Tags » Tax Court

Didn’t know about your ownership in a partnership? Doesn’t excuse you from paying tax on income from the partnership.

Divorces can be nasty. Just ask Mrs. M. (a prominent Dallas family (aka, divorce) lawyer with whom I live). In this Tax Court Memorandum decision, you get an idea of how ugly things can get, particularly when you drag the IRS into the fray. 428 more words

Personal Taxes

Reasonableness Hearing Requires Access to Assessor’s Files

In a recent appeal, the Borough of Lincoln Park moved to dismiss a property owner’s 2012 tax appeal after the Borough claimed the owner failed to respond to a “Chapter 91” request for income and expense information. 241 more words

Court Decisions

Material Participation and Real Estate

Way back near the end of May, which feels like a very long time ago, we published a couple of pages of overview on how to classify ownership interests in activities as passive vs. 910 more words

Pay Now, Litigate Later Upheld

New Jersey law requires that property taxes must be paid as a prerequisite to filing an appeal before the Tax Court. The principle that taxes must be paid first is to insure that municipal reviews are not interrupted while tax appeals are litigated by the parties. 363 more words

Court Decisions

Secretly Recorded Phone Conversation Fails to Support New Trial Claim

A very routine tax appeal trial took a very unusual turn after entry of judgment in the matter. Plaintiff filed a tax appeal on his single family home in Barnegat Township before the Ocean County Board of Taxation, which reduced his assessment from $300,000 to $283,000. 328 more words

Court Decisions

New IRA Rollover Rules to Take Effect in 2015

A recent Tax Court decision will require the IRS to change its taxpayer-friendly interpretation of the rules that govern IRA rollovers.

If you withdraw funds from an IRA and roll them over into the same or a different IRA within 60 days of receipt the withdrawn funds will not be taxed. 345 more words

Estate Planning