The below are materials discussed at the ASCPA Financial Planning Section breakfast on November 12, 2010:
Congressional AMT Letter – Letter signed by chairs and ranking minority members of Senate Finance Committee and House Ways & Means Committee indicating they plan to pass an AMT patch.
Individual Developments – update on recent developments I’ve written up from handling Federal Tax Update podcast.
Levels of Authority – article detailing the various authority levels under the regulations
On the application for the SS-4 it asks what type of trust that the entity is, from the information that Dick sent it appears that the Rosebery Heritage Trust and the Rosebery Legacy Trust are irrevocable and I can’t tell what type of trust that the Rosebery Management Trust is. Also, for the trusts we need to know who the responsible party is, it appears to me that for the Rosebery Management Trust, Dick is the responsible party and for the other 2 trusts it appears to me that his son Richard is the responsible party, if this is true then we need Richard’s social security number.
FTB Position on TIC and Revenue Proc 2002-22 – FTB considers qualification under Revenue Procedure 2002-22 a minimum, but not necessarily in its self-sufficient, to qualify as an exchange of other than a partnership interest.
The following items were referenced in the Construction Contracting: Special Accounting & Tax Considerations course given in Phoenix, Arizona on June 4, 2010:
Koch Industries v. United States, CA10 No. 08-3347 – road construction contractor could not include contracted expected maintenance as part of job for percentage of completion purposes
Federal Tax Update Podcast – ASCPA weekly update on federal tax developments, presented by E. Lynn Nichols, CPA and Edward K. Zollars, CPA
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