ࡱ> prijklmno cbjbj 4M%%%8]4%&E"E"["["["0+0+0+VXXXXXX$=ߟ:|U0+.)0+0+0+|["["њ<<<0+\["["V<0+V<<Nb0d["`I_%3\~c$B0cD8Hdd\-0+0+<0+0+0+0+0+||:0+0+0+0+0+0+0+0+0+0+0+0+0+0+0+0+ : Introduction History & Constitutional Framework IT as we know it today first implemented in 1913 Imposed on all taxable income of US residents & citizens Constitutional Basis Art I, 8, Cl 1 !  Congress shall have power to lay & collect taxes, duties,&  Art I, 2 & 9 ! allows direct Fed tax only if apportioned among states according to population (direct tax not used b/c not practical) 16A ! allows Congress to tax any income w/o apportionment (upheld by SCOTUS) Sources of Fed IT Law Legislative materials (Code & legislation) Administrative materials ! Treasury regs (dept s interpretation of Code), Revenue Rulings (opinion of Commissioner) & procedures, private letter rulings, technical advice Tax Procedure If deficiency found & TP disagrees, can appeal to Regional Office of IRS If no agreement reached, IRS issues Notice of Deficiency & TP can either: File petition in Tax Court w/in 90 days or Pay deficiency & file administrative claim for refund If claim denied/inaction, TP can sue in Ct of Fed Claims or Dist. Ct. Judicial Procedure Tax Court ! no jury, appealable to Court of Appeals District Court ! option of jury, appealable to Court of Appeals Fed Claims ! no jury, appealable to Court of Appeals for Fed Circuit Tax Policy Primary Goal: REVENUE Rationales for Determining Whom to Tax Equity Distributive Justice Dominant Standards Ability to pay (IT tries to do this) Standard of living (justifies consumption tax) Dominant Theories Utilitarianism (greatest good for greatest number, declining marginal utility of income justifies progressive taxation) Redistribution (Rawls) Libertarianism (Nozick) Dominant Rate Structures Progressive rates (rate of tax increases w/ income) Proportionate tax (rate constant as base varies) Regressive tax (rate decreases as base increases) Vertical and Horizontal Equity Vertical = people in different economic situation should be taxed differently Horizontal = people in same economic situations should be taxed same Efficiency Facilitate pursuit of self-interest, wealth maximization Neutrality Ideal efficient tax would be neutral (wouldnt affect behavior), but only tax thats neutral is head tax (lump-sum) which doesnt measure ability to pay Elasticity Neutrality depends on elasticity of response (if highly elastic, small tax could = change in behavior) Substitution/Income Effect Substitution Effect: people will substitute non-taxed leisure for work Income Effect: work more to make up for taxation Incidence (def) who bears burden of tax Real incidence: falls on person who bears burden Nominal incidence: falls on person who pays bill Capitalization: how market responds to differing tax treatment of economically identical transactions Full capitalization: cost of item fully accounts for tax liability Deadweight Loss: when TPs change behavior to avoid tax & both TP & govt suffer (if revenue is goal of IT, should minimize deadweight loss) Simplicity Rationale: Code easier/cheaper to enforce (efficiency), TP can better understand, promotes transparency (equity) BUT complexity may be necessary to have fairer tax which computes ability to pay Tax Terms & Concepts Gross Income (GI) (def) ( 61):all income from whatever source, not limited to items listed Inclusions ( 71-90) = items specifically included in income Exclusions ( 101-138) = items specifically excluded from income Realization & Recognition Requirement: economic appreciation not necessarily recognized as GI until realized (i.e., sold) Basis ( 1012): what youre taxed on (i.e., cost of property) Adjusted Basis (AB): original basis + additions/subtractions Gains/Losses Gain/Loss on Sale ( 1001(a)): [Amount realized  Adjusted basis] Amount Realized (AR) ( 1001(b)): Money Received + FMV of Property Received Recognized Gain/Loss: amount of realized gain/loss included in GI in current year (generally recognize all unless postponed under some non-recognition provision) Character of Gain/Loss: based on nature of asset, holding period, whether sold/exchanged Capital: lower rate for gain purposes, but limited deductibility for loss purposes Applies to assets held for more than one year Ordinary Deductions = Things that youre allowed to claim reduce your GI Generally only allowed for business expenses + some limited personal expenses But also include personal exemption Subtracted from base (Value = Quantity of Deduction Marginal Tax Rate) Limited to enumerated items in statute Adjusted Gross Income (AGI) ( 62(a)) = (GI) ( 62/above the line deductions) (which are ALWAYS taken) Taxable Income ( 63) = AGI (greater of itemized deductions OR standard deduction) personal exemptions ( 151) Itemized Deductions Must look to 67(a) (2% limitation) 68(a)-(b) (3%/80% limitation) Standard Deduction ( 63) With the Personal Exemption, creates a 0% tax bracket Furthers simplicity no need for majority of taxpayers to keep receipts Personal Exemptions ( 151) One per TP (so two for joint filers) 151(d)(3) has phase-out for higher income taxpayers Tax Liability (TI Applicable Marginal Rate(s))  Credits Tax rates graduated ! first dollars taxed at lowest bracket & last dollars taxed highest bracket Average rate = rate applied to aggregate taxable income (tax liability/taxable income) Marginal rate = rate applied to last dollar Credits = dollar-for-dollar reduction of tax liability Time Value of Money Money is more valuable today than in future b/c can grow if invested Present value = value of future investment today Compound interest = interest on principal + interest on previously earned interest Paying IT later is better; try to get deductions earlier ! deferral of tax liability is characterized as an interest free loan from the government Income & Deductions IT vs. Consumption Tax Income Tax: The Haig-Simons definition Income = (Personal) Consumption +  Wealth Would ideally include unrealized gains on property/investments (but IT only recognizes realized gains ( 1001(a))) Consumption Tax (based on standard of living) = tax levied on use of funds for personal reasons Consumption = Income   Wealth Excludes savings Main Difference: Treatment of Savings If you spend all income, consumption & IT tax base SAME BUT, consumption tax defers taxation of savings until money spent Present value of future tax is lower, whereas IT taxes savings when earned Note: deferral of taxation on savings could benefit wealthy ppl who dont have to spend Elements of consumption tax in IT E.g., retirement savings accounts (deduct contributions & no tax until paid out) Employers & Employees Symmetry Employee includes compensation in income ( 61) and employer deducts compensation expenses ( 162) But symmetry may not be achieved if employer and employee in different tax brackets Compensation as Gross Income under 61 Section 61 is VERY inclusive Old Colony Trust (U.S. 1929) Holding: Payment of debt in consideration of services = income to employee; Therefore, payment of employees IT is inclusion in employees GI Applicable Regulations GI = income realized in any form, including property ( 1.61-1(a)) Items counting as compensation generally ( 1.61-2(a)(1)) Wages, salaries, commissions, bonuses, etc. GI from property/services in exchange for services is FMV of property/services ( 1.61-2(d)(1)) 1.61-2(d)(2)(i) IF employer transfers property to employee at below FMV, THEN GI = FMV  Amount Employee Paid GI for manufacturing/merchandising = total sales cost of goods sold ( 1.61-3(a)) GI doesnt include gifts/inheritance ( 102) Trade or Business Deductions under 162 Main Rule TP may deduct above the line all ordinary & necessary business expenses Ordinary Two Senses Ordinary vs. Capital Expenses that are currently deductible, as against capital expenditures Ordinary vs. Nonrecurring/Extraordinary A cost that other similarly situated businesspeople pay Commissioner v. Tellier (U.S. 1966) Holding: TP can deduct expense of unsuccessful defense of criminal prosecution arising out of business NOTE: No public policy limitation on deductions ( 1.162-1(a)) Necessary Expense must be appropriate and helpful for development of TPs trade or business Voluntary Expenses Main Rule: Cant deduct voluntary expenses unless prove they were paid to protect/promote business Friedman v. Delaney (1st Cir. 1948) Holding: payments to court on behalf of client not ordinary & necessary business expense b/c voluntary (compelled by moral obligation) But see Pepper v. Commissioner (1961) Holding: lawyer allowed to deduct repayment of loans furnished by other clients for one clients business which turned out to be fraud b/c payments enhanced practice See also Tellier Specifically Disallowed Business Deductions 162(c) ! illegal bribes/payments to gov t officials (162(c)(1)) or anyone (162(c)(2)) 162(f) ! fines/penalties to gov t for legal violations 162(g) ! 2/3 of treble damages paid under antitrust laws 162(m) ! excessive performance-based compensation to CEO in publicly held corporation (over $1 million), but doesn t include compensation not for services performed (e.g., commissions, attainment of performance goals) 162(m)(5) ! Companies involved in TARP 280E ! amount paid/incurred in carrying on business trafficking drugs Employees Can deduct ordinary & necessary business expenses under 162, but only above the line if subject to reimbursement plan ( 62(a)(2)(A)) Salaries or Other Compensation ( 162(a)(1)) Main Rule IF compensation deductible under 162(a)(1), THEN it is Reasonable, AND Given purely for services Reasonableness Requirement ( 162(a)(1)) Rationale: Combating avoidance devices (i.e., disguising non-deductible dividend payments as salary) Traditional, Multi-Factor Test Test Employee s role in corporation (position, hours worked, duties performed) What similar companies pay Character & condition of company (size, net income, capital) Conflict of interest between company and employee Internal consistency Harolds Club (9th Cir. 1965) ! 2 sons run gambling business & enter contract w/ dad (gaming wiz) for fixed salary + contingent bonus (20% of profits) 1.162-7(b)(2) [applicable to contingent compensation] ! look at reasonableness of contingent comp when contract made and whether it resulted from free bargain w/o undue influence Entire salary NOT deductible b/c contract not freely bargained (father dominated sons) Independent Investor Test Main Rule IF investors obtaining a far higher return than reasonably expected, THEN employees compensation presumptively reasonable AND presumption rebuttable if high return not due to CEO exertions Rationale: Trust the companys judgment; courts not competent here See Exacto Spring (7th Cir. 1999 (Posner, J.)) Purely for Services Requirement ( 1.162-7(a)) Compensation may not be a disguised dividend Treatment of Excessive Compensation ( 1.162-8) Individual Deductions for Income Producing Expenses ( 212) Ordinary & necessary expenses paid/incurred by individual during taxable year for (1) Production or collection of income Unreimbursed employee expenses, investment & profit-making activities (2) Management, conservation, maintenance of income-producing property (3) Figuring out tax liability is deductible 212 deductions are below the line (unless from rents/royalties) Fringe Benefits General Rule Fringe benefits included in compensation (GI) ( 61(a)(1)) Rationale Equity ! want to treat people earning same value the same (fringe = value) Efficiency ! don t want job choices to be affected by fringe benefits Exception: Certain fringe benefits excluded from GI ( 132) Excluded Fringe Benefits No additional cost service Qualified employee discount Working condition fringe De minimis fringe Qualified transportation fringe Limitations Nondiscrimination provision ( 132(j)(1)) Exclusion for highly compensated employees for no-add-cost service & qualified employee discounts permissible only if fringe available on substantially same terms to each member of a group of employees defined under a reasonable classification set up by employer which does not discriminate in favor of highly compensated employees Cant have the effect of favoring highly compensated employees (like officers) Use by spouse or dependent children ( 132(h)) Use by spouse or dependent children is treated as use by employee (plus special exception for parents of airline employees) No-additional-cost service ( 132(b)) IF no-additional cost service, THEN Service is provided to employer is offered for sale to customers, AND Employer incurs no substantial additional cost in providing to employee E.g., airline employee flying for free; have to wait to make sure seat isnt bought by customer to be excluded Qualified employee discount ( 132(c)) Discount on qualified property/services that doesnt exceed: (for property) gross profit % of price offered to customers or (for services) 20% of price offered to customers Gross Profit % = Sale Price - Cost Sale Price Qualified Property doesnt include real property or investment property (i.e., stocks) Working condition fringe ( 132(d)) Business expense that employee could deduct if he paid for it (under 162 or 167 (depreciation of business/income producing property)) De minimis fringe ( 132(e)) Property or service whose value is so small and frequency so high as to make accounting for it unreasonable or administratively impracticable E.g., occasional theater tickets, free limited use of copy machine Includes meals excluded under 119 Generally cash is not a de minimis fringe Qualified transportation fringe (132(f)) Transportation in a commuter highway vehicle between home and work Transit passes Qualified parking GI Inclusions from Property Transfers in connection w/ performance of services ( 83) Amount of GI Included ( 83(a)) Service provider who receives property from employer has inclusion in GI of FMV(at time of trigger)  Price He Paid Character of Income from 83 Transfer: Ordinary Income (not Capital Gain) When Triggered Default Rule  Wait and See ( 83(a)) Income triggered when property is Transferable OR Not subject to substantial risk of forfeiture Substantial risk of forfeiture ( 83(c)(2)) IF Full enjoyment of property conditional on future performance of services, THEN property subject to substantial risk of forfeiture Transferable ( 83(c)(1)) Property transferable ONLY IF transferee receives property w/o substantial risk of forfeiture Optional Inclusion in Year of Transfer ( 83(b)) TP may include [(FMV)  (Price Paid)] in GI in year property transferred Upside ! greater capital gains later (lower tax) on stock held for over 1 year Example TP pays $1500 for $2000 stock; believes stock will increase in value to $4500 by year 5 Under 83(a), say becomes vested in year 4 at value of $3500; include $2000 of ordinary income at that point ($3500-$1500); sell in year 5 w/ basis of $3500 ($1000 in cap gains) Under 83(b), include $500 in GI now; sell in year 5 w/ basis of $2000 ($2500 in cap gains) Downside ! no deduction allowed if value of stock decreases or property forfeited Applicability to Stocks Section 83 applies to stock purchased at discount from employer (b/c stock not under 132) Timing of Employers Deduction 83(h) Employer deducts same amount at same time as employee Meals/lodging furnished at convenience of employer ( 119) Main Rule Meals/lodging furnished to employer, spouse or children are excluded from GI if certain conditions met Lodging ( 1.119-1(b)) Must be required to accept lodging as condition of employment Must be furnished for convenience of employer (no mere formality) Must be on business premises of employer Adams v. US (C.Cl. 1978) ! Condition met b/c (1) premises built & owned by employer, (2) designed in part to accommodate employers business activities, (3) employee required to live at residence, (4) employee performed business activities in home, (5) residence served important business function of employer Meals ( 1.119-1) Only applies to meals in kind, not cash reimbursements (Commr v. Kowalski (U.S. 1977)) Must be taken on business premises Gifts Definition of a Gift Definition