Federal taxations
Choose one of the cases below and research the facts relative to it and how it ended. Then give your viewpoint on the outcome and whether you agree or disagree with the decision. If there are cases cited within the case or in your research that give different outcomes, compare and analyze why they are different.
Conner v. Commissioner, T.C. Memo 2018-6, a case addressing whether the sale of real estate generated ordinary income or capital gain.
Meruelo v. Commissioner, TC Memo 2018-16, in which we discussed the many ways shareholders in an S corporation screw up trying to obtain “debt basis.”
Simonsen v. Commissioner, 150 T.C. 8, and discovered that the tax treatment of short sales and foreclosures is anything but straightforward.
Povolny Group, Inc. v. Commissioner, T.C. Memo 2018-37, and discovered that sometimes a loan isn’t a loan
Barker v. Commissioner, T.C. Memo 2018-67.
Alterman v. Commissioner, TC Memo 2018-83, which took a look at the tax treatment of marijuana facilities.
Martin v. Commissioner, T.C. Memo 2019-109, and learned who qualifies as a real estate professional, or to put it more accurately, who doesn’t.
Lakner v. Commissioner, T.C. Memo 2018-127, a case that helped us understand when you can receive a legal settlement or judgment tax-free under Section 104.
Frankel v. Commissioner, T.C. Summary Opinion 2018-45, a case that delved into the numerous traps for the unwary that arise when claiming a deduction for mortgage interest expense.
Felton v. Commissioner, T.C. Memo 2018-168, and learned that a “gift” is not always a gift.
