Scacpa's Weekly Federal Tax Update

Lynn Nichols Federal Tax Update Podcast July 16, 2018, edition   We are back after a short hiatus! Listen as Lynn Nichols provides commentary on 8 Items pertaining to current developments in U.S. tax law. This week’s topics include: OUR PROGRAM THIS WEEK INCLUDES . . . . . .   Termination of S Corp Election Inadvertent The IRS ruled that a company will be treated as continuing to be an S corporation from the date its subchapter S election was inadvertently terminated when a trust became an ineligible shareholder, provided some conditions are met. [LTR 201824003; 10/27/2017, rel. 6/15/2018] (FIVE LIKE THIS IN SAME WEEK ! ! !) IRS Scraps Leveraged Partnership Rules, Keeps Bottom-Dollar Ban The IRS is reverting to old rules on leveraged partnerships in response to an executive order calling for the removal of burdensome regulations, but bottom-dollar guarantees didn’t make the cut. [Tax Notes Today; June 19,2018, article by Eric Yauch] IRS Proposed Disguised Sales Regs Would Reinstate Prior Regs The IRS h