Detached, disinterested generosity, out of affection, respect, admiration, charity or like impulses Focus primarily on donors intention Also consider overall context Generally gifts made by employers/corp. entity not gifts Review of lower court decisions is for reasonableness/clear error Duberstein (U.S. 1960) Facts: President of company A sent president of company B a car as gift for sending names of potential customers Holding Car not a gift b/c looks like compensation for past services or inducement to provide more names in future (not detached/disinterested) Court rejects proposed test that gifts be defined as transfers of property for personal as distinguished from business reasons Treatment Gifts in General Main Rules ( 102) Donee can exclude value of gift from GI Donor cannot deduct cost of gifts to donee Under Haig-Simons, could tax both donor/donee (or either) b/c Donor consumes enjoyment of giving (so no deduction) Donee consumes gift itself / has  wealth (so inclusion) Rationale for Current system Treatment more administratively convenient Donee generally less wealthy & less in control Treats donor and done as one taxable unit (e.g., same family) Treatment of Business Gifts and Employee Achievement Awards Business Gifts ( 274(b)) Employer may deduct business gift (under 162 or 212) ONLY IF Gift expense, plus sum of all other gift expenses made for donee during year, do not exceed $25 Item is a gift under 102 Cost of item to employer exceeds $4 Item does not display employers name & is not one of a number of identical items distributed by employer E.g., law firm giving away mugs w/ name of firm NOT a gift Employee Achievement Awards (EAA) Default Rule TP must include prizes/awards in GI ( 74(a)) Exceptions 74(c) IF cost to employer of EAA does not exceed amount allowable as deduction to employer, THEN employee can exclude EAA from GI IF cost to employer of EAA does exceed amount allowable as deduction to employer, THEN employees GI only includes greater of: Total cost of EAA  Cost of EAA allowable as deduction to employer (but this amount cannot be greater than FMV of award), OR FMV of EAA Cost allowable as deduction to employer EAA (def) ( 274(j)(3)(A)) item of tangible property transferred by employer to employee for length of service or safety achievement awarded in meaningful presentation isn t likely disguised compensation Dollar Limitations on EAA s Qualified Plan Award ! Can deduct up to $1600 for each employee under qualified plan award (which is an established written program that doesn t discriminate in favor of highly compensated employees) Not Qualified Plan Award ! Can deduct up to $400 for each employee if not a qualified plan award (which is anything else) Refining the Concept of Income Which Benefits are Included in GI? Whether included in GI ! definition of  income Glenshaw Glass (U.S. 1955) (Generally) Gross Income 61 includes all accessions to wealth, clearly realized & over which taxpayers have complete dominion & control Holding: Punitive damages must be included in income 1.61-14: punitive damages included in GI See also Murphy (D.C. Cir. 2007) Compensatory damages for non-physical injury included in GI b/c not damages for personal physical injuries (which is what is excluded under 104(a)(2)) & implicitly included under 61) Note: court takes non-traditional approach to 61 by looking at legislative history to determine whether to include damages for non-physical injuries; traditionally, 61 includes any item that falls w/in definition of income Rev Rule 80-52 (Bartering of Services) Main Rule Receipt of services in exchange for services is included in GI Facts: A&B both perform services for each other worth $200 & receive 200 barter points to use in the barter club Holding: A & B each have income; otherwise people could use bartering to get around taxation Difference between someone who barters & someone who performed services themselves is difference in leisure time Gotcher (5th Cir. 1968) (Receipt of in-kind consumption (outside gift and compensation contexts)) Income under 61 must be 1) economic gain & 2) must primarily benefit taxpayer personally Holding Expenses from paid trip excludable from GI if dominant purpose of trip is business (all or nothing standard) Employee & wife receive trip paid for by employer in efforts to get employee to open US Volkswagen dealership ! trip is income to wife but not employee b/c trip was primarily business & primarily benefited employer (not employee) Note: case decided before fringe benefits rules passed Were assuming husband/wife file joint return, but if they filed separately could argue income is his & he made a gift to her Market bargains do not result in GI (Palmer v. Commr (U.S. 1937)) Imputed Income Main Rule Imputed income does not count as GI Rationale: administrability & compliance problems, liquidity issue, valuation absent FMV, public perception of tax law/personal liberty Imputed Income (def) Enjoyment/value taxpayer receives from her own services or property outside the ordinary processes of the market E.g., attorney preparing her own tax returns, farmer eats some of his produce (imputed income = profit foregone) But see Comm r v. Daehler (5th Cir. 1960) ! real estate salesman s commission paid him b/c of sale to himself counts as GI, b/c market transaction Horizontal Equity Problem If imputed income not taxed, people who choose to perform their own services taxed differently (and less) than others in same economic situation E.g., Services for housekeeping When spouse 1 stays home, only taxed on spouse 2s income plus have clean house; when spouse 1&2 work, taxed on both then have to pay housekeeper (see p.138) High income earners benefit most from exclusion Realization: A When and Whether GI Question Realization = an event (usually sale) of property which triggers recognition of income from appreciation of property 1001 ! recognition of gain/loss 1001(a) ! Gain from Sale of Property = Amount Realized  Adjusted Basis 1001(b) ! AR = Cash Received + FMV of any Property Received 1001(c) ! Unless there is an exception, entire amount of gain/loss is recognized Eisner v. Macomber (1920) (Severance Requirement) Severance Requirement Income from capital requires something for TP s separate use, benefit, and disposal that is derived and severed from the property Rationale ! TP is no richer than before, doesn t have anything new Holding Mere increase in value of capital investment (via issuance of stock dividend) doesn t give rise to GI b/c of severance requirement Court says realization is a constitutional requirement under 16th Am Later cases clarify that realization is not a constitutional issue & Congress can tax unrealized gains See Helvering v. Bruun (1940) ! lessor has income from building that tenant erected when land reverted back to lessor at termination of lease Eroded  severability requirement ! building not actually severable from land LM: think of severability as having something different enough from what you had before Cesarini v. US (N.D. Oh. 1969) (Windfall Rule) Windfall Rule Windfalls give rise to immediate inclusion under 61 Windfall (def) When taxpayer gains something different and new besides property Must be distinguished from appreciation (GI deferred) and market bargains (no GI) Holding Money found in piano is taxable, b/c windfall Money found is taxable in year found, b/c state law applies, state law was English common law rule, and TPs gained superior title only once they found the money 1.61-14 ! treasure trove = GI (= value in US currency) for taxable year in which it s reduced to undisputed possession Loans Primary Rules Borrower does not include loan in GI Rationale: offsetting obligation (no net accession to wealth) Time Value Advantage: Get money today, get taxed on it later Lender does not deduct loan from GI Definition of Loan Borrowers Side Loan = $ received with consensual recognition, express or implied, of obligation to repay and without restrictions on disposition Other considerations: intent to repay, ability to repay James v. US (1961) Holding: embezzled funds (and all unlawful proceeds) are GI 165(a) & (c)(2) ! Repayment of stolen funds can be deducted in year of repayment Other Cases US v. Rochelle (5th Cir. 1967) ! swindler who was lent money under false pretenses realized GI even though money was technically a loan Gilbert v. Commissioner (2d Cir 1977) [taking = loan based on intent] ! corporate president took funds from corp. w/o authorization to use for good of corp. & signed promissory notes secured by his own assets; even though corp. was unable to recover $ later, court held taking was loan based on intent of president Lenders Side Payments are not advances/loans when no binding obligation to repay Boccardo v. Commissioner (9th Cir 1995) Holding Contingency fee arrangement under which law firm incurred costs of litigation & would receive nothing if there was no recovery (no explicit obligation to repay costs) was not loan Therefore, firm can deduct costs as ord/nec business expenses Cancellation of Indebtedness (COI) Primary Rules Borrower includes in GI the amount of COI ( 61(a)(12)) Lender deducts loss from COI ( 166) Borrower s Side Whether there is COI IF COI, THEN Borrower pays back loan at lesser amount Not a disputed debt Amount of COI: US v. Kirby Lumber (1931) Inclusion in GI from COI = Amount Originally Borrowed  Amount Paid Back Rationale: assets were made available Note: Kirbys assets made available rationale doesnt work in all cases, because sometimes amount of indebtedness exceeds borrowers assets Therefore, also use rationale that borrower didnt report income b/c promised to pay it back, so failure to repay is inconsistent w/ original reason to exclude & adjust income accordingly When to Include Income from COI Include in year debt cancelled (doesnt change tax consequences in year 1 when debt incurred) Zarin v. Commissioner (T.C. 1989) Holding Inclusion in GI from COI = Gambling debt (IOUs for chips)  settlement amount Z Arg: Unenforceable Debt TC: Nonenforceability not dispositive ! look at how parties treated transaction; Z didn t include credit as income, but as loan Z Arg: Disputed Debt Settlement ! No Income TC: Not a disputed debt, b/c there was agreement as to what he owed, and much of it was simply liquidated Z Arg: 165(d) ! Losses from wagering transactions allowed as deduction to extent of gains from such transaction s TC: Doesnt apply b/c (1) Regulation requires they occur in the same year, and gambling losses & gain from settlement occurred in different years and (2) gains werent from wagering transactions, but from cancellation of debt Z Arg: 108(e)(5) ! Purchased Money Debt Reduction TC: Doesn t apply b/c Z acquired the opportunity to gamble, which is not property under 108(e)(5) Dissents Tannenwald Dissent The debt was not enforceable, and that is dispositive, because there was no  freeing up of assets under Kirby Lumber And there was a genuine disputed debt Jacobs Dissent Says chips equaled income to Z, since no enforceable debt, and would apply 165(d) to allow P to deduct gambling losses to extent of chip income Ruwe Dissent Z did receive property in gambling chips, therefore apply 108(e)(5) Arguments for Zarin: Chips werent equivalent of cash & all he acquired was opportunity to gamble & they bargained out to actual value of what he received He received compensation for incentivizing people to gamble BUT, Reversal 3rd Cir. later reversed and held no cancellation of indebtedness income b/c obligation was a disputed debt Exclusion of COI from GI Indebtedness (def) 108(d)(1): Debt for which taxpayer is Liable or Subject to which taxpayer holds property Main Rule COI income excluded from GI if: COI is a gift COI occurs in title 11 case COI occurs when TP insolvent Indebtedness is qualified farm indebtedness (see 108(g)(2)) Indebtedness is qualified real property business indebtedness Indebtedness is qualified principal residence indebtedness which is discharged before January 1, 2010 Gifts COI income excluded from GI if COI is gift (Autenreith v. Comm r (3d Cir. 1940) 108(b) ! Excluded COI is applied to reduce tax attributes of TP Taxpayer Insolvency COI income excluded on basis of TP insolvency cant exceed amount by which TP is insolvent ( 108(a)(3)) Qualified Real Property Business Indebtedness ( 108(c)(3)) COI income on basis of qualified real property business indebtedness are applied to reduce the basis of TPs depreciable real property Qualified Principal Residence Indebtedness Exclusions of COI on basis of principal residence indebtedness are applied to reduce (not below zero) basis of TPs principal residence ( 108(h)(1)) General rules for COI ( 108(e)) No general insolvency exception from rule that indebtedness discharge = GI No GI realized from COI if payment of liability would have been deductible Ex: if TP pledges to give church donation but then has to reduce pledge, no cancellation of indebtedness b/c donation would have been deductible Amount must be adjusted for unamortized premium & discount w/r/t indebtedness discharged Purchase Money Debt Reduction (Lemon rule) Debt reduction is treated as purchase price reduction (not cancellation of debt) if debt of purchaser of tangible property, to seller of property, w/r/t such property, is reduced in manner that would otherwise be indebtedness discharge not in title 11 case or when purchaser is insolvent General Reduction of TPs Tax Attributes ( 108(b)(2)) Satisfaction of Debt vs. COI IF COI, THEN Lack of consideration from borrower to lender US v. Centennial Savings Bank (1991) ! early withdrawal penalties paid by depositors to bank not discharge of indebtedness b/c payment was just fixed amount required to close account AND Borrower s failure to satisfy debt if debt is  paid by services, property, or any money, it s satisfied & not discharged In Kind Satisfaction of Debt IF debt satisfied in kind, THEN satisfaction transaction is analyzed as taxable exchange Services: Analyze as if Borrower performed services for lender Lender paid borrower for services (thus gets deduction) Borrower pays lender to satisfy loan Property: Taxable Transaction under 1001 Analyze as if Borrower gave lender property Lender paid cash to borrower for property Borrower paid cash to lender to satisfy loan Release of Claim (Rev Rule 84-176) Debt forgiven by seller in exchange for payment of amount of debt + release of breach of contract claim is not income from COI Analyze as if Lender paid borrower damages (1/2 of debt) Borrower paid full amount of debt as cash Lenders Side Bad Debts ( 166) If COI, Lender can deduct wholly or partially worthless debt which becomes worthless within taxable year Treatment of loans under Consumption Tax Consumption = Income  Wealth One Approach Amount Borrowed = GI (b/c cash inflow) Deduction = Principal and Interest paid on loan Rationale: Don t tax twice (proceeds would be paid with after-tax $) Another (Economically Equivalent) Approach Amount Borrowed = Excluded from GI No Deduction for Principal and Interest paid on loan Effect on Borrowing: Would discourage borrowing to consume (consistent w/ encouraging savings) Treatment of Interest Interest is part of loan, because it is included in future value of principal Deduction for Loan Proceeds Invested Deductions & Credits: Business Expenses vs. Personal Expenses Introduction Allow taxpayers to deduct cost of business b/c: Conceptual: Costs of producing income are not themselves income Efficient: Dont want to disincentivize business that costs a lot to run (dont want to skew choices): Equitable: Want people w/ same profit to pay same tax (ability to pay) Above the Line Deductions vs. Below the Line Deductions Above the Line Deductions ( 62(a)) Trade/business Deductions ( 62(a)(1)) Expenses attributable to trade/business carried on by taxpayer Exception: Expenses incurred in trade/business that is performance of services by TP as employee Specified trade/business deductions of employees ( 62(a)(2)) Reimbursed expenses under reimbursement or other expense allowance arrangement as per 1.62-2(c)(5) Losses from sale/exchange