Information management and technology assurance

Media Circus Caused Lower Property Values But Not a Loss After O.J. Simpson was charged with murder, his Brentwood, California neighborhood was overrun with reporters, law enforcement officials and curious bystanders. As a result, the owners of the adjacent house and land experienced a sudden decline in the value of

Divorce can be a very complex matter, both emotionally and financially. The financial complexity is illustrated by the many tax implications of divorce. People going through divorces often find themselves in disputes with the IRS. The Tax Court recently decided one such matter. John and Louise Young were married in

In United States v. Estate of Shackleford, the Eastern District Court of California ruled a taxpayer’s estate did not have to use IRS valuation tables to calculate the value of lottery annuity payments. It said use of IRC section 7520 tables would result in unrealistic and unreasonable values because of

When an insolvent S corporation negotiates a reduction in its liabilities, it recognizes cancellation of debt (COD) income. Because the corporation is insolvent, the income is nontaxable. Can shareholders in the S corporation increase the basis of their stock by the amount of their share of COD income? In 1986,

In divorce situations, the custodial parent is generally entitled to take the dependency exemptions for the children (IRC section 152(e)). This applies as long as both parents provide more than half the children’s support and the children live with either or both parents for more than six months each year.