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Counting Escrows
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Tax Matters
Counting Escrows
july 2007
The First Circuit Court of Appeals has upheld the Tax Court in
Burke
v.
Commissioner
, 99 AFTR 2d 2007-941. In so doing, the courts underscored the IRS’s position that distributed income from a partnership must be recognized as taxable income even when it is held in escrow by the partners because of a legal dispute. For a description of the case, see “
Tax Matters
,”
JofA
, May 06, page 82.
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Tax Matters
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Tax: Business Tax
Tax: Compliance
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