Misidentification Noted

BY WILLIAM EDWARDS

The Tax Brief “ More Clarification on 1031 Exchanges ” ( JofA , Jun.03, page 83) needs clarification. On November 25, 2002, the Internal Revenue Service released revenue ruling 2002-83 in Internal Revenue Bulletin (IRB) 2002-49. (It can be found in CCH’s Standard Federal Tax Reporter, vol. 19, pp. 78, 199-24 and 78, 199-25, 2002.)

The article misnamed the ruling as a procedure. It had us in the right town, wrong street. Other than that, it was functionally correct.

William Edwards, CPA
Veltri, Edwards & Associates, PA
Englewood Cliffs, New Jersey

Author’s reply: The term “revenue procedure” was inadvertently used. The IRS released Revenue Ruling 2002-83, not Revenue Procedure 2002-83.

Also, the correct term for TAM should be Technical Advice Memorandum 9748006, not Tax Advice Memorandum (page 84).

Ron Raitz, CCIM
Real Estate Exchange Services Inc.
Marietta, Georgia

SPONSORED REPORT

How to make the most of a negotiation

Negotiators are made, not born. In this sponsored report, we cover strategies and tactics to help you head into 2017 ready to take on business deals, salary discussions and more.

VIDEO

Will the Affordable Care Act be repealed?

The results of the 2016 presidential election are likely to have a big impact on federal tax policy in the coming years. Eddie Adkins, CPA, a partner in the Washington National Tax Office at Grant Thornton, discusses what parts of the ACA might survive the repeal of most of the law.

COLUMN

Deflecting clients’ requests for defense and indemnity

Client requests for defense and indemnity by the CPA firm are on the rise. Requests for such clauses are unnecessary and unfair, and, in some cases, are unenforceable.