Implications of the tax reform proposals for fraud or how to shift to a consumption tax without helping the cheaters

Article Abstract:

The author discusses the compliance and enforcement implications of tax reform involving the institution of a consumption-based tax. Specific taxes evaluated include national retail sales tax, value-added tax, and savings-exempt income tax. The author concludes that the value-added tax is the most valuable alternative for compliance and administrative reasons.

United States, Analysis, Planning, Evaluation, Tax reform, Value-added tax, Consumption taxes, Taxpayer compliance

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Tax-deferral of multiple exchanges under Code sec. 1031

Article Abstract:

Special planning is necessary to receive IRC section 1031 tax-free exchange status for transactions which involve multiple parties and series of properties. IRS Letter Ruling 9812013 provides some favorable guidance in this area. Statutory requirements should be adhered to and all exchanges should be treated individually.

Methods, Laws, regulations and rules, Tax planning, Recognition of gain or loss (Taxation), Recognized gain or loss (Taxation), Tax-free exchanges

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