Scacpa's Weekly Federal Tax Update

Lynn Nichols Federal Tax Update Podcast April 2, 2018, edition   Listen as Lynn Nichols provides commentary on 6 Items pertaining to current developments in U.S. tax law. This week’s topics include: OUR PROGRAM THIS WEEK INCLUDES . . . . . . NYSBA Tax Section Submits Report on Qualified Business Income Karen Sowell of the New York State Bar Association Tax Section has submitted comments to address various technical and interpretative issues that have arisen as a result of the addition of section 199A by the Tax Cuts and Jobs Act (P.L. 115-97). [Tax Notes Today; 3/26/2018]     Third Circuit Affirms Drug Technology Royalties Were Ordinary Income A divided panel of the Third Circuit affirmed a Tax Court decision that held that a pharmaceutical scientist didn’t transfer all substantial rights to the liquisolid drug technology he developed and, thus, subjected royalties he received under a licensing agreement with a drug company to treatment as ordinary income and not capital gains under section 1235. [Spire