of property ( 161 et seq.) Rents/royalties (deductions attributable to) ( 161, 212, 611) Deductions of life tenants/income beneficiaries of property Pension/profit-sharing/annuity plans of self-employed individuals Retirement savings ( 219) Alimony ( 215) Moving expenses ( 217) Interest on higher ed loans ( 221) Higher ed expenses ( 222) Health savings accounts ( 223) Costs of discrimination suits Below the Line Deductions Generally, mixed business & personal expenses (only taken if TP itemizes) Limitations on The 2% Rule ( 67(a)) Amount of Deduction allowed for miscellaneous itemized deductions (MIDs) = (Sum of all MIDs)  (2% of AGI) Miscellaneous Itemized Deductions ( 67(b)): All below the line deductions EXCEPT Interest Deduction ( 163) Taxes Deduction ( 164) Various Losses Deduction ( 165(a), (d)) Charitable Contributions ( 170) See others Rationale: simplicity for taxpayers; makes them have less incentive to calculate itemized deductions The Rich Person 3% / 80% Rule ( 68(a)) IF AGI exceeds $100,000, THEN Amount of Itemized Deductions allowed = (Itemized Deductions allowed after 67(a))  Lesser of 3% (AGI  $100,000) OR 80% (Itemized Deductions allowed after 67(a)) Deductions Not Subject to 3% / 80 % Rule (68(c)) Medical, etc. expenses ( 213) Investment Interest Deductions ( 163(d)) Various Losses Deduction ( 165(a), (d)) Reimbursement: What is an Accountable Plan? (1.62-2(d)-(f)) Accountable Plan ! Business Connection (d): Expenses must be business expenses paid/incurred by employee in connection w/ performance of services Substantiation (e): Plan must require employee to make adequate accounting to employer Excess Returned(f): Plan must require employee to return amounts paid in excess of actual expenses IF Employee Reimbursed for Expenses under Accountable Plan Employee may exclude reimbursements from GI (1.62-2(c)(4)) IF Employee makes adequate accounting to employer ( 1.162-17, 1.274-5T) Employee doesnt claim excess reimbursements over expenses Employer subject to any 50% Limitation under 274(n)(2)(A) (see below) IF Employee Reimbursed for Expenses under Nonaccountable Plan Employee must report reimbursements as GI ( 1.62-2(c)(5)) Reimbursements may be taken as below the line deductions subject to 274(n), then 67 & 68, as long as employee makes adequate accounting of expenses Example: options for structuring payment of employee expenditures which are deductible Employer can pay expenses that employee incurs on job Employer gets above the line deduction under 62(a)(1) Employee gets exclusion from GI under 132 Employee can pay expenses upfront & receive reimbursement from employer Under Accountable Plan Employer gets above the line deduction under 62(a)(1) Employee gets either? above the line deduction under 62(a)(2), OR exclusion from GI under 1.62-2(c)(2) Under Nonaccountable Plan Employer gets above the line deduction under 62(a)(1) Employee gets inclusion in GI, and may get below the line deduction under 1.62-2(c)(5), subject to 67-68 limitations Employee can pay expenses upfront & not be reimbursed at all Employer has no result Employee can get below the line deduction under 212, subject to 67-68 limitations Bad deal for employee Mixed Business & Personal Expenses Primary Rules Trade/business expenses generally deductible ( 162) Personal expenses generally not deductible ( 262) Travel & Lodging Commuting Costs (Rev Rule 99-7) Travel between two business locations is deductible Traveling between work and home General Rule: Travel between work and home not deductible Rationale: Cost stems from personal choice about where to live Commuting Rules Exceptions: Commuting expenses for daily travel to temporary work location outside TPs metro area Temporary (def) Expected to last for less than 1 year (no longer temporary as soon as its apparent that it will last for more than 1 year) Does last for less than 1 year If TP has one or more regular work locations, commuting expenses for daily travel to temporary work location in same trade /business, regardless of distance E.g., travel from home to clients office on the way to taxpayers office Home Office Exception If TPs principal place of business is his home (as defined in 280A(c)(1)(A)), commuting expenses for daily travel from home to other work locations in same trade/business Tool Exception If taxpayer incurs addl expenses in transporting tools between home and work, TP can deduct cost of commuting (not clear whether all, or only incremental, may be deducted) Traveling Expenses While Away From Home ( 162(a)(2)) Traveling Expenses (def) ( 1.162-2(a)) Fares, meals (but see below for additional meal limitations), lodging & expenses incident to travel Traveling expenses deductible ONLY IF: Ordinary/reasonable ( 1.162-2(a)) & necessary Not lavish or extravagant under the circumstances Incurred while away from home Incurred in the pursuit of trade/business Away From Home Requirement Home General region in which TP lives and works (different from commuting) Therefore, Traveling away from home ! TP has business connection with  home Rationale: 162(a)(2) is concerned w/ duplication of living expenses necessitated by business Hantzis v. Commissioner (1st Cir 1981) Facts: couple lives in Boston and wife (Harvard law student) takes summer job in NY (husband stays in Boston) & tries to deduct transportation expenses to/from NY & meals/lodging in NY Holding: 162(a)(2) deduction disallowed, b/c expenditures were not incurred away from home, b/c Hantzis had no business connection to Boston, therefore NY was home for tax purposes Daly v. Commissioner (4th Cir 1981) Facts: Salesman w/ residence in Virginia who regularly traveled to other states for selling purposes Holding: Tax home = area served as traveling salesman (even though he prepared reports in his Virginia residence); therefore, expenses to tax home not deductible, b/c Virginia residence maintained for personal reasons 2 Abodes & TP has Business Connection w/ Each The home that is away from home is the minor post of duty The tax home is the major post of duty To determine which location is major post, look at length of time spent See Andrews v. Commissioner (1st Cir 1991) Home Office When No Other Fixed Locations( 280A(c)(1)) Principal place of business includes place used for admin or management activities of trade/business IF there is no other fixed location where such work is conducted Trade or business Requirement Primarily Test ( 1.162-2(b)) If trip is primarily for business, can deduct travel expenses If primarily for pleasure, Cant deduct travel, meal, or lodging expenses Can deduct expenses related to business incurred while on trip) No Need for Business to be Pre-Existing Trade or business doesnt need to be pre-existing (see Hantzis) Question is whether expense incurred as cost of producing income Meals & Entertainment Meals incurred through travel away from home ( 162(a)(2)) See additional requirements above Away From Home Requirement See additional requirements above Overnight Rule Deduction for Meals away from home ! Overnight Stay US v. Correll (U.S. 1967) ! meal eaten alone can only be deducted if satisfies 3 requirement of 162(a)(2) plus requires overnight stay note: a meal eaten w/ client at restaurant out of town may be deductible under 162 Local Meals / Meals Not Otherwise Deductible Under 162(a)(2) Local Meals / Non- 162(a)(2) meals deductible only if they are ordinary and necessary business expenses Ordinary and Necessary Requirement Necessity: Frequency, importance to the business Moss v. Commissioner (7th Cir 1985) (Posner, J.) Court disallows deduction for meal under 162 when partners in small firm met at restaurant for lunch every day Fact that they met every day looks personal; if they only met once a month it would probably be deductible Meals were ordinary but not necessary NOTE: 274 not discussed b/c didnt pass under 162 Amount of Deduction Entire cost of valid business meal deductible under 162(a) Rationale: Administratively burdensome to disallow personal element Limits on Deductibility of Meals/Entertainment ( 274) Substantiation Requirement ( 274(d)) No deduction allowed for travel, meals or entertainment unless substantiated by adequate records Threshold Requirement ( 274(a)) (in addition to under 162) Deduction allowed for entertainment, amusement or recreation (including meals) ONLY IF activity was directly related to conduct of business ( 1.274-2(c) & (d)) OR associated w/ conduct of business (only) if activity directly precedes or follows substantial & bona fide business discussion Entertainment Objective Definition ( 1.274-2(b)) Directly Related Test Requires greater degree of proximate relationship between expense and trade/business than required by 162 Expenses meant to promote company goodwill in social setting do not count Associated With Test Directly preceding or following is interpreted restrictively, esp. w/r/t expenses to promote goodwill See Walliser v. Commissioner (T.C. 1979) Holding: Cost of tour taken by bank loan manager for ppl in building industry to meet potential clients & foster good will not deductible under 274 Entertainment; doesnt matter that Ps said they didnt enjoy the trip 162 ord/necessary requirements satisfied, but still need to satisfy 274 Fostering goodwill/future business doesnt meet directly related test or associated with test Exceptions to 274(a) ( 274(e)) (important to look at) 50 % Limitation ( 274(n)) Only 50% of entire meal or entertainment cost is deductible (whether away from home or not) Exceptions to ( 274(n)(2)) Limitation on Deductibility of Business Gifts (274(b)) See Above Additional Business Meal Limitation ( 274(k)) No deduction allowed for business meal unless expense is Not lavish/extravagant, and TP present at meal Exceptions ( 274(k)(2)) Limitation for Entertainment Tickets ( 274(l)) Deduction for entertainment tickets cannot face value of non-luxury ticket (unless for charity) Child Care Deductibility / Imputed Income Status Child care not deductible as business expense under 162 or 212 Smith v. Commissioner (T.C. 1939) child care costs not deductible as business expense under 162 b/c relationship to business too tenuous (child care is a personal expense)  wanted  but for test (but for care, wife couldn t work & make income) but court rejected as slippery slope NOTE: Opposite  but for test But for work, wouldn t need child care Would have helped  Wouldn t apply to other personal costs like meals Child care performed by TP not taxed b/c imputed income Equity Problem Overall, structure makes it not worth it for women to work sometimes Could be rectified by taxing imputed income or allowing deduction for child care Child Care Credit ( 21) Rationale: Congress now sees child care as mixed business/personal expense ! limited to payments related to employment but less than full cost of childcare included IF TP has Expenses for household & dependent care services That are incurred to enable TP to be gainfully employed THEN TP may claim credit equal to (Applicable %) (Sum of Child Care Expenses) Applicable % 35%, but Reduced by 1% for every $2,000 (or fraction thereof) earned over AGI of $15,000 BUT, never reduced below 20% Limitation on Sum of Child Care Expenses ( 21(c)) Absolute Max of $3,000 for 1 dependent Absolute Max of $6,000 for 2 or more dependents Sum of Expenses cannot exceed TPs earned income ( 21(d)) E.g. TP w/ $100,000 AGI, $20,000 of childcare expenses & 1 child: Credit = 20% of $3,000 = $600 Max amount of credit (assuming v. low income w/ lots of kids) = 35% of $6,000 Refundability Credit is not refundable, so no assistance to low-income taxpayers who pay no IT Dependent Care Assistance Program (129) Exclusion from GI for compensation from employer-provided dependent care programs (usually through salary reduction agreements) TP may exclude from GI income employer pays TP for dependent care assistance pursuant to dependent care assistance program (129(d)) Limitation on Exclusion Absolute max of $5,000 ($2,500 if separate return by married individual) ( 129(a)(2)(A)) Exclusion cannot exceed TPs earned income ( 129(b)(1)(A)) Value of Exclusion (Sum of exclusion) (TPs marginal rate) Therefore, works same as above line deduction Relation to Child Care Credit of 21 Receipt of 129 exclusion disallows receipt 21 credit unless total exclusion doesnt exceed max in 21(c) in which case TP can get credit under 21 for difference Credit for employers ( 45F) Employers can claim credit up to $150,000 for 25% of qualified employee child care expenses & 10% of qualified child-care resource referral expenses Child Credit ( 24) Child Credit of $1,000 per dependent age 16 and younger ( 24(a)) Rationale: Supporting childrearing w/o regard for costs of child care AGI Limitation Total Credit Per Dependent = $1,000 reduced by $50 for each $1,000 (or fraction thereof) in AGI over threshold amount Threshold Amount of AGI ( 24(b)(2)) Joint Return: $110,000 Unmarried individual: $75,000 Married individual filing separately: $55,000 Refundability TP who would not be allowed credit due to 24(b)(3) or 26(a)(2) (i.e., low income) can claim lesser of Credit they would be allowed were it not for 24(b)(3) or 26(a)(2) OR Greater of $3,000 (Stimulus Bill Amendment to 24(d)(1)(B)(i)) OR Amount calculable under 24(d)(1)(B)(ii). Education Rationale for Codes Treatment of Education Accurate Measurement of Income Generally, education considered personal expense (so not deductible), but can be mixed business/personal Education could also be seen as capital b/c investing in future earning Wouldnt allow deductions But to extent that Code doesnt permit amortization of education costs, various benefits provided may counterbalance this disallowance Promotion of Progressivity (Ability to Pay) To extent deductions are conceptually appropriate for education, lack thereof is an indirect tax on educated people, who are higher earners Promotion of Education Investment in economic growth, personal enrichment, etc. Exclusions Employer Education Assistance Programs ( 127) TP may exclude from GI income employer pays TP for educational assistance pursuant to educational assistance program (127(b)) Limitation on Exclusion Absolute max of $5,250 ( 129(a)(2)) Exclusion cannot exceed TPs earned income ( 129(b)(1)(A)) Scholarship Exclusion ( 117) TP may exclude from GI Amount received as qualified scholarship/qualified tuition reduction Unless compensatory ( 117(c)(1)) Deductions Work-related Education Expenses ( 162(a)) TP may deduct below the line work-related education expenses ONLY IF ordinary and necessary Ordinary and Necessary Educational expenses ( 1.162-5) Deductible: Education in order to: Maintain/improve skills needed in TPs present job or employment Meet requirements of employer or applicable law/regulations for retaining present job/rate of compensation E.g., state changes education requirements once youre already in profession Travel Expenses while away from home primarily for engaging in independently deductible work-related education ( 1.162-5(e)) Not Deductible: Education in order to Meet minimum educational requirements of TPs chosen trade/business E.g, JD E.g., Wassenaaar v. Commr (T.C. 1979): Tax LLM cannot deduct cost of degree when he enrolled right after law school Qualify for new trade/business Interest on Education Loans ( 221) TP may deduct above the line interest on qualified education loans ( 221(d)(1)) Limitations Dependents Not Eligible ( 221(c)) TP may not take 221 deduction if claimed as dependent by another TP under 151 On Amount of Deduction Absolute max of $2500 ( 221(b)(1)) IF AGI exceeds $50,000 AND filing singly, Deduction reduced by X, where ________X________ = (AGI  $50,000) Deduction Otherwise $15,000 IF AGI exceeds $100,000 AND filing jointly, Deduction reduced by X, where  ________X________ = (AGI  $100,000) Deduction Otherwise $30,000 Qualified Tuition & Related Expenses ( 222) TP may deduct above the line qualified tuition & related expenses Qualified Tuition & Related Expenses (def) ( 25A(f)(1)) See Hope & Lifetime Learning Credits, below Limitations Limitations on Amount of Deduction If TPs AGI < $65,000 ($130,000 for joint) ! max is $4,000 If $65,000 < TP s AGI < $80,000 ($130,000 < TP s AGI < $160,000 for joint) ! max is $2,000 If TP s AGI > $80,000 ($160,000 for joint) ! no deduction No double benefit Other Deductions: No deduction under 222 for expense for which deduction taken elsewhere 25A Credits: No deduction under 222 if TP elects credits under 25A Qualified tuition & related expenses reduced by amount of exclusions taken under 135, 529(c)(1) and 530(d)(2) Credits Hope & Lifetime Learning Credits ( 25A) How they work together TP allowed total credit equal to Hope Credit + Lifetime Learning Credit Limitations Reduction for Scholarship ( 25A(g)(2)) Amount of qualified tuition & related expenses must be reduced by amount of any scholarships Precluded by Taking of Deduction ( 25A(g)(5)) Cant get credit for an expense if youve taken deduction for it (ex: 162 work-related education deduction) Not for Same Student in Same Year ( 1.25A-1(b)) Cant take both Hope & Lifetime Learning credits for same student/expenses in same year Taxpayer / Student Limitations TP entitled to credits only if student is TP, spouse or dependent If student is a dependent, credit goes to taxpayer claiming dependent (even if student pays own tuition) ( 25A(g)(3)) Qualified Tuition & Related Expenses (def) ( 25A(f)(1)) (as amended) Includes: Tuition, fees, and course materials at eligible educational institution for courses of instruction required for enrollment of TP TPs spouse TPs dependent (def in 152) Excludes Sports expenses ( 25A(f)(1)(B)) Nonacademic fees ( 25A(f)(1)(C)) Hope Credit ( 25A(b) (as amended)) Per student for only and each of first four years of college, and only if student at least time: Credit allowed of up to $2,000 of qualified tuition & related expenses AND Up to 25% of such expenses over $1,000 but under $3,000 (therefore, max credit is $2,500) Reduction ( 25A(i) (as amended)) If filing singly, lifetime learning credit reduced by X, where __ ______X__ _____ = AGI  $80,000) Credit Otherwise $10,000 If filing jointly, lifetime learning credit reduced by X, where __ ______X_______ = (AGI  $160,000) Credit Otherwise $20,000 Thus, credit phases out for individual AGI > $80,000 and joint AGI > $160,000 Refundability ( 25A(i) (as amended)) 40% of Hope Credit ($1,000) is refundable Lifetime Learning Credit ( 25A(c)) Per TP, Credit allowed of (20%) (Sum of qualified tuition & related expenses) Max sum of qualified tuition & related expenses $10,000 Therefore, max credit is $2,000 Reduction ( 25A(d)) If filing singly, lifetime learning credit reduced by X, where __ _____X________ = (AGI  $40,000) Credit Otherwise $10,000 If filing jointly, lifetime learning credit reduced by X, where __ _____X________ = (AGI  $80,000) Credit Otherwise $20,000 Thus, credit phases out for individual AGI > $40,000 and joint AGI > $80,000 Education Savings Vehicles In General After-tax dollars contributed to these accounts grow tax-free Rationale: Encouraging savings for education Example of consumption tax treatment of investments in IT Qualified Tuition Programs (QTP) ( 529) QTPs are exempt from taxation ( 529(a)) QTP (def) ( 529(b)) Must be established by state or eligible educational institution & taxpayer can contribute for designated beneficiary Contributor may purchase tuition credits or make contributions (cash only) Qualified Higher Education Expenses ( 529(e)(3)) Basics Tuition, fees, books, supplies, and equipment required for the enrollment or attendance of a beneficiary at an eligible education institution Special Needs Expenses for special needs services for a special needs beneficiary Room & Board For students who are at least time, room and board up to limitation under 529(e)(3)(B)(ii) Contributions Limitations: Cannot be excess of what is necessary to provide for beneficiarys higher education expenses ( 529(b)(6)) AGI Limitation: None Distributions ( 529(c)) Distributions that dont exceed higher education expenses are excluded from GI Distributions that do exceed higher education expenses are includible under 72 Limitations Reductions required by Amount of scholarships received ( 529(c)(3)(B)(v)(I)) Amount of qualified higher education expenses used to calculate Hope &/or Lifetime Learning Credits under 25A Interaction with 530 Can contribute to both accounts, but cant contribute more than each allows & cant contribute more than you will ultimately need for education expenses Coverdell Education Savings Accounts / Education IRAs ( 530) EIRAs are exempt from taxation, except to extent required by 511 ( 530(a)) EIRAs (def) ( 530(b)) Must be trust created or organized in U.S. for paying qualified education expenses of an individual Qualified Education Expenses ( 530(b)(2)) Includes Qualified Higher Education Expenses under 529(e)(3) Includes Qualified Elementary & Secondary Education Expenses under 530(b)(3) Expenses for tuition, fees, academic tutoring, special needs services, books, supplies, other equipment which are incurred in connection w/ enrollment or attendance at public, private, or religious school Expenses for room & board, uniforms, transportation, and supplementary items and services Expenses for purchase of computer technology or equipment Contributions Limitations Only in cash ( 530(b)(1)(A)(i)) Beneficiary cannot be older than 18 ( 530(b)(1)(A)(ii)) Absolute Max: $2,000/yr. AGI Limitation If filing singly, amount of contribution reduced by X, where __ X__ = (AGI  $95,000) $2,000 $15,000 If filing jointly, amount of contribution reduced by X, where __ X__ = (AGI  $190,000) $2,000 $30,000 Distributions ( 530(d)) If distributions don t exceed qualified education expenses, they are excluded from GI If distributions do exceed qualified education expenses, inclusion in GI of [(Sum of Distributions)  (Qualified Education Expenses)]  X, where ____________________X__________________________ [(Sum of Distributions)  (Qualified Education Expenses)] = Qualified Education Expenses Sum of Distributions Other Limitations Reductions required by Amount of scholarships received ( 529(c)(3)(B)(v)(I)) Amount of qualified higher education expenses used to calculate Hope &/or Lifetime Learning Credits under 25A No Deduction, Exclusion, or Credit for Same Expense ( 530(d)(2)(D)) Interaction with Qualified Tuition Programs ( 530(d)(2)(C)(ii)) Losses Main Rule: To affect TPs income, losses must be Realized Recognized Allowed Not Disallowed Deduction for Losses ( 165) TP may deduct below the line (but not subject to 67-68) losses sustained during taxable year AND not otherwise compensated (e.g., by insurance) Exception for Losses from Sale or Exchange of Property ( 62(a)(3)) TP may deduct above the line losses from sale or exchange of property Timing of Deduction (1.165-1(a)-(b)) Losses must be clearly and actually sustained in year deduction claimed Amount of Deduction ( 165(b)) For determining amount of loss, TPs basis in property at time of loss is AB under 1011 Absolute Max: Basis in property at time of loss Limitations on Deductible Losses of Individuals (165(c)): Losses must be Incurred in trade/business Incurred in transaction entered into for profit (not trade/business) Incurred in fire, storm, shipwreck, other casualty or theft Theft/Casualty Losses General Restrictions Other Casualty (def): Sudden, unexpected unusual event Willful Negligence: Loss deduction denied if taxpayers inaction amounting to willful negligence caused loss $100 Limitation Per Casualty ( 165(h)(1)) Deduction for particular casualty/theft loss allowed only if it exceeds $100 Extend Exceeding 10% of AGI Limitation ( 165(h)(2)) Amount of Casualty/Theft Loss ( 1.165-7(b)(1)) Lesser of (FMV of property immediately before casualty)  (FMV after casualty) OR amount of AB Special Rule for Totally Destroyed Business/Investment Property IF casualty involves business/investment property which is totally destroyed AND AB > FMV before the casualty, THEN loss allowed as deduction is AB Wagering Losses ( 165(d)) Only allowed to extent of gains Capital Losses (165(f)) Losses from sale or exchange of capital assets allowed only to extent allowed in 1211-1212 Other Limitations (Disallowances) Related Parties ( 267) Main Rule: No deduction allowed for losses on property sales or exchanges between related parties (but can recognize gains) Related Parties (def) ( 267(b)) Family members or economically related individuals (individual & corp more than 50% owned, etc.) Constructive Ownership of Stock ( 267(c)) You own the stock owned by your family (spouse, brother/sister, ancestors & lineal descendants), partner, shareholders, etc. Amount of Gain on Resale Where Loss Previously Disallowed ( 267(d)) When property is re-sold, gain recognized to extent of: (Gain on Property) (Previously Disallowed Loss) ( 267(d)) If there is loss from such a resale, it is not reduced or enlarged by disallowed loss Example: Mom (M) sells $25,000 property to daughter (D) for $10,000 (basis = $10,000) D sells to unrelated party for $30,000 Disallowed loss of $15,000 offsets D s gain of $20,000 & only $5,000 gain is recognized Hobby Losses ( 183) No deductions on activity not engaged in for profit 183(b)(2) ! can deduct costs of hobbies up to income earned (below the line itemized deduction) This section is no longer v. important b/c addressed mostly by 469 Smith v. Commissioner (T.C. 1947) ! losses from operation of farm are deductible b/c the farm was operated as a business (even though there was a loss) To determine whether activity was business or hobby, look at taxpayers intention (need to find objective of making profit) Bad Debts ( 166) Bad Business Debts TP may deduct worthless or partially worthless debts Amount of Deduction TPs basis for determining amount of deduction is AB under 1011 Bad Nonbusiness Debts ( 166(d)) Non-business debts treated as short term capital gain ( 166(d)(1)(B)) Tax-Favored Personal Expenses Tax Expenditures Tax Expenditure (def) = deviations from normative tax base that cost money (i.e., government spending through tax credits, deductions, special rates, etc.) E.g.,: home mortgage breaks, fringe health care, capital gain exclusions for primacy residence Personal Deductions Personal Exemptions ( 151) TP allowed personal exemption deduction of $2,000 (adjusted for inflation under 151(e)) For TP himself For spouse For dependents Rationale: Prevents taxation of first dollars of income Effects Vertical Effects Somewhat progressive b/c reduces average tax rate compared to marginal tax rate, But less progressive than could be b/c its an exemption (value dependent on rates) instead of refundable credit Horizontal Effects Larger families pay less than smaller families w/ same income, b/c of # of exemptions (isnt this a good thing? More mouths to feed) AGI Phase-out ( 151(d)(3)) If AGI of TP > threshold amount (depending on type of filer) Personal amount reduced by applicable percentage, where Applicable Percentage = 2% for every $2,500 (or fraction thereof) by which TPs AGI exceeds threshold amount BUT, in 06-07, reduction was only 2/3, and for 08-09, is 1/3 Standard Deduction ( 63(c)) In lieu of itemized deductions, TP may elect standard deduction (adjusted for inflation) Basic Standard Deduction ( 63(c)(2)) $6,000 if filing jointly or surviving spouse $4,400 if head of househould $3,000 in any other case Additional Standard deduction for aged and blind ( 63(c)(2)) Earned Income Tax Credit ( 32) Refundable credit allowed to low-income workers between ages 25 & 65 Credit allowed of (Credit %) (Earned Income not exceeding Earned Income Amount) Ex: taxpayer w/ 2 children and earned income of $5,000 gets credit of $2,000 (40% of $5,000) Limitations ( 32(a)(2)) Per TP, max of credit is [(Credit %) (Earned Income Amount)] (Phase-out %) Greater of (AGI) (Phase-Out Amount) OR (Earned Income)  (Phase-Out Amount) Absolute Maximum allowed = $3556 Variables Credit & Phase-Out Percentages (See 32(b)(1)(A)) Earned Income Amount & Phase-Out Amount (See 32(b)(2)(A)) Make for 3 phases: increasing, plateau, & decreasing E.g., TP w/2 children & $28,495 in wages: Amount = 40% of $8890 = $3556 Cannot exceed ! $3556  (21.06% x 16885 = 3556) = 0 Charitable Contributions ( 170) Primary Rules Donor gets deduction Donee gets inclusion (although many charities are tax-exempt (see 501)) Rationales Accurate measure of income (is it or is it not consumption?) Encourage donations to charity, provision of quasi-governmental services Allowance of Deduction ( 170(a)) TP may deduct below the line any charitable contribution payment of which made in taxable year Amount of Deduction cannot exceed difference that is: (Amount of Donation)  (FMV of Benefit Received) E.g., can t deduct cost of raffle ticket for valuable prizes Charitable Contribution (def) ( 170(c) Main Rule: Must be contribution or gift Amount of Donation must exceed FMV of Benefit Received Donation Must be Made with Intention of Making a Gift Look to TPs motivations Donation cannot be a quid pro quo Hernandez v. Commissioner (U.S. 1989) Payments to Church of Scientology in exchange for auditing/training services not deductible under 170 b/c there was a quid pro quo (thus not contribution/gift) BUT, IRS overruled this decision in 170(f)(8)(B) ! don t have to include  intangible religious benefits in estimate of goods/services received in consideration Restrictions on Who Donee Can Be ( 170(c)) Entities organized and operated exclusively for religious, charitable, scientific, literary, or educational purposes, etc. Cannot be a private person or an organization involved in politics See 170(c) for other restrictions Treatment of Services Cant deduct services contributed to charity Can deduct unreimbursed travel expenses incurred in connection w/ services Treatment of Imputed Income Cant deduct otherwise imputed income Treatment of Opportunity Costs Cant deduct for a foregone benefit E.g., letting your church rent a space you own Substantiation Requirement ( 170(f)(8)) If donation $250 or more, TP must substantiate donation w/ letter from done acknowledging contribution and meeting requirements of 170(f)(8)(B) If donation is really a quid pro quo, no deduction (ex: if your child cant attend school unless you donate) Percentage Limitations ( 170(b)) Contribution Base (def) ( 170(b)(1)(G)) TPs AGI calculated w/o regard to net operating loss carryback under 172 50% Charities ( 170(b)(1)(A)) Sum of deductions for charitable contributions to 50% donees (listed in 170(b)(1)(A)(i)-(viii)), including Churches Schools Hospitals and medical research organizations Federal, state and local governments Private foundations receiving substantial public support, may not exceed 50% of TPs contribution base 30% Charities (( 170(b)(1)(B)) Sum of deductions for charitable contributions to 30% donees (permitted donees not listed in 170(b)(1)(A)(i)-(viii)) may not exceed lesser of 30% of TPs contribution base OR [(50%) (TPs contribution base)]  (Sum of deductions for 50% donees) Carryover Rule ( 170(d)(1)) 50% Contributions If, in a year, (TP s charitable contributions to 50% donees) > (50% of TP s contribution base), then TP can, in any year or cumulatively over all of the succeeding 5 years, deduct this excess, up to amount that is: [(50%) (TP s contribution base in a succeeding year)]  (TP s charitable contributions to 50% donees in succeeding year) 30% Contributions If, in a year, (TP s charitable contributions to 30% donees) > (30% of TPs contribution base), then TP can, in any year or cumulatively over all of the succeeding 5 years, deduct this excess, up to amount that is: Lesser of {[30% of TPs contribution base in a succeeding year]} OR {[(50%) (TPs contribution base in succeeding year)]  (Sum of deductions for 50% donees in succeeding year)]}  (TP s charitable contributions to 30% donees in succeeding year) Charitable Contributions of Capital Gain Property ( 170(b)(1)(C)(iv)) Amount of Deduction In General ( 1.170A-1(c)(2)) TP may deduct charitable contribution of capital gain property, equal to FMV of property donated Advantage to TP: TP gets to use untaxed money appreciation on property for deduction Whereas, w/ cash gifts, entire