Scacpa's Weekly Federal Tax Update

Lynn Nichols Federal Tax Update Podcast September, 12 2019, Episode 47 Listen as Lynn Nichols provides commentary on 6 Items pertaining to current developments in U.S. tax law. Individual Can Rollover Deceased Husband's IRA The IRS ruled that an individual could rollover her deceased husband’s IRA into one or more IRAs in her name and that she would not be required to include in gross income any portion of the proceeds distributed from the decedent’s IRA that is timely rolled over into IRAs set up and maintained in her name. [ LTR 201934006, 5/30/2019, rel. 8/23/2019]   Horse Business Deductions Can’t Survive Dead Horse A taxpayer claiming losses from a horse breeding and showing enterprise was either too early or too late to claim it was a business in a year when she didn’t actually own a horse. [Tax Notes Today, 8/27/2019, Article by Nathan Richman]        Settlement Was Income; No Deduction for Horseless Horse Activity   The Tax Court held that an individual should have reported as income a settlem