Gold at the end of the rainbow: medical expenses and below-market-rate loans in continuing care retirement communities

Article Abstract:

Residents of continuing care retirement communities should be aware of the complex tax accounting which may be necessary to avoid the surprise of negative tax consequences. Portions of entrance and monthly fees can be allocated to medical care for which tax deductions may legitimately be taken. However, refunds of entry fees could result in taxation of imputed interest on what the IRS may consider below-market loans. Inclusion in income would result from refund amounts where medical deductions were taken.

United States, Tax Deductions & Exemptions, Accounting and auditing, Tax deductions, Medical care, Cost of, Health care costs, Loans, Life care communities

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Why does tax law restrict short-term trading activity for asset securitization?

Article Abstract:

Pass-through business entities or conduits are not taxed as corporations under IRC Subchapter M for the purpose of increasing securitization of financial assets and support financial markets. These entities are not allowed active business activities and are subject to anti-trading rules limiting short-term investment activities. These limitations are too restrictive and unnecessary to serve their underlying purposes. Clearer Congressional guidance in the area of active and passive activities is needed.

Stocks, Trusts and trustees, Trustees, Trusts (Law), Asset-backed securities, Asset backed securities

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Flowthrough entities and the self-employment tax: is it time for a uniform standard?

Article Abstract:

Standardization of the tax treatment of self-employed persons and flowthrough business entities would be an equitable tax reform. Allowing taxpayers to elect to disregard the structural forms of their businesses in the IRS check-the-box regulations is a trend worth following in the area of self-employment. IRS treatment of S corporation shareholders should be extended to this area of taxation.

Innovations, Tax reform, Business enterprises, Self-employed persons, Self employed persons

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