A thorny question in any joint venture relationship is to what extent the partners are permitted to freely engage in business outside of the venture that may compete with the venture. On the one hand, certain partners are likely to engage in...
CONVERSATION WITH AN EXPERT: KIM TIGNOR
This article is part of the continuing series of interviews between Rajiv S. Khanna, principal of The Law Offices of Rajiv S. Khanna, PC, (www.Immigration.com), and leading practitioners across the country, designed to provide personal and...
SUBJECTIVE DETERMINATION AND OBJECTIVE
DETERMINATION FOR CLAIMING A WORTHLESS
SECURITY LOSS DEDUCTION
Tax counsel often advise taxpayers to apply Internal Revenue Code (Code) section 165(a) to claim an income tax deduction for an uncompensated loss sustained during the tax year. An uncompensated loss occurs when the taxpayer receives insurance...
VALUATION OF REAL PROPERTY WHEN THERE HAS BEEN A RECENT PURCHASE PRICE
In any trial to determine the value of real property, whether it be an eminent domain taking, or an application to reduce assessed taxes, a recent sale of the parcel will be extremely relevant. If a sale was an open market transaction with a buyer...
IRREVOCABLE INSURANCE TRUST PLANNING AND ADMINISTRATION FOR THE NEW TAX AGE
Insurance. The word itself evokes different reactions. The range of emotions expands when we mention life insurance. And if we add the word trust–life insurance trust–clients may stop listening altogether. But now is exactly the time to be thinking...
TAXATION CONSIDERATIONS RELATED TO EQUITY INCENTIVE COMPENSATION PLANS
With labor shortages currently affecting many industries and with the low national unemployment rate, many private company owners are considering compensation incentives to attract and retain high quality employees. For years, tax counsel have...
KIDS, CRYPTO, AND TAXES: AVOIDING THE HEADACHES
Virtual currency is, by most objective standards, a new asset class. The oldest virtual currency is Bitcoin, which launched in 2009. In recent years, there has been a proliferation of technologies developed on Bitcoin’s promise of distributed...
QUESTIONS AND ANSWERS ABOUT OFFSET BYPASS REFUNDS
If a taxpayer has delinquent tax debts, the taxpayer will generally not receive any tax return refunds due to him.1 The IRS will typically apply whatever refund that taxpayer is owed to a prior year’s tax debt. For example, if a taxpayer has a...
CONVERSATION WITH AN EXPERT: LARRY KATZENSTEIN
This is the first in a series of interviews between Rajiv S. Khanna, principle of The Law Offices of Rajiv Khanna, and leading practitioners across the country designed to provide personal and professional insights into various areas of the law....