Scacpa's Weekly Federal Tax Update

Lynn Nichols Federal Tax Update Podcast September, 5 2019, Episode 46 Listen as Lynn Nichols provides commentary on 5 Items pertaining to current developments in U.S. tax law. Solving the Problem of ‘Substantially All’ in the O-Zone Rules In news analysis, Marie Sapirie attempts to parse the differences in the term “substantially all,” as the same phrase in the same statute has two different numerical thresholds. [Tax Notes Today, 8/19/2019, Article by Marie Sapirie}     Timber, Lumber Companies' Value Determined for Gift Tax Purposes The Tax Court, adopting the report of an estate’s valuation expert and rejecting the IRS’s expert valuation, determined the value of limited partnership units in a timber company and determined the value of stock in a lumber manufacturing company for gift tax purposes. [Estate of Aaron U. Jones et al., T.C. Memo. 2019-101, 8/19/2019]     Couple’s Rental Real Estate Loss Disallowed as Passive The Tax Court sustained the IRS’s disallowance of a couple’s rental real estat