The Wealth Strategies Journal

New Post: William G. Gale, Oliver Hall, & John Sabelhaus, Taxing the Great Wealth Transfer: Revenue and Distributional Effects of Taxes on Estates, Inheritances, and Unrealized Capital Gains at Death, Brookings (Dec. 2024) - https://lnkd.in/eyGqtmSP William G. Gale, Oliver Hall, and John Sabelhaus explore the potential of reforming estate taxes in their article "Taxing the Great Wealth Transfer." They argue that judicious transfer taxes could enhance revenue and equity, finding that inheritance taxes could be more effective than current estate taxes in broadening the income tax base.

New Post: NYT: “7-Eleven’s $50 Billion Power Struggle: Tradition Meets Modern Corporate Governance” (Dec. 18, 2024) - https://lnkd.in/e-3Py6n3 In "A 7-Eleven Heir’s $50 Billion Fight to Keep the Company in the Family," Junro Ito aims to preserve Seven & i Holdings' legacy against foreign investors while navigating Japan's evolving corporate landscape. The story highlights the clash between traditional Japanese and Western business philosophies, emphasizing the significance of corporate culture amidst these changes.

New Post: BDO: Streamlining S Corporation Compliance: Simplified Relief Proposed for Double Fault Scenarios (Dec. 18, 2024) - https://lnkd.in/eJtETXBB The article discusses recommendations from the ABA Tax Section regarding Subchapter S corporations, particularly addressing "double fault" situations where non-identical provisions and disproportionate distributions occur. It advocates for expanding Rev. Proc. 2022-19 to simplify corrective relief, helping small businesses navigate compliance challenges and reducing the burden of costly private letter rulings.

New Post: BDO: Streamlining S Corporation Compliance: Simplified Relief Proposed for Double Fault Scenarios (Dec. 18, 2024) - https://lnkd.in/eJtETXBB The article discusses recommendations from the ABA Tax Section regarding Subchapter S corporations, particularly addressing "double fault" situations where non-identical provisions and disproportionate distributions occur. It advocates for expanding Rev. Proc. 2022-19 to simplify corrective relief, helping small businesses navigate compliance challenges and reducing the burden of costly private letter rulings.

New Post: Lawsky Practice Problems: Simplifying Tax Code and Regulations for 2025 (Dec. 12, 2024) - https://lnkd.in/exRfCwSq The article "Create Code and Regs Book" from Lawsky Practice Problems outlines a resource for customizable PDFs of tax code sections aimed at federal tax classes in 2025. It highlights features like free access, user-specific content selection, and current updates to legislation, making federal tax law education more efficient and budget-friendly for students and educators.

New Post: IRS: Anticipated Applicability Date for Future Final Regulations Relating to Required Minimum Distributions (Dec. 18, 2024) - https://lnkd.in/dfWuP2FZ On July 19, 2024, the Treasury Department and the IRS published proposed regulations for required minimum distributions (RMDs) under section 401(a)(9) of the Internal Revenue Code, effective from 2025. Future regulations may also impact the 2026 distribution calendar year, as stated in Announcement 2025-02.

New Post: William G. Gale, Oliver Hall, and John Sabelhaus, Taxing the Great Wealth Transfer: Revenue and Distributional Effects of Taxes on Estates, Inheritances, and Unrealized Capital Gains at Death, Brookings (Dec. 2024) - https://lnkd.in/dUSD3_mg William G. Gale, Oliver Hall, and John Sabelhaus explore the potential of reforming estate taxes in their article "Taxing the Great Wealth Transfer." They argue that judicious transfer taxes could enhance revenue and equity, finding that inheritance taxes could be more effective than current estate taxes in broadening the income tax base.

New Post: TaxNotes: Intellectual Revival of Realization Doctrine Sparks Debate (Nov. 25, 2024) - https://lnkd.in/dmB9ZZRV In "Realization Makes an Intellectual Comeback," Steven M. Sheffrin discusses the renewed focus on the realization doctrine in U.S. tax law. He examines its historical significance, current challenges, and implications for policy. Highlighting debates over wealth and capital gains taxation, Sheffrin emphasizes the doctrine's relevance for tax professionals amidst evolving fiscal discourses.

New Post: Tanya M. Johnson, On Bringing Alternative Methods to Legal Research Instruction, Northern Illinois University Law Review (Jun. 01, 2023) - https://lnkd.in/eZwYuUrJ Tanya M. Johnson's article examines traditional legal research methods and their limitations in supporting social justice. She presents her course, Research for Social Justice, which integrates critical and alternative methodologies. The piece aims to equip students with diverse skills and strategies that enhance their legal research capabilities in social justice contexts.

New Post: Greenblatt v. Commissioner of Internal Revenue, T.C. Memo. 2024-109 (Dec. 16, 2024): Tax Court Denies Multi-Million NOL Claims for Lack of Substantiation - https://lnkd.in/e_KVf54H In Greenblatt v. Comm'r, the Tax Court denied NOL carryforward deductions for 2008 and 2009 due to insufficient evidence and unreported constructive dividends. The taxpayers were liable for failure-to-file penalties, but not for accuracy-related penalties. The case emphasizes the importance of documentation and adherence to tax procedures for NOL claims and deductions.