amount of donation is aftertax Calulating FMV FMV of donated property cant be speculative; best evidence is price at which property changes hands in marketplace Rev Rule 80-69: Holds that FMV of gems was what taxpayer paid Penalty for overvaluation of donated property ( 6664(a) Capital Gain Property (def) ( 170(b)(1)(C)(iv)) Capital assets sale of which at FMV at time of contribution would have resulted in long-term capital gain Independence from Other Limitations Limitations on deductions for contributions of non-capital gain property do not apply to capital gain property Rules for Contributions to 50% Donees ( 170(b)(1)(C)) Excludes property to which 170(e)(1)(B) applies Limitation on Deduction ( 170(b)(1)(C)(i)) Sum of deductions for charitable contributions of capital gain property to 50% donees may not exceed 30% of TPs contribution base Carryover Rule ( 170(b)(1)(C)(ii)) Carryover Rule of 170(d)(1) for 50% donees applies Election to Apply 50% Limitation 170(e)(1)) IF TP reduces deduction amount by her appreciated gain on property, TP may elect to be subject to a 50% (and not 30%) limitation on deduction amount Rules for Contributions to 30% Donees ( 170(b)(1)(D)) Can it include property to which 170(e)(1)(B) applies? Limitation on Deduction ( 170(b)(1)(C)(i)) Sum of deductions for charitable contributions of capital gain property to 30% donees may not exceed lesser of 20% of TP s contribution base OR [(30%) (TP s contribution base)  (Sum of capital gain deductions for 30% donees)] Carryover Rule ( 170(b)(1)(D)(ii)) Carryover Rule of 170(d)(1) for 30% donees applies Reductions ( 170(e)(1)) For ALL Property ( 170(e)(1)(A)) IF donated property would not produce long-term capital gain if sold at FMV, THEN amount of charitable contribution limited to TPs basis in property For Tangible Personal Property ONLY ( 170(e)(1)(B)) IF donated property is tangible personal property, AND use by donee is unrelated to propertys charitable function or purpose, THEN amount of charitable contribution limited to TPs basis in property Inclusion if Donee Sells Off Property ( 170(e)(7)) IF donee sells property: After last day of TPs taxable year in which property donated, AND Before last day of 3-year period starting on date property donated THEN TP must include in GI amount equal to: (Amount of Deduction Originally Taken for Property) (TPs Basis in Property) Obamas Proposal Limit availability of charitable deduction to TPs in 28% tax bracket and below Timing of Income & Deductions Annual Accounting Concept Primary Rule: taxable income is determined for a 12-month period; no transactional approach Burnet v. Sanford & Brooks (U.S. 1931) Facts TPs expenses performing dredging services exceeded payments by $176,000; TP sued payor for $176,000 & recovered the money; taxpayer claimed recovered $ wasnt income b/c transaction as whole didnt produce profits Holding Taxpayer must report $ as income in year recovered even though transaction as whole didnt produce income Congress alleviated this problem by adding 172 ! allows 2-year carry-back & carry forward of net operating losses from trade/business for businesses (not individuals) Issues: mistakes that need correction, rate changes, distortions, gaming the system, statute of limitations Claim of Right Doctrine Primary Rule: If TP receives earnings under claim of right & w/o restrictions as to disposition, then must include earnings in GI in year of receipt (irrespective of accounting method) Allowance for Deduction: TP can deduct any income that must be repaid in the year of repayment Distinguishing from Loan Obligation to repay loan is definite No definite obligation to return money if claim of right; obligation to return may arise only b/c of subsequent events North American Oil v. Burnet (U.S. 1932) Facts TP was beneficial owner of oil-producing land & govt had legal title to land; govt sued to oust TP from land & receiver appointed in 1916 to hold income from land; govt lost suit at district level in 1917 & money paid to TP; govt lost final appeal in 1922 Holding TP had to report income from oil produced by land in 1917 b/c government lost suit and money paid to taxpayer TP under claim of right w/o restriction even though govt may have won 1922 appeal US v. Lewis (U.S. 1951) Facts: TP returned part of bonus he had already included in income Holding Under claim of right, had income, and could only deduct in year returned under tax rate of that year Section 1341 Modifying the Lewis Result IF TP included item in GI in prior taxable year b/c of claim of right, AND TP entitled to deduction b/c in current year b/c now no right to item, AND Amount of deduction > $3,000 THEN TPs tax liability for current year is lesser of Tax liability computed w/ deduction ( 1341(a)(4)) E.g. [($200K)-($100K)][15%] OR [(Tax liability computed w/o deduction)  E.g. [($200K)(15%)]-[(100K)(30%)] (Amount of item)(TP s Tax % for prior taxable year)] Special Rules ( 1341(b)) Tax Benefit Concept ( 111) Inclusionary Component IF TP parted w/ property/money in a previous taxable year, AND TP recd tax benefit from (= took deduction on account of ?) so parting, AND (Three Overlapping Options) Property/money returned to TP, OR Event subsequently occurs that is fundamentally inconsistent w/ premise on which deduction taken, OR Original transaction unwound THEN TP has inclusion in GI in current taxable year of: Value of property/money recd AND Incremental Tax Liability = (Value of property/money recd) (TPs Current Year Tax %) (see Alice Phelan Sullivan Corp. v. U.S. (Ct. Cl. 1967 for this rule) Exclusionary Component IF TP parted w/ property/money in a previous taxable year, AND TP did not receive tax benefit from so parting, AND Any of Three Overlapping Options Above THEN no inclusion in GI from return of property/money, receipts from sale, etc. Tax Benefit / Taking the Deduction ((b) above) Dobson v. Commr (U.S. 1943) Facts TP sustained loss on sale of stock, but did not deduct losses b/c had no taxable income to deduct from. Later recovered loss through damages for fraud. Holding No inclusion in year of recovery, b/c TP derived no tax benefit from losses Fundamental Inconsistency ((c) above) Bliss Dairy (U.S. 1983) Facts TP deducted cost of cattle feed as income producing. Later distributed unused feed in liquidation. Rule was that liquidating distributions did not itself trigger income. Holding Value recd from distributed cattle feed included in income, b/c its sale in liquidation fundamentally inconsistent w/ taking of deduction earlier Byrd, Transferee v. Commr (T.C. 1986) Facts TP deducted cost of young plants as income producing. Later distributed plants in liquidation. Holding Value recd from distributed plants included in income, b/c had been converted to nonbusiness use which does not produce income, which was fundamentally inconsistent w/ taking of deduction earlier Schwarz Rojas v. Commr (T.C. 1988) Facts TP deducted costs of crop cultivation, b/c income producing. Later distributed crops in liquidation. Holding Value recd from crops excluded from income, b/c deduction premised on consumption of crop cultivation items, and these were consumed, so no fundamental inconsistency. Return of Donated Property Basis in Property When Returned: Only what basis was when TP donated it IT General Approach (see 885 Investment Co. v. Commr (T.C. 1990)) IF donated property returned, TP has inclusion in GI of lesser of Deduction taken initially OR FMV of property at time of return Fundamental Inconsistency / Unwinding Approach IF donated property returned, TP has inclusion in GI of deduction taken initially Methods of Accounting In General Financial & Tax Accounting Financial Accounting Goal to provide info about TPs financial well-being Errs on side of conservatism so income not overstated, Tax Accounting Goal to raise revenues on annual basis and provide view of TPs  wealth Which Trumps if They Conflict If treatment of an item differs among two methods, tax method wins Finance & Tax Symmetry Requirement ( 446(a)) TP generally must use same timing convention for tax purposes as for financial books/records Default Timing Rules Inclusions ( 451(a)) Include income in year received unless different under method of accounting Deductions ( 461(a)) Deductions allowed in year set by method of accounting Cash Method ! used by most wage earners/employees/personal service & small businesses w/ limited inventory Income Main Rule: Cash method TP must include income on earlier of actual receipt, including receipt of economic benefit receipt of cash equivalent constructive receipt Constructive Receipt ( 1.451-2) Income received when delivery subject solely to control/volition of TP (no substantial limitations or restrictions) Aldrich Ames v. Commissioner (T.C. 1999) Holding TP didnt have constructive receipt the year KGB said they had set aside money for him b/c there were conditions and steps required to get the money Hornung v. Commissioner (T.C. 1967) Facts Car awarded to football player Dec 31st at 4:30pm; TP in Green Bay & car in NY, & person who announced award had neither keys nor title Holding Car not constructively received in year 1 when awarded, b/c delivery not dependent solely on volition of TP Requirement of Notice Tax Courts View: YES (Davis v. Commr (T.C. 1978)) Services View: NO (1.451-2(a)) Treatment of Checks Main Rule: Receipt of checks = receipt of cash (even if bank closed) See Lavery v. Commr (7th Cir. 1946); Kahler v. Commr (T.C. 1952) Bad Credit Exception If payor has bad credit, whether or not included depends on Cowden test (see Cash Equivalents, below) Economic Benefit Income received when Money or property irrevocably set aside for TP subject only to time Sproull v. Commr (T.C. 1951) Holding Money put in trust for TP by employer is taxable in year entrusted (not in years paid out) b/c was irrevocably paid out for Ts sole benefit (no one else had interest or control over money) See also 1.83-3(e) (codifying Economic Benefit Rule) Property includes beneficial interest in assets transferred or set aside from claims of creditors of transferor Thus, trust/escrow = current income Amount Received: FMV of the money or property Cash Equivalent Income received when TP receives debt obligation that is a cash equivalent, requiring: Promise to pay by solvent obligor Unconditional and assignable Not subject to set-offs Of a kind frequently transferred to lenders/investors At discount not substantially below face value Cowden v. Commr (5th Cir. 1961) Form of the debt obligation is irrelevant; a debt is the equivalent of cash if: Amount Received: FMV of debt obligation Deferral of Income Rules relating to Constructive Receipt LIMITED APPLICABILITY 409A applies only to compensation plans for employees & directors Plan Failure ( 409A(a)(1)) IF a plan fails to meet requirements of 409A, THEN inclusion in GI during taxable year of all compensation deferred under the plan for the taxable year and all preceding taxable years to extent compensation not subject to substantial risk of forfeiture, AND not previously included Interest & Penalties ( 409A(a)(1)(B)) Distributions ( 409A(a)(2)) May not be made earlier than Separation from service Disability Death Specified time or fixed schedule Change in ownership of corporate payor Unforeseeable emergency Accelerations: Prohibited ( 409A(a)(3)) Elections of Deferral ( 409A(a)(4)) Election to defer must be made before close of taxable year before the year in which compensation paid Rules relating to Funding Offshore Trusts ( 409A(b)(1)) Trust assets set aside for deferred compensation located or transferred out of U.S. treated as property in exchange for services under 83 Rules relating to Economic Benefit If money in trust is subject to claims of employers general creditors, no income until distribution (e.g., rabbi trust) Timing of Employers Deduction ( 404(a)(5)) Employers deduction for deferred comp. deferred until year employee has income Deductions Main Rule Cash method TP allowed deduction upon actual payment, limited to delivery of Cash Check (including mailing of check), OR Property NO Doctrine of Constructive Payment Cash Method & Prepayment of Expenses Cash method TP must generally capitalize prepaid expenses ( 1.263(a)-4(d)(3)) General Rule IF expense is a capital expenditure, THEN cannot deduct full amount of expense in year of payment, AND capitalization (pro-rata allowance) required under 263 Boylston Market (1st Cir. 1942) Holding Prepaid insurance = capital expenditure that must be deducted based on pro rata portion each year Rationale: allowing TP to take dull deduction in year of pre-payment would distort income One Year Rule ( 1.263(a)-4(f)) TP need not capitalize amount that is paid to create or facilitate creation of any right or benefit that does not extend beyond earlier of 12 months after first date on which TP realizes right or benefit, OR End of tax year following tax year in which payment made  Lease Prepaid Lease Begins Lease Ends End of 2nd Tax year  _____________________________________________________ 1/1/08 3/1/08 3/1/09 12/31/09 Accrual Method Goal ! match expenses against related revenue Some people argue this is more accurate than cash method, but it doesn t take into account time value of money Income Main Rule: The All Events Test ( 1.446-1(c)(1)(ii)(A)) Accrual method TP must include income when All events have occurred which fix right to receive income AND Amount of income may be determined w/ reasonable accuracy Fixed Fact of Liability Requirement Consistency Creates Flexibility Pacific Grape Prods. (9th Cir. 1955) Facts: TP followed consistent practice of accruing income and billing customers for goods to be delivered during subsequent year Holding: TPs method OK, b/c TP consistently followed the practice Inconsistency Prevents Flexibility TP cannot accrue on delivery in one year, and shipment in another Reasonable Accuracy Requirement ( 1.451-1(a)) Sufficiency of Info on TPs Books Requirement satisfied if TP can calculate w/ reasonable accuracy amount of income with the info currently available to him Continental Tie & Lumber Co (U.S. 1931) Facts: Govt took over TPs RR & was supposed to pay compensation Holding: TP had to report income earlier than actual receipt b/c was possible to compute income based on TPs books/records Adjusting for Over/Underpayment ( 1.451-1(a) & 1.461-1(a)(2)(i)-(ii)) In subsequent year, upon full information: TP may deduct overpayments TP must include underpayments Issue: Is it a debate about amount or fact of liability? Accrual Method & Debt Amount of Inclusion for Debt Instruments: Face Value BUT, Doubts about Collectibility of Debt (Spring City Foundry (U.S. 1934)) Mere Doubt: Must accrue, can take worthless business debt deduction later ( 166) Uncollectibility or Substantial Uncertainty: Need not accrue Prepaid Income & Accrual Method Main Rule Despite non-satisfaction of all-events test, TP must report prepaid income for future services in year received Rationale: TP is getting unrestricted use of cash RCA v. US (2d Cir. 1981) Facts: RCA receives prepayments for future services, doesnt include prepayments in income b/c unsure of how much itll make on contracts Holding RCA must include prepayments when received (cant defer as earned) Though RCAs method sensible for financial accounting, tax accounting needs to raise revenue & cant deal w/ uncertainty Permitted Deferral Time & Extent of Performance Certain TP may be able to defer reporting advance payments when date/extent of performance of future service is certain Artnell v. Commr (7th Cir. 1968): Baseball team could defer inclusion of income from tickets sold in year 1 when games in year 2 E.g.: payments for caps/gowns can be reported when apparel used (i.e., date of graduation) b/c timing certain Certain Prepaid Subscription Income ( 455) Prepaid Dues by Certain Membership Organizations ( 456) Payment for Services (Rev Rule 2004-33) Service provider can either report prepayments in year received, OR report what is earned in year 1 & report whats earned in year 2; cannot defer past end of year 2 Distinguishing Security Deposits from Prepaid Income General Difference Advance payments = inclusion in GI Security Deposits = loans (not GI) Main Rule to Distinguish Look at parties rights & obligations at time of payment, specifically: IF money kept by seller as long as he performs ! Advance Payment IF seller has no control over whether he keeps money ! Security Deposit Indianapolis Power & Light (U.S. 1990) Facts: Utility required deposits from all non-creditworthy customers which could later be refunded or applied to bills; deposits were co-mingled w/ utilitys general funds Holding: Deposits not advance payments (not taxable income) b/c utility doesnt have complete control & customer has choice to get refund Deductions Main Rule Accrual method TP allowed deduction for liability upon Satisfaction of All Events Test AND Economic Performance All Events Test ( 461(h)(4)) All events occurred which determine fact of liability Amount of liability can be determined w/ reasonable accuracy Economic Performance (EP) ( 461(h)(1)) Rationale: addresses time value issue w/ deductions for future expenses under accrual method by delaying deduction until much closer to time of payment Services & Property Provided TO TP ( 461(h)(2)(A)) Provision of Services to TP EP occurs as Services Provided 1.461-4(d)(6)(ii) ! T paying for services can satisfy economic performance if reasonably expects prop/service w/in 3.5 mos Provision of Property to TP EP occurs as Property Provided Use of Property by TP ( 1.461-4(d)(3) EP occurs ratably as TP uses Property (e.g., rent) Services & Property Provided BY TP EP occurs as TP Provides Services or Property 1.461-4(d)(4)(i) ! if T is providing services/prop, economic performance can occur when T incurs costs to satisfy the liability Workers Compensation & Tort Liabilities IF liability requires payment to another person, AND arises out of workers comp. OR any tort, THEN EP occurs as payments are made Other Sources of Liability Breach of Contract ( 1.461-4(g)(2)) Violation of Law ( 1.461-4(g)(2)) Awards, Prizes, & Jackpots ( 1.461-4(g)(4)) Anything Else ( 1.461-4(g)(7)) Recurring Item Exception ( 461(h)(3)(A)) IF, w/r/t a liability All events test satisfied, AND EP occurs on or before earlier of When TP files timely return for taxable year OR 8.5 months after end of taxable year, AND Liability is recurring in nature, AND Either Amount of liability not material, OR Accrual in taxable year results in better matching of liability & related income THEN TP may take deduction for liability in current taxable year Matching Accrual TP Deductions to Cash TP Inclusions Problem: Accrual method TP otherwise allowed to deduct earlier than CP can include Solutions For Related Parties ( 267(a)(2)) Postpones accrual method TPs deductions for related parties to year in which cash method TP reports income For Deferred Compensation Plans ( 404(a)(5)) Postpones accrual method TPs deduction for deferred compensation until year cash method TP reports income Accrual of Contested Liabilities Main Rule (U.S. v. Con Ed. (U.S. 1961)) Accrual Method TP may not deduct a liability that is contested until final determination of TPs liability, pending dispute outcome Exception ( 461(f)) Accrual Method TP may deduct a liability that is contested ONLY IF All Events Test satisfied EP Satisfied Money placed beyond TP s control in fund Bona fide dispute as to liability Refunds to TP once dispute settled ! Tax Benefit ! Income Timing of Deduction: Year in which money transferred to fund Choice of Accounting Methods Maintenance of Inventories ( 1.446-1(c)(2)) TPs maintains inventories ! TP must use accrual method BUT, IRS rule TP w/ gross receipts of $10 million or less don t have to maintain inventories or be on accrual method TP can use one method for one trade/business and another for a different trade/business TP doesnt have to use same method for personal and trade/business affairs Interest Interest Generally & Income and Deductions for Interest Paid In General Interest (def): compensation for use of money (time value of money) Policy Considerations Allowing deduction on interest is treating borrower & taxpayer w/ $ the same Consumption Tax Treatment Cash flow consumption tax would treat all interest the same ! as part of financial transaction (not consumption), so ignore loan transaction completely Income General Rule: Interest received is included in GI Exception: Exclusion for Interest on State/Local Bonds ( 103) Main Rule TP may exclude from GI interest on state/local bonds Rationale: Revenue sharing with states & localities Tax Expenditure Feature Fed government gives up revenue to allow state to raise money Trickle-Up Problem Fed may lose more than state saves b/c of high rate taxpayers (when they appeal to broad market) E.g., assume 10% taxable bonds; state issues 8% bonds to attract TPs in 20% rate & saves 2%; fed loses 2% w/ respect to 20% T but 4% w/ respect to 40% T Deductions Default Rule( 163(a)) TP may deduct all interest paid or accrued on indebtedness Above / Below the Line Above: Interest attributable to business activities ( 162) Below: Interest attributable to investment activities ( 212) Limitations Payor s Own Debt Deductibility of Interest ! Interest arises from payors own debt E.g., if mother pays daughters home mortgage interest, mother has made gift to daughter, and daughter treated as making interest payment (mother cannot deduct) Interest between Related Parties ( 267(a)(2)) Main Rule IF Lender and borrower are related parties (see 267(b)), Borrower is on accrual method Lender is on cash method THEN borrower may not deduct for interest (if otherwise deductible) UNTIL Lender must include payment in GI Related Parties (def) ( 267(b)) Family members or economically related individuals (individual & corp more than 50% owned, etc.) Constructive Ownership of Stock ( 267(c)) You own the stock owned by your family (spouse, brother/sister, ancestors & lineal descendants), partner, shareholders, etc. E.g., TP subject to 267 if he and another family member own majority stake in corporation, and TP does transaction with corporatoin Category Limitations Tracing Rule ( 163, 1.163-8T(c)(1)) Extent of deductibility depends upon use of loan proceeds Tracing Rule & Debt Proceeds in TP Account ( 1.163-8T(c)(4)(ii)) Disbursed Funds IF debt placed in account w/ non-borrowed funds, THEN disbursed funds deemed to come first from debt proceeds, until exhausted UNLESS disbursements made during same month, in which case TP can time disbursements as TP chooses Nondisbursed Funds Until disbursed, debt proceeds in account treated as used for investment purposes ( 1.163-8T(c)(4)(i)) Exceptions to Tracing Rule Qualified Residence Interest (see below) Interest Incurred/Continued to Purchase/Carry Tax-Exempt Bonds (see below) Personal Interest Main Rule ( 163(h)(1)) Personal interest is not deductible Exception: Qualified Residence Interest ( 163(h)(2)(D)) IF interest paid is Qualified Residence Interest THEN TP may deduct said interest Qualified Residence Interest (def) ( 163(h)(3)) Includes interest paid on Acquisition Indebtedness w/r/t TPs qualified residence OR Home Equity Indebtedness w/r/t TPs qualified residence Qualified Residence (def) ( 163(h)(4)(A)) TPs principal residence, AND One other residence of TP (may be boat or mobile home) Acquisition Indebtedness (def) ( 163(h)(B)) Indebtedness: incurred in acquiring, constructing, or substantially improving TPs qualified residence, OR secured by TPs qualified residence Limitation: Max Amount = $1,000,000 ($500,000 if married single filer) Home Equity Indebtedness (def) (163(h)(C)) Indebtedness, other than acquisition indebtedness, secured by a qualified residence Limitation: (FMV of TP s Qualified Residence)  (Amount of Acquisition Indebtedness w/r/t TP s Qualified Residence) Therefore, Absolute Max of Qualified Residence Indebtedness = Lesser of $100,000 OR (FMV of TP s Qualified Residence)  (Amount of Acquisition Indebtedness w/r/t TP s Qualified Residence) Interest From Trade/Business ( 162)) Main Rule Interest from trade/business deductible above the line when paid/incurred subject to capitalization rules Rationale: Prevent tax shelters; TP can't deduct interest until disposition of investment Distinguishing Business from Investment Activity See Yaeger v. Commissioner (2d Cir 1989) ! distinction between traders/investors is that investors are primarily interested in long-term growth of stocks whereas traders buy/sell to catch daily market swings Investment Interest ( 163(d)) Main Rule Investment interest deductible below the line to extent of TPs net investment income for current taxable year Net Investment Income (def) ( 163(d)(4)) TPs Investment Income ( 163(d)(4)(B))  TP s Investment Expenses( 163(d)(4)(C)) NOTE: Investment Income does not include that from passive activities ( 163(d)(4)(D); this must be treated under 469 NOTE: Investment Expenses here must be reduced under 67 Carry Forward of Disallowed Investment Interest Deductions ( 163(d)(2) Disallowed deductions for investment interest treated as investment interest paid in future year Rate of Taxation on Investment Income ( 163(d)(4)(B)) IF TP has net investment income for current taxable year AND deducts interest on proceeds used for investment, THEN net investment income for current year taxed as ordinary income Interest Incurred/Continued to Purchase/Carry Tax Exempt Bonds ( 265(a)(2)) Main Rule TP may not deduct interest incurred or continued to purchase or carry tax exempt bonds Incurred To purchase = borrowing money to buy tax-exempt bonds To carry = Pledging tax-exempt bond as collateral for loan Incurring debt to buy car when you own tax-exempts & could have sold them Continued To purchase = loan used to buy car; car sold to buy tax-exempt bonds To carry = if you have debt + tax-exempt bonds & re-finance debt TRUMPS Qualified Residence Interest Exception Therefore, TP cannot deduct interest incurred on loan secured by qualified residence, if TP purchases or carries tax exempt bonds Comparing Owners & Renters: A ! buys home w/ $100,000B ! keep $ in interest-bearing acct & borrows $100,000 to purchase home ($10,000 interest)C ! keeps $ in acct & takes $10,000 interest to pay rent GI010,00010,000Deductions010,0000Net0010,000 (which is taxed) In order to get taxpayers on same plane, could: Allow C to deduct rent OR Impute value of house to GI (then mortgage deduction makes sense under Haig-Simon b/c deduction for imputed income) Economic Accrual of Interest & OID Issue: Want TP to calculate interest based on economic accrual of interest; not disguise interest Default: Semiannual Compounding Every 6 months, money thats accrued (based on annual rate divided by 2) is added to principal & additional interest grows on top of that E.g, 10% interest semi-annually = at end of every 6 months, add 5% of principal to the principal (chart on p.2 of OID Handout) Original Issue Discount (OID) Applies to debt instruments w/o stated interest OID (def) = (Stated Redemption Price at Maturity)  (Issue Price) Stated Redemption Price at Maturity (def) ( 1273(a)(2)) Amount paid when debt has matured, including interest paid at maturity not based on fixed rate payable at specified intervals Issue Price ( 1273(b)) For Publicly Offered Instruments Price paid by first buyer For Instruments Neither Issued for Property Nor Publicly Offered Price at which substantial amount of instruments were sold Treatment of OID (NOTE: Renders TPs method of accounting irrelevant) Holders Side ( 1272(a)(1)) Holder must include in GI (sum of daily portions of) OID for each taxable year in which holder holds bond De Minimis Exception ( 1273(a)(3)) IF OID < (0.25%) (Stated Redemption Price at Maturity) (# Years to Maturity), THEN TP does not include OID in GI OID & Basis Basis increased by the OID included in GI ( 1272(d)(2)) Determining Portions of OID TP allocates to each accrual period in which TP holds bond (TPs ratable portion of) increase of the adjusted issue price of bond during that accrual period Accrual Period Compounding period used to determine OID included in GI Usually 6 months No longer than one year Adjusted Issue Price of Bond Original Issue Price + OID previously included in GI Increase of Adjusted Issue Price (WHAT IS ACCRUED) [(Adjusted Issue Price at Beginning of Period) (Yield to Maturity)]  (Any interest payable on bond during accrual period) Yield to Maturity Bond s implicit rate of return (must be constant) Example: Issue Price = $100,000 & redemption price = $134,010 payable at end of year 3 OID = $34,010 Yield to Maturity = 10% compounded semiannually Period 1 (6 mos) ! OID = $100,000 (5%) = $5,000 Period 2 (end of year 1) ! OID = $105,000 (5%) = $5,250 OID included in annual GI = $10,250 Borrowers Side ( 163(e)) Entitled to deduction to extent holder includes in income Market Premium Bonds (MPBs) ( 171) MPBs (def): bonds sold for more than face value b/c market interest rates lower than bonds rate of return Main Rule ( 171(c)) TP may elect to amortize market premium and deduct it over life of the bond Market Premium: (Cost of Holder s Purchase)  (Stated Redemption Price at Maturity) Resulting Reduction of Basis Amortized bond premium reduces holder s AB in bond, eventually to stated redemption price Results: Decrease current ordinary income from amortization deductions; elimination of future capital loss upon redemption Market Discount Bonds (MDBs) MDBs (def): bonds sold for less than face value b/c market interest rates higher than bonds rate of return Main Rule TP must include in GI gain on sale/disposition of market bond: Any Accrued Market Discount as ordinary income Excess of Accrued Market Discount as capital gain Market Discount: (Stated Redemption Price at Maturity)  (Cost of Holder s Purchase) Accrued Market Discount ______X______ = ____________# of Days Holder Held Bond___________________ Market Discount # of Days Holder Could Have Held Bond Had He Held to Maturity Excess of Accrued Market Discount (TP s total gain on sale of bond)  (Amount of Accrued Market Discount) Timing of Reporting TP may report income from accrued market discount either Until year TP disposes of bond ( 1276(a)(1)), OR As it accrues ( 1278(b)) Below-Market Loans Dean v. Commissioner (T.C. 1961) Facts: interest-free loan between corporation & sole shareholders Holding: Court declined to impute income to shareholders b/c said Deans would end up w/ no net income (value of benefit gives rise to offsetting deduction) This analysis won t always be true ! borrowers won t always end up w/ no net income Section 7872 Below-Market Loan (def) ( 7872(e)) For Demand Loans (including all Gift Loans) IF demand loan, AND interest payable on loan < AFR THEN loan is below-market For Term Loans IF term loan, AND amount of loan > present value of all payments on loan (using AFR) THEN loan is below-market Loans to Which 7872 Generally Applies Gifts Compensation-related loans, as between Employers and employees, OR Independent contractors and service recipients Corporation-shareholder loans Tax Avoidance loans Other below-market loans The Applicable Federal Rate (AFR) ( 1274(d)) IF debt instrument term: Less than 3 Years ! Federal short-term rate Between 3 and 6 Years ! Federal mid-term rate Over 9 Years ! Federal long-term rate Treatment of Gift or Demand Loans ( 7872(a)) Main Rule IF below market loan is gift loan or demand loan, THEN, for each year loan is outstanding, foregone interest treated as Transferred from lender to borrower Retransferred by borrower to lender as interest (timing) On the last day of the calendar year Foregone Interest (def) ( 7872(e)(2)) (Amount of interest payable at AFR)  (Amount of interest actually payable on loan) Gift Loans Gift Loan (def) ( 7872(f)(3)) Below-market loan where forgoing of interest is a gift Income/Deduction Consequences Borrower Income: No inclusion in GI, b/c gift Deduction: Possibly, depending on use of proceeds Lender Income: Inclusion in GI, b/c imputed income from interest Deduction: None, b/c gift De Minimis Exception ( 7872(c)(2)) IF gift loan under $10,000, AND purpose of loan not tax avoidance THEN 7872 doesnt apply Limitations IF Amount of loan does not exceed $100,000, AND Tax avoidance not one of principal purposes of loan THEN amount treated as retransferred to borrower cannot exceed borrowers net investment income ( 163(d)(4)) Demand Loan (def) ( 7872(f)(5)) Loan`f2 4 . d ~  . 0 Ž͵؜|ti]QIh+H CJaJhsh5CJaJhsh%U5CJaJhC3YhT2CJaJh}SCJaJh CJaJh[SCJaJh CJaJh&CJaJhT2CJaJh;5CJaJhC3YCJaJh'JCJaJh1CJaJhCJaJhC3Yhs CJaJhsh!5CJaJhC3YhN5:CJaJhC3YhZRb5:CJaJ`4 ^  . e & FgdkH8^8gd+H  & Fgd & FgdT2^gd; & FgdC3Y & FgdC3Y & Fgd'J & Fgd'J & Fgd+H  Xe   %8>Xbjnt&dfjr~Ļ{oh+H h+H 5CJaJh;CJaJhe{CJaJh+H he{5CJaJhsh!5CJaJhsh%U5CJaJhsh5CJaJh;5CJaJh R+CJaJh CJaJhfCJaJh+H hf5CJaJh+H CJaJhCJaJhkHCJaJ*   Zfh.S & Fgd+f & Fgd+f & Fgd+f & FgdPSc^gd;8^8gd; & Fgd%U & Fgd^gd; & FgdU & Fgdf & Fgdf8^8gd+H  & FgdkH./<RSTeT_e \f7ʪʡʪҁyyqyfyhPSchPScCJaJhNCJaJhPScCJaJhe mhPSc6CJaJh+H CJaJhCT[h+f6CJaJh+H 6CJaJh+fh+fCJaJh+fh+f6CJaJh+f6CJaJh+fCJaJh+H h+f5CJaJhe mhPSc>*CJaJh;>*CJaJh+H hPSc5CJaJ(S #;T \ & FgdPSc & FgdPSc & FgdPSc^gd; & FgdPSc^gd+H  & Fgd+f & Fgd+f.6?Fbo).=BUVablmr͹͘͡xxpxhNCJaJhNhPScCJaJhN>*CJaJhNhPSc>*CJaJh;>*CJaJh+H h+f5CJaJhnhPSc6CJaJhPSc6CJaJh+H h+H CJaJhPScCJaJh+H CJaJh+H h+H 5CJaJh+H hPSc5CJaJhPSchPScCJaJ,bUVb$: & Fgd^  & Fgd & Fgd  & Fgd'J & FgdN & FgdN^gd; & FgdPSc & FgdPSc^gd+H  & FgdPSc#$%9:FKLRXYx÷}u}maXLXDhCJaJhah5CJaJh5CJaJh+H h5CJaJh CJaJhW,CJaJhaCJaJhahW,5CJaJh+H 5CJaJh+H CJaJh;>*CJaJh^ hW,>*CJaJhsh!5CJaJhsha5CJaJh;5CJaJhNhDu>*CJaJhN>*CJaJhNCJaJhNhPScCJaJ ',2<>h|th\SKh-*CJaJh`Oh-*CJaJh`Oh`O>*CJaJhR{CJaJh`Oh`O5CJaJh`OCJaJhzh^ >*CJaJh;h;CJaJh^ CJaJh+H CJaJh+H 5CJaJh+H h^ 5CJaJhCJaJhah5CJaJh5CJaJh+H h5CJaJhhCJaJ&(\)w & FgdZ & FgdV' & FgdZ & Fgdzgd`O & FgdI^gd`O & Fgd`O & Fgd`O & Fgd-*CJaJh`OhICJaJh`Oh`OCJaJhZCJaJh+H 5CJaJh`O5CJaJh`OCJaJh+H h`O5CJaJh+H h+H 5CJaJhzhI>*CJaJh`O>*CJaJh;>*CJaJ!\cdo ()*w몢떺wogƲg_g_ohOCJaJh"sCJaJhCJaJhS"CJaJh WhS">*CJaJh;h;CJaJhZhV'>*CJaJhHCJaJh+CJaJhZCJaJhZhz>*CJaJh+H CJaJh+H 5CJaJh+H hz5CJaJh-*CJaJh;CJaJhS"CJaJht`CJaJhGCJaJh:CJaJh vCJaJh+H CJaJht`hS"5CJaJht`hS"CJaJh;>*CJaJh WhS">*CJaJh;h;CJaJhV'CJaJh CJaJhCJaJh"sCJaJhCJaJ  3 x y !!&!F!`!!!!@"" & FgdBs & Fgd1"+ & Fgd1"+ & FgdchM^gdt` & Fgdt` & Fgd; & Fgd"s & FgdV'8^8gd; & FgdO !!!&!1!5!9!F!X!Y!_!!ѹᎆzqنe]T]hBs5CJaJhBsCJaJh+H hBs5CJaJh1"+5CJaJh1"+h1"+5CJaJh1"+CJaJh+H h1"+5CJaJhchMhchMCJaJh<hM;5CJaJhM;CJaJhNCJaJhHCJaJh9CJaJh 60CJaJh+H CJaJht`CJaJht`h$Q5CJaJht`h$QCJaJ !!!!!! ""<"@""""""""""""####&#(#*#.$L$y$z$$$ƾ~~~vnvfvZh+H h0jB5CJaJho/8CJaJhECJaJhcSCJaJhCJaJhE CJaJh0jBCJaJh WhE>*CJaJh+H >*CJaJh;h;CJaJh$QCJaJhM;CJaJhzICJaJh+H CJaJhBs5CJaJhBsCJaJh+H hBs5CJaJh+H hr K5CJaJ!"""(#*##M$y$z$$$$ %=%%&& & Fgd'J & FgdN & Fgd & Fgd^gd+H  & Fgd7l^gd+H  & FgdcS & FgdcS8^8gd0jB & Fgd0jB & Fgd8^8gd;$$$$$$$$$$ %%7%<%=%H%%%&f&&&&&ȼyqi]iRGhz5:CJaJhhOCJaJh h 6CJaJh CJaJh CJaJhBsCJaJhX:CJaJhNhPCJaJhf&CJaJh'CJaJh7z$CJaJhCJaJhN1CJaJhh5CJaJhsh!5CJaJh+H 5CJaJhC3Yh7lCJaJh+H CJaJho/8CJaJh7lCJaJ&&&''$'.'0'D'F'\'^'`'b'r'''''''''4(ƾui]RGRG<hhruCJaJhhoMCJaJhh'gCJaJhh5CJaJhhE5CJaJhhQ5CJaJhh:5CJaJhhyv5CJaJhCJaJh:6CJaJhyvhE6CJaJhECJaJh:CJaJh;h:5CJaJh;CJaJhyvh5CJaJhyvhWd5CJaJhyvhZRb5:CJaJ&''^'`'''((b)d))))) *C*D***++ & Fgd & Fgd & Fgd&1 & Fgdg; & Fgd & Fgd:^gd & Fgdyv8^8gd; & Fgd4(6(((((((((((`)b)d)z))))))) * 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Fgd^gd & Fgd;^gdh4 & FgdZ q & FgdU,/ & FgdZ q^gd=D:::::::::::::::D;E;_;`;m;n;x;z;;;;;;;÷ïÎ{oc[S[SKchTLCJaJh mCJaJh-CJaJhh4h-5CJaJh-h-5CJaJhhCJaJhCJaJh5CJaJh;h;5CJaJh?h;5CJaJh;CJaJhh4h;5CJaJhh4hh45CJaJhh4CJaJh]CJaJh=' CJaJh h3i5CJaJh h=' 5CJaJ;;0<<<<=======>>>???\?d?n?????? @@,@-@l@@@ɰxpxh`XhtCJaJh'nHCJaJh;XCJaJh-ZNCJaJhx.CJaJh-ZNhw T6CJaJhw TCJaJhCJaJh ACJaJhx.h A5CJaJh5CJaJhACJaJhsCJaJhMBCJaJhshMB6CJaJhXthXtCJaJhYCJaJh-CJaJhXtCJaJ!;<<4===>-@@@@@@@%AhAiAAAAA B:B & Fgd;^gdd@ ^ gd & Fgd;p^pgdh4 & Fgd; & Fgd;@@@@@@@@@A)AhAiAsAAAAAAAAAAAAAAAB Bȼӱȥ~rjaUah?h;5CJaJh;5CJaJh>CJaJhd@h>5CJaJhd@h;5CJaJhd@CJaJhCJaJhJ#h'CJaJhJ#hJ#6CJaJhJ#hJ#CJaJhhJ#5CJaJhhCJaJhJ#CJaJhCJaJh5CJaJhh4h-5CJaJhh4CJaJ B B%B'B9B:B;B^B_B`BaBjBkBlBmBxBBBBBBBBBBBBDCFCȼȱ{ooc[SKSKSh3CJaJh$CJaJh|JCJaJh3h|J5CJaJh3h35CJaJh3h1>5CJaJh3h$5CJaJh3h>5CJaJh5CJaJhd@>*CJaJh>h>CJaJh?h>5CJaJh>5CJaJhd@h>5CJaJh;CJaJhd@CJaJh>CJaJh;h;CJaJ:B;BkBlBBB#CiCCC@DdDfDDDDD^gd & Fgd8^8gd & Fgdi^gd=t & Fgdi & Fgd & Fgd3 & Fgd3 & Fgd|J & Fgd$8^8gdd@ & Fgd>^gdd@FCfChCiCCCCCCCC>D@DBDbDdDfD~DDDDDDDDʿ~riraYMYEh=tCJaJh}h6CJaJhCJaJhCJaJh5CJaJhh5CJaJhih=t5CJaJhi5CJaJhihi5CJaJhyCJaJh3h5CJaJh3hN{5CJaJhN{hN{CJaJhN{h]CJaJh3h3CJaJhCJaJh$CJaJh3CJaJh9{CJaJDDDDD EEFFFF#FMFOFPFUFVFWFXFpFqFFFFGGG)Gºډ}ri^^i^RFh9{hI5CJaJhm.6hI5CJaJhIhICJaJhI5CJaJhIhCJaJhh7b5CJaJhh5CJaJhIh5CJaJh5CJaJh=tCJaJhICJaJhi8CJaJhhi85CJaJhh=t5CJaJhCJaJhCJaJh=t5CJaJhG4,h=t5CJaJDEEFFWFXFqFFFFFFFG*GGGGGzH & FgdI & FgdI^gdI & FgdI & Fgdgd & FgdI^gd=t & Fgdi8 & Fgdi8)G*G4GTGGGHHHHHHHHH!IxIyIzI{IIIIIIIII J.J6JCJʾvk_WWkkkh=tCJaJh=thS,5CJaJh=thWcCJaJh=thQ5CJaJhI5CJaJhhCJaJh5CJaJh=th5CJaJhCJaJh=thCJaJhh5CJaJhIhICJaJhIhI5CJaJhMhI6CJaJhICJaJhm.6hICJaJzH{HHHHyIzIIIII JUJVJJJJ+K,KlKmKKKgd=t^gd=t & Fgd=t & Fgd=t^gdI & FgdI & 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ph^p`hgdfn./9:;tuvʿ{ri`UiMEi`h3CJaJh+(CJaJh+(h+(CJaJh35CJaJh+(5CJaJh>Q5CJaJh~%CJaJh]QCJaJhiCJaJhPh.95CJaJh.95CJaJh>Qh>Q5CJaJh&h&CJaJh>Qh&CJaJhSCJaJhMCJaJh>QCJaJh=xCJaJhfh=xCJaJhfh?vCJaJ:uhiyz;<Y^gd>Q^gd3 & Fgd[,. & Fgd[,. & Fgd[,. & Fgd[,.^gd&ixy~:<QXYe,0?@FJReqvjjjbjh9{CJaJh9{hky5CJaJh9{h9{5CJaJh>QhkyCJaJhkyCJaJh>Qh>QCJaJh~RCJaJhtCJaJh>QCJaJh>Q5CJaJh~Rht5CJaJh3h35CJaJh3h3CJaJh35CJaJh3CJaJh3h+(CJaJ%@rs\^48^8gdky ^`gd9{^gd9{ & Fgd[,.^gdky & Fgd[,.^gd>Qgd>Qqsz{"$Z\^24Xf}th"5CJaJh$|5CJaJhkyCJaJhky5CJaJh9{h9{>*CJaJh9{>*CJaJh9{h9{CJaJh9{5CJaJh9{CJaJhSCJaJhtCJaJh>QCJaJh>Q5CJaJh>Qht5CJaJhkyhkyCJaJ+JL  +m j & Fgd[,.^gd"^gd$Ik & Fgd[,.^gd4 & Fgd[,.gd$|^gd9{ & Fgd[,.gd9{^gd9{  !"#$+2lmvwhjհxpg\g\T\gh"CJaJh"h"CJaJh"5CJaJh$IkCJaJhvjh$5CJaJh$Ik5CJaJh$Ikh$IkCJaJhCJaJhvjCJaJh$CJaJh45CJaJhz_CJaJh4CJaJh>oh>o6CJaJh4h4CJaJh>ohPCJaJh=CJaJh>ohP5CJaJ jlt)no*H\uv ^ gd\ & Fgd[,. & Fgd[,. & Fgd[,.p^pgd"uvH^`rtjlѤܘɏ{ɇpѤehDhDCJaJh"h$IkCJaJh #h #5CJaJh$IkCJaJh"5CJaJh(nh #5CJaJhD5CJaJh\h\CJaJh\5CJaJh\CJaJh #CJaJh #h #CJaJh #5CJaJh"CJaJhz_CJaJh"h"CJaJ'vX`tv45Y ^ gd"p^pgd$Ik h^`hgd"^gd$Ikgd # & Fgd[,. & Fgd[,.^gd\ & Fgd[,.jl.0l~Wqr  h^ `hgdD@ ^@ gd\ & Fgd[,. ^ gdD & Fgd[,. & Fgd[,. & Fgd[,.gd #p^pgd #.0jl|~%Wabpqr+01dejŽٴzrfhVhV5CJaJhz_CJaJhVhVCJaJhVCJaJh hDCJaJh CJaJhDCJaJh[yLhD5CJaJhD5CJaJh(<CJaJh\CJaJh\h\5CJaJh\h\CJaJh\5CJaJhDhDCJaJh #CJaJ(1e67KT67[e & Fgd[,.gdV ^ gd\ & Fgd[,.p^pgd #@ ^@ gdV & Fgd[,. & Fgd[,. & Fgd[,. ^ gdVj{67JKST\q567NOƾynf]Uh3VCJaJhV5CJaJhDCJaJhDh>3CJaJh>3h\CJaJh>3h>3CJaJh\CJaJh>35CJaJh>3CJaJh\5CJaJh\h\CJaJUh"CJaJh"h"CJaJh"5CJaJh #h #CJaJhVhVCJaJhz_CJaJhVCJaJ s payable in full at any time on demand of the lender Income Consequences Borrower Income: Inclusion in GI from imputed transfer Deduction: Possibly, depending on use of proceeds Lender Income: Inclusion in GI from imputed income from interest Deduction: Possibly, depending on compensation, investment, etc. Treatment of Term Loans ( 7872(b)) Main Rule IF below-market loan is term loan, THEN, on date of loan, borrower treated as having received cash in amount of (Amount of Loan)  (present value of all payments on loan (using AFR)) AND This difference is treated as OID (see  Income Consequences for what this means) Income Consequences Borrower Income: Inclusion in GI from imputed cash received Deduction: Possibly, depending on use of proceeds Lender Income: Inclusion in GI from OID, accrued over term of loan Deduction: Possibly, depending on compensation, investment, etc. De Minimis Exception for Compensation-Related & Corporate-Shareholder Loans ( 7872(c)(3)) IF Amount of such a loan does not exceed $10,000, AND Tax avoidance not one of principal purposes of loan THEN 7872 doesnt apply Property Transactions Basis In General Rationale: Want to give TP credit for dollars already taxed, in order to avoid double-taxation Definition 1012, 1.1012-1(a) Basis of property = cost, which is amount paid for property in cash or other property Conceptual Basis of property = dollars already included in GI that are invested in the property Exception: debt-financed transactions (assumption of future inclusion) Basis & Consumption Tax No Basis in Consumption Tax In cash flow consumption tax, there would be no basis Treatment of Business/Investment Property Purchase of business/investment property would trigger deduction for full amount Sale/disposition of business/investment property would be fully included in GI Treatment of Personal Property Income on purchase, and not deductible, b/c consumption Treatment of Mixed Investment-Consumption Property Could either (1) treat purchase price as present value of future consumption, and disallow deduction, or (2) allow full deduction at purchase and tax annual consumption value Basis in Arms-Length Exchanges of Property (Bartering) Main Rule In arms-length exchange of property, TPs new basis = FMV of property received Valuation Issues Presume value of properties exchanged are equal; Therefore, If FMV of property received is unclear, look to FMV of property given If FMV of properties received AND property given are unclear, Then look to TPs undepreciated cost of property given Philadelphia Park v. U.S. (Ct. Cl. 1954) Facts: TP gave bridge to city in exchange for 10 year extended franchise Holding: TPs basis in franchise = FMV of franchise Exception: Property Exchanges for Productive Use or Investment ( 1031) Main Rules ( 1031(a)(1)) Gain/Loss IF property exchanged solely for property Of like kind, AND To be held either for productive use in trade/business or for investment THEN no gain or loss from exchange Basis TPs basis from such an exchange is basis in property given Minus any money TP receives Plus/minus amount of gain/loss recognized on exchange Exceptions( 1031(a)(1)) Stock in trade or other property held primarily for sale Stocks, bonds, or notes See others Allocating Basis Capital included in basis & no gain until capital returned Burnet v. Logan (U.S. 1931) ! sale of stock in exchange for cash (less than value of stock) + promise to pay annual sums doesn t give rise to income until capital (value of stock) returned & profit made Basis = value of stock received, so no gain until receive more than that value Hort v. Commissioner (U.S. 1941) ! T must include as ordinary income full amount of consideration for cancellation of lease (can t offset w/ value of cancelled lease) Amount received for cancellation was not  return of capital, it was essentially substitute for rental payments which are GI Basis in Non-Arms Length Property Exchanges Buyer s Basis is FMV of Property Received Losses Between Related Parties ( 267) Related Parties ( 267) Main Rule: No deduction allowed for losses on property sales or exchanges between related parties (but can recognize gains) Related Parties (def) ( 267(b)) Family members or economically related individuals (individual & corp more than 50% owned, etc.) Constructive Ownership of Stock ( 267(c)) You own the stock owned by your family (spouse, brother/sister, ancestors & lineal descendants), partner, shareholders, etc. Amount of Gain on Resale Where Loss Previously Disallowed ( 267(d)) When property is re-sold, gain recognized to extent of: (Gain on Property) (Previously Disallowed Loss) ( 267(d)) If there is loss from such a resale, it is not reduced or enlarged by disallowed loss Example: Mom (M) sells $25,000 property to daughter (D) for $10,000 (basis = $10,000) D sells to unrelated party for $30,000 Disallowed loss of $15,000 offsets Ds gain of $20,000 & only $5,000 gain is recognized Basis in Property Gifts Main Rules FMV > Donors Basis IF, at time of gift, FMV > donors AB, THEN donees AB in gifted property is donors AB FMV < Donors Basis (Prohibition on Loss Transfer) ( 1015(a)) IF, at time of gift, FMV < donors AB, THEN Gain Rule IF calculating whether donee has GAIN, THEN donees AB in gifted property is donors AB Loss Rule IF calculating whether donee has LOSS, THEN donees AB in gifted property is FMV of property at time of transfer Example Donors AB: 300 FMV at Gift Transfer: 220 FMV at New Transfer: 250 Gain on New Transfer = AR:250  AB:300 = -50 = No Gain Loss on New Transfer = AR: 250  AB:220 = 30 = No Loss Exception for Transfer of Property Between Spouses ( 1041) Treated as Gifts ( 1041(a)) Transfers of property between spouses while married or incident to divorce are gifts; therefore, no inclusion for done and no deduction for donor Donee Spouse takes Donor Spouses Basis ( 1041(a)) IF transfer between spouses while married or incident to divorce, THEN transferee always takes transferors basis (allows transfer of loss) Exception for Inherited Property ( 1014(a)) Death is not a Realization Event Main Rule Donees AB in inherited property = FMV of property on date of decedents death Capitalization In General General Rule IF an amount expended is a capital expenditure (that is, if it generates future income), THEN it cannot be currently deducted in full (regardless of accounting method) AND may either be deducted through depreciation or not at all Welch v. Helvering (U.S. 1933) Facts: TP was personally paying companys debts to preserve reputation Holding: TPs payments of companys debt are capital expenditures b/c not ordinary (in ordinary/non-extraordinary sense) under 162 Encyclopaedia Brittanica v. Commr (7th Cir. 1982) (Posner, J.) Facts: TP diverted from normal business and paid outside company to develop manuscript for science encyclopedia for ownership by TP Holding: TPs payments for manuscript must be capitalized, because (1) produce income over time, and (2) amounts expended were not ordinary in their business in sense of recurring Rationale: Providing accurate picture of TPs income by matching it with appropriate deductions Capitalization & Basis Main Rule Capitalized expenditures are added to basis of property E.g., lawyers fees related to acquisition of land included in cost of land When and Whether Generally a question of when to deduct (if ascertainable useful life), but sometimes a question of whether (if no ascertainable useful life) Example: Land & Stocks: deduct at sale Machinery: deduct through depreciation Cost of education: never deduct Expenditures Relating to Tangible Assets Capital Expenditures Amounts expended for new buildings ( 263) Examples Architects services Non-Inventory Real or Tangible Personal Property for Business Use ( 263A) Includes Real or tangible personal property produced by TP for Business Use ( 263A(b)(1)) Real or tangible property acquired by TP for resale ( 263A(b)(2)) Examples Cost of buying, constructing or erecting building/machinery/equipment w/ useful life substantially beyond taxable year Amounts expended for permanent improvements or betterments made to increase the value of any property or estate ( 263, 1.263-1) Amounts expended to restore property ( 1.263-2) Amounts expended in connection with sale of property (Prop. Reg. 1.263(a)-1 Amounts expended to facilitate the acquisition of property (Prop. Reg. 1.263(a)-2(d)(3)) Cost of environmental cleanup up after acquisition Exceptions Mines & deposits expenditures ( 616) Research & experimental expenditures ( 174) Soil & water conservation expenditures Farmer expenditures for fertilizer ( 175) Expenditures for removal of architectural & transportation barrier to handicapped/elderly ( 190) Ordinary Expenses Amounts expended to repair or maintain property ( 1.162-4) Property which is inventory for TPs business ( 263A(a)(1)) Professional Expenses Examples Office supplies Distinguishing Repairs from Improvements Relevant Unit of Property Old Approach FedEx Corp v. U.S. (W.D. Tenn. 2003) Holding: Costs of airplane engine inspections and maintenance currently deductible as repairs, b/c unit of property at issue was jet plane Factors TP and industrys treatment of component as part of larger unit for regulatory, market, management, accounting purposes Coextension of economic useful life of component with larger unit Functional interdependence of component and larger unit Maintenance of component while affixed to larger unit Proposed Regulations (Prop. Reg. 1.263(a)-3(d)(2)) Buildings Building & structural components treated as single unit of property Non-Buildings In general, single unit of property includes all functionally interdependent components Special rules for plant property and network assets Improvement Old Approach Midland Empire Packing Co. (T.C. 1950) Holding: Costs of adding concrete lining to basement currently deductible as repairs, b/c allowed TP to continue to use basement as it previously had Mt. Morris Drive-In Theatre (T.C. 1955) Holding: Costs of installing drainage system not currently deductible as repairs, b/c foreseeable need for it in preparing land for use as drive-in theater Proposed Regulations Betterment of a Unit of Property (Prop. Reg. 1.263(a)-3(f)(1)(iii)) IF amount paid Ameliorates material condition or material defect that existed prior to acquisition or arose during production of property, Results in material addition to unit of property (including physical enlargement, expansion, or extension, OR Results in material increase in capacity, productivity, efficiency, or quality of unit of property or its output THEN amount paid is a Betterment, and must be capitalized Restoration of a Unit of Property (Prop. Reg. 1.263(a)-3(g)(1) IF amount paid For replacing property that TP has deducted as a loss, For replacing property where TP has taken account of basis of such property in computing gain or loss on a sale or exchange or in damages from a casualty, To return a unit of property to its ordinarily efficient operating condition, if it has deteriorated to a state of disrepair and can no longer function for its intended purpose, OR To rebuild unit of property to like-new condition after end of propertys economic useful life THEN amount paid is a Restoration, and must be capitalized New or Different Use IF amount paid adopts unit of property to new or different use, THEN amount paid must be capitalized Safe Harbor for Routine Maintenance (Prop. Reg. 1.263-3(e)(1)) Main Rule IF amount paid is for routine maintenance on unit of property, THEN amount paid is not an Improvement, but a Repair Routine Maintenance (def): Recurring activities TP expects to perform as result of TPs use of unit of property to keep it in its ordinarily efficient, operating condition Safe Harbor for Regulatory Compliance (Prop. Reg. 1.263(a)-3(d)2), (e)(5) Ex. 7) Amounts Paid in connection with Sale of Property (Prop. Reg. 1.263(a)-1(d)) Exceptions Advertising Expenses Amounts Paid to Facilitate Acquisition of Property (Prop. Reg. 1.263(a)-2(d)(3)) Examples Amounts paid to broker to find new office building for TPs offices Amounts paid to interior decorator to find new desk for TPs office Exceptions Salaries to employees (Prop. Reg. 1.263(a)-2(d)(3)(ii)(D)) Costs incurred to investigate real property acquisitions (e.g., marketing study) Expenditures Relating to Intangible Assets Capital Expenditures Old Approach IF amount expended creates a significant future benefit, THEN amount must be capitalized Indopco v. Commissioner (U.S. 1992) Facts TP, corporation being acquired in a friendly takeover, incurs investment banking & legal fees in connection with it Holding Fees must be capitalized b/c relate to enhancement of significant future benefit AE Staley v. Commissioner (7th Cir. 1997) Facts TP incurred fees defend against threat of hostile takeover Holding Fees are currently deductible b/c seek to preserve status quo, not produce future benefits PNC Bancorp. v. Commissioner (3d Cir. 2000) Facts TP bank incurred costs for marketing, researching, and originating loans Holding Loan origination costs are currently deductible (both internal & paid to 3rd parties) b/c they are ordinary (recurring) Wells Fargo & Co. v. Commr (8th Cir. 2000) Facts TP paid $150K of salaries to corporate officers involved in corporate restructuring Holding Salaries are currently deductible b/c employees not hired specifically to render services in transaction Modern Approach ( 1.263(a)-4) Capital Expenditures related to Intangible Assets include: Amounts expended to acquire an intangible Amounts paid to create an intangible Amounts paid to create or enhance a separate and distinct intangible asset Amounts paid to create or enhance a future benefit (irrelevant) Amounts paid to facilitate acquisition or creation of an intangible (transaction costs) Amounts expended to acquire an intangible ( 1.263(a)-4(c)) See examples in rule Amounts paid to create an intangible ( 1.263(a)-4(d)) Financial Interests Prepaid Expenses Memberships and Privileges Rights obtained from govt agency Contract rights Includes advance lease payments ( 1.263(a)-4(d)(6)(i)(A), -(vii) Ex.1) De minimis exception for amounts under $5,000 (-4(d)(6)(v)) Contract terminations Benefits related to real property provision, production, or improvement Amounts paid to create or enhance a separate and distinct intangible asset ( 1.263(a)-4(b)(3)) See general definition Create or terminate contract rights Amounts paid in performing services Creation of computer software Creation of package design Transaction Costs (( 1.263(a)-4(e)(1)) See examples in rule Ordinary Expenses Advertising, promotional, training, and similar costs (Rev. Rul. 92-80) Acquisition of leasehold Costs associated w/ expanding business E.g., deciding whether or which property to buy (but once honed in on property, costs associated w/ purchasing are capitalized) Compensation to TPs employees (Prop. Reg. 1.263(a)-2(d)(3)(ii)(D)) BUT, payment to outside personnel in creation of capital asset always capitalized Amount paid to create intangible right/benefit that passes one year rule Earlier of 12 months after first date T realizes benefit, or end of taxable year following year payment made ( 1.263(a)-4(f)) BUT, here TPs accounting method will also matter, esp. if accrual TP Professional Expenses Rent, dues to professional society & subscription to professional journal (BUT not prepayment of subscription), etc. Start-up Exception ( 195) Main Rule During year of start-up, TP may elect to currently deduct amount equal to Lesser of Amount of start-up expenditures, OR ($5,000) [(Amount of start-up expenditures)  ($50,000)] Start-up Expenditures ( 195(c)) Deductibility under 195 ! Deductibility under 162 if business were existing (FMR Corp. v. Comm r (T.C.) Exception for Certain Depreciable Business Assets ( 179) Main Rule IF property is Section 179 Property, THEN TP may currently deduct up to $250,000 for costs of Section 197 Property Section 179 Property ( 179(d)(1)) Includes Tangible property to which 168 applies (and computer software) That is acquired by purchase for use in active conduct of a trade/business Max Amount ( 179(b)(2)-(3)) Amount of deduction cannot exceed lesser of (Amount Otherwise Deductible)  [(Costs of Section 197 Property)  ($800,000)] OR TP s Taxable Income from active conduct by TP of trade or business during year Carryover ( 179(b)(3)(B)) TP can, indefinitely, and subject to normal the max amount above carry over to following years previously disallowed deductions due either to $800,000 limitation or Taxable Income limitation Depreciation In General Rationale: Allocates cost of an asset over time that it produces income Business/Investment Assets w/ & w/o Ascertainable Useful Life Assets w/ ascertainable useful life: depreciated over time Assets w/o ascertainable useful life: recovered on disposition (e.g., land, stocks) Depreciation & Basis (1016(a)(2)) Deductions for depreciation reduce TPs basis in depreciated property General Authorization ( 167) Depreciation deduction allowed for Property used in trade or business (above the line) Property held for production of income (below the line) Tangible Property ( 168) Modified Accelerated Cost Recovery System (MACRS) Asset recovered over statutorily prescribed recovery period & salvage value ignored 50% Bonus Depreciation Deduction ( 168(k)) (IGNORE THIS SECTION ON EXAM) IF (generally) property has a recovery period of 20 years or less, THEN before computing deduction otherwise allowable under 168 (see below) TP allowed deduction of 50% of AB of property Main Rule Annual depreciation deductions on tangible property are a function of Propertys Basis Applicable Recovery Period Applicable Depreciation Period Applicable Convention Applicable Recovery Period ( 168(c), (e)) Determine Class Life ( 168(e))  Determine Category corresponding with Class Life ( 168(e))  Determine Applicable Recovery Period ( 168(c)) Applicable Depreciation Method ( 168(b)) 200% Declining Balance Application: By Default How to Use Per year, Depreciation Deduction = (Applicable Fraction of Year in which Depreciation Occurred) (AB)  { [AB] [(2) (Straight Line Rate)]}, until switch to straight line method E.g.,: 10 year property, Year 1 ! (1/2)(AB)[(2) (10%)] = (1/2)(AB)(20%) Switch to Straight Line Method IF use of straight line w/r/t AB at beginning of year will yield larger deduction, THEN use straight line method How to Use Per year, Depreciation Deduction = __AB at start of year__ # of Years Remaining 150% Declining Balance Application: For 15 & 20-year property How to Use Per period, Depreciation Deduction = (Applicable Fraction of Year in which Depreciation Occurred) (AB)  { [AB] [(1.5) (Straight Line Rate)]} Straight Line Method Application: For nonresidential real & residential rental property How to Use Per year, Depreciation Deduction = _____AB______ # of Years Election to Use 150% Method ( 168(b)(5)) TP can elect to recover cost of property using straight line method ( 168(b)(5)) Applicable Convention ( 168(d)) Half-Year Convention Application: Unless otherwise specified Main Rule IF asset placed in service or disposed of during year, THEN event deemed to have occurred in middle of first year Therefore, you get half-year depreciation in first & last years Mid-Month Convention Application Nonresidential real property Residential rental property Railroad grading or tunnel bore Main Rule IF one of above assets placed in service or disposed of during month, THEN event deemed to have occurred in middle of month Therefore, you get half-month depreciation in first & last months Mid-Quarter Convention Application ONLY IF Property otherwise eligible for half-year convention More than 40% of all of TPs depreciable personal property placed in service during last three months of taxable year Main Rule IF property placed in service or disposed of during quarter, THEN event deemed to have occurred in middle of quarter Therefore, you get half-quarter depreciation in first & last quarter Intangible Property ( 197 & 167) Main Rule IF property is an Amortizable Section 197 Intangible, THEN property may be amortized using the straight-line method over 15 years NOTE: Generally, AB for purposes of 15 year amortization will equal (Value of All a Business Assets)  (Value of Business Tangible Assets) Amortizable Section 197 Intangible (def) ( 197(c)) Includes Property held in connection with trade/business of a 212 activity Excludes Anything not a Section 197 Intangible Property created by the TP Section 197 Intangible ( 197(d)) Includes Goodwill Going concern value Workforce in place, business books, patents, customer-based intangible, etc. License, permits, or other rights Covenants not to compete Franchise, trademark, or trade names Excludes Financial interests Land Computer software (see 167(f)(1)) Interests in film & other media, right to receive tangible property or services, patent/copyrights Interests under leases & debt instruments Mortgage servicing rights (see 167(f)(3)) Land, Art & Antiques Not depreciable: Land, stock, inventory items, artworks (no determinable useful life) Antiques Service: not depreciable 3d Circuit: depreciable (b/c wear & tear requires allocation of purchase costs) Deducting vs. Capitalizing Depreciation Main Rule ( 263A) IF TP uses capital asset to produce another capital asset, THEN TP must capitalize depreciation of first capital asset over life of second capital asset, AND Depreciation of first capital asset added to basis in second capital asset Rationale Use of the capital asset in such a case is a capital expenditure, and depreciation of the asset represents costs of that expenditure, b/c those costs are allocated over the assets useful life Idaho Power (U.S. 1974) Facts Power company TP used construction equipment it purchased to construct new buildings. TP also used that equipment for its normal course of business. Holding TP must capitalize percentage of depreciation on equipment that is allocable to assets use in construction of capital facilities Codified in Capitalizing Interest Main Rule ( 263A) Interest on loan taken to produce capital asset must be capitalized into assets basis Present Value of an Investment PV = ____CT___  1 + r mT m CT is cash flow at year T. r is stated annual interest rate m is number of compounding periods per year T is number of years Future Value of an Investment FV = C0 (1 + r) mT Present Value of an Annuity  1 - __1__ PV = C ___(1 + r) T = C ( ArT r Calculates PV in year before first payment If there is payment today, that lump sum gets added to the above. The Impact of Liabilities In General Mortgages & Securities Mortgage (def): Security interest in property given by borrower to creditor to obtain loan Secured (def): Creditor has lien on asset and takes it in event of default Self-Amortizing Loan (def): Loan repayable in equal installments, including principal and interest Purchase Money Mortgage (def): Seller of property is also lender Recourse & Nonrecourse Loans Recourse Loan (def): Loan in which borrower personally liable for repayment of debt (lender can go after personal assets) Nonrecourse Loan (def): Loan in which borrower not personally liable for debt (lender can only get proceeds of foreclosure sale) Rule Applicable for All Debt Types (1.1001-2(a)(3)) IF liability incurred b/c of acquisition is not included in basis, THEN liability not included in amount realized Recourse Debt Primary Rules Basis Recourse debt used to acquire property is always included in TPs basis Amount Realized ( 1.1001-2(a)(2)) IF FMV at Disposition > Amount of Recourse Debt, THEN AR is FMV at Disposition IF FMV at Disposition < Amount of Recourse Debt, THEN (bifurcation approach) AR is FMV at Disposition AND Any Recourse Debt Discharged by Lender is COI income Possible 108 Exclusion, Subject to Basis Reductions Subject to basis reductions in depreciable real property ( 108(c)(1)(A)), or residence ( 108(h)(1)) When Transferee is Lender Bad Debt Deduction ( 166) Rationale: Purchaser is actually liable for amount Nonrecourse Debt Basis IF FMV at Acquisition > Amount of Nonrecourse Debt, THEN nonrecourse debt used to acquire property is included in TPs basis (no matter the identity of the lender) Crane v. Commissioner (1947) Facts: TP inherited property w/ debt, and FMV of it was the debt; T took depreciation deductions then sold property for $ + passed on mortgage Holding: TPs basis in property at acquisition was the value of the debt IF FMV at Acquisition Significantly Less than Amount of Debt (= No Equity in Property) Franklin Majority All or Nothing Approach IF FMV at Acquisition substantially less than Amount of Debt, THEN nonrecourse debt is not included in TPs basis Rationale: Crane rule allowed people to buy property w/ huge basis & depreciate large amounts; Buyer here hardly investing in the property, and basis requires investment Possible Exception: Bad bargain? Estate of Franklin (9th Cir 1976) Facts: OZ[deFHJpr'-.5Fjtϻϧ{og[hShPN5CJaJhPNCJaJh hPN5CJaJh h 5CJaJh X^5CJaJh X^h X^CJaJh X^h X^5CJaJ *hY%h'XCJaJh%CJaJh X^CJaJh>3h 5CJaJh CJaJh h CJaJhV5CJaJhVCJaJh(nh3V5CJaJ!efHJr'.j ^ gdz_p^pgd X^ & Fgd[,. & Fgd[,.gd  ^ gd  & Fgd[,.p^pgd   48=>qrsx߽߽ߢm]UI=hh[5CJaJhhta#5CJaJhKYCJaJh1"hgI:CJOJQJaJ"h1"hgI5:CJOJQJaJhlo5:CJOJQJaJh$CJaJhVh 5CJaJh h0CJaJh0CJaJhz_CJaJh h CJaJh h 5CJaJhz_hz_CJaJh CJaJhShPN5CJaJhSh0P5CJaJ >rs$978 & Fgd[,. & Fgd[,. & Fgd[,. & Fgd[,. & Fgd[,.^gdKY & Fgd[,. ^ gd:W@ ^@ gd0 & Fgd[,. & Fgd[,.$7QR67PXklkly۩|shKY>*CJaJhhY/5CJaJhY/hY/5CJaJhY/5CJaJhY/hKY5CJaJhY/CJaJhB5CJaJh6C"5CJaJhhKY5CJaJhKYhKY5CJaJh6C"CJaJhKYCJaJhKYhKYCJaJhKY5CJaJ,8Pll9:KL^gd6C"p^pgd ^`gd ^gd 8^8gd  & Fgd[,.gd, & Fgd[,. & Fgd[,. & Fgd[,.#89:JKL}FGH^_`aƺϯϣϣϛϐ}qhqhh6C"6CJaJh hdA\6CJaJh6C"h6C"CJaJh6