judicially created shortly after the institution of the income tax, continues to be viable after many years of judicial interpretation and a congressional adjustment in IRC section 1341. The doctrine applies to determine income inclusion, tax deductions, and timing issues regarding transactions where income receipt is unsettled.

United States, Tax Administration, Surveys, Accounting periods

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Contributing sick leave to retirement plans - a new fringe benefit?

Article Abstract:

IRS Letter Ruling 9827040 contains hope for tax planning regarding contributions to retirement plans of unused sick leave benefits. Sick leave and sick pay benefits have generally been nonqualified benefits under the Tax Code. The ruling allows a school district to contribute unused sick leave benefits to its qualified defined contribution employee benefit plan.

Retirement Benefits, Retirement planning, Employee benefits, Sick leave

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