Scacpa's Weekly Federal Tax Update

Lynn Nichols Federal Tax Update Podcast July, 11 2019, Episode 42 Listen as Lynn Nichols provides commentary on 9 Items pertaining to current developments in U.S. tax law. Trustee-to-Trustee Transfer IRAs Are Inherited IRAs The IRS ruled that four beneficiary IRAs created by trustee-to-trustee transfers constitute inherited IRAs under section 408(d)(3)(C), they aren’t considered taxable distributions or attempted rollovers, and the IRAs may be maintained separately for required minimum distribution purposes under section 401(a)(9). [LTR 201924013, 3/15/2019, rel. 6/14/2019] JCT Provides Overview of EO Transportation Benefit Rules The Joint Committee on Taxation, in a June 14 report (JCX-25-19), summarized rules on tax-exempt organizations’ unrelated business taxable income from disallowed transportation-related fringe benefits, in advance of a House Ways and Means Oversight Subcommittee hearing. [JCT-25-19, 6/14/2019] TCJA Regs Have Partnerships Rethinking Guaranteed Payments It turns out that being