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Craig W. Smalley, MST, EA, has been in practice since 1994. He has been admitted to practice before the IRS as an enrolled agent and has a master's in taxation. He is well-versed in US tax law and US Tax Court cases. He specializes in taxation, entity structuring and restructuring, corporations, partnerships, and individual taxation, as well as representation before the IRS regarding negotiations, audits, and appeals. In his many years of practice, he has been exposed to a variety of businesses and has an excellent knowledge of most industries. He is the CEO and co-founder of CWSEAPA PLLC and Tax Crisis Center LLC; both business have locations in Florida, Delaware, and Nevada. Craig is the current Google small business accounting advisor for the Google Small Business Community. He is a contributor to AccountingWEB and Accounting Today, and has had 12 books published on various topics in taxation. His articles have also been featured in the Chicago Tribune, New York Times, Yahoo Finance, Nasdaq, and several other newspapers, periodicals, and magazines. He has been interviewed and been a featured guest on many radio shows and podcasts. Finally, he is the co-host of Tax Avoidance is Legal, which is a nationally broadcast weekly Internet radio show.
My answers
careful what you wish for :)
I believe that is what the author is pointing out, right? I mean, OBVIOUSLY, in 2019 we are looking a 1973 Rev Rul saying it is common sense. However, I believe that the crux of Roe v Wade was when life began. From the Rev Rul, you can see that at the time someone questioned it. I was only a year old at the time. I am just putting two and two together.
https://www.law.cornell.edu/cfr/text/26/1.754-1
I would like to take a moment to apologize for my responses. If you look at the first response you made, it was pretty aggressive. I deal with a lot of trolls on Social Media and seemingly everywhere else. As I pointed out, a Section 754 election has been around for quite a long time. It is the reason for concern amongst estate planners forming family limited partnerships. For example, if I had a building with a basis of $100 contributed it to an FLP, when the FMV was $200. I have successfully, stepped up the basis, contributed the excess to my family members in my lifetime, and removed the asset from my taxable estate. The only thing to consider is the gift tax associated with the step up and the distribution of limited partnership interests.
You are obviously new at this, so let me tell you how adults would handle this. First of all have you ever in your life heard of a Section 754 election? As quoted by the code it states:
“26 U.S. Code § 754. Manner of electing optional adjustment to basis of partnership property
U.S. Code
If a partnership files an election, in accordance with regulations prescribed by the Secretary, the basis of partnership property shall be adjusted, in the case of a distribution of property, in the manner provided in section 734 and, in the case of a transfer of a partnership interest, in the manner provided in section 743. Such an election shall apply with respect to all distributions of property by the partnership and to all transfers of interests in the partnership during the taxable year with respect to which such election was filed and all subsequent taxable years. Such election may be revoked by the partnership, subject to such limitations as may be provided by regulations prescribed by the Secretary.”
I won’t go any further. Did you HAPPEN to see where you can make the election either BEFORE, or AFTER? Proving that the first paragraph would be 100% correct. I won’t go any further, as my point is proven.
I think you owe this publication an apology.
Bob Dylan had a quote “I’ll know my words before I start singing.” Before you call a professional out, much less the integrity of a publication, please think about this little discussion. Have a nice life
Just a dumb question, someone ACTUALLY, amended a return, to get the exemption, perhaps EITC, all amounting to a few thousand dollars? Then paid someone to take this to Court? I think that is the REAL story here. Nice read
You honestly, say I’m wrong, call out the integrity of this publication, then want me to do your research for you?
Apparently you are. So show me where I’m wrong here
And you are right. I refuse to do payroll compliance when I have a payroll service. You are dead on. There is something you might want to consider; people don't know. They don't know the intense concentration it takes to do a tax return, of course, my license is on the line. They don't realize that what they give us is sometimes too much info. They don't realize that we have 700 more clients, that want the same special attention. From your article, I can see you are frustrated, but you got this
Not to mention, you have to count on the client to give it to you