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No Tax Deduction for Medical Marijuana Company

By Amanda Wilson on Oct 29, 2015 in IRS, medical marijuana, tax court, Other

By:  Amanda Wilson As more and more states are allowing for medical marijuana or other legal uses of marijuana, it is important to recognize that the federal government's treatment of marijuana as a controlled substance can have more than criminal...

Worthless Debt Deduction - A Cautionary Tale

By Amanda Wilson on Oct 7, 2015 in IRS, tax court, tax return, Other, International

By:  Amanda Wilson For partnership, individuals and other types of taxpayers that are not in the business of making loans, the main avenue for tax relief when a loan goes bad is Section 166 - the bad debt deduction.  In order to claim this...

Abandonment - The Sequel

By Amanda Wilson on Feb 27, 2015 in Business Owners, code, IRS, tax court, International

By:  Amanda Wilson Here is a brief article that goes into more detail than yesterday's post regarding the recent decision that impacts abandonment losses.  The article can be found here.

Abandonment Losses Back on the Table!

By Amanda Wilson on Feb 26, 2015 in Business Owners, IRS, tax court

By:  Amanda Wilson Several years ago, many taxpayers faced with underwater partnerships would abandon their partnership interests, thereby triggering an ordinary loss.  This ordinary loss was often preferred over the capital loss that would be...