The Wash Sale Rule
A less well-known rule that can affect the tax deduction of losses from the sale of stock is the wash sale rule, enacted under Internal Revenue Code Section 1091. This article discusses the application of the wash sale rule.
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Wealth Tax
Trump’s Tax Proposals
President-elect Trump has proposed various new specific exemptions from income tax liability. First, he would exempt tips from income tax liability. Second, he would exempt overtime pay from income tax liability. Third, he would exempt Social Security benefits from income tax liability. There is no guarantee that some or any of President-elect Trump’s tax proposals will be enacted into law.
Connelly v. United States – An Important Supreme Court Estate Tax Valuation Case
“Buy sell” agreements often are funded by life insurance policies. Life insurance proceeds can affect the “estate tax” valuation of a deceased business owner’s ownership interest. And can have material implications for the terms of “buy-sell” agreements, business valuations, and other estate tax liability and estate planning issues.
Moore v. United States – Wealth Taxation Is Still Possible
Relative to its decisions concerning other areas of the law, the United States Supreme Court generally does not issue many decisions concerning tax law. Thus, when the Supreme Court does issue a tax decision, it definitely is noteworthy and deserves attention.