Misuse of IRS car lease value table precluded its use
Article Abstract:
The IRS has ruled on a case involving the improper application of special valuation rules by a car dealer in determining the fringe benefit value of cars used by employees. In 'BMW of North America Inc,' the IRS decided that the car dealer had undervalued the cars it assigned to its employees and concluded that BMW had employment tax deficiencies amounting to $698,000 and $651,000 for a two-year period. The IRS also noted that the car dealer was disqualified from using the special valuation rules because of its proven misuse of the IRS lease value table.
Publication Name: Practical Tax Strategies
Subject: Law
ISSN: 0040-0165
Year: 1999
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Second chance at ten-year averaging
Article Abstract:
The IRS has grudgingly conceded a case involving a taxpayer who used the 10-year averaging system to calculate the tax due on distributions from a lump-sum retirement plan even though the taxpayer had previously channeled some of the funds into an individual retirement account. The case was conceded after the IRS issued the field service advice, FSA 1999-775, recommending that the taxpayer's claim be allowed under Section 408(o).
Publication Name: Practical Tax Strategies
Subject: Law
ISSN: 0040-0165
Year: 1999
User Contributions:
Comment about this article or add new information about this topic:
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