Current Federal Tax Developments for the week of September 3, 2019: No Horse, No Business
- Tax Court finds that taxpayer did not have a trade or business of raising/showing horses since she didn’t have a horse
- Tax Court rejects IRS’s “step in the shoes” theory for gifted partnership interest with interest from debt-financed distribution received by donor
- IRS accepts court’s revision of IRA beneficiary, surviving spouse allowed to treat IRA as her own
- Coffeehouse was not a §501(c)(3) charitable organization
- Notice of deficiency sent to addresses used on returns found to be sent to last known address
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-- posted at: 12:28pm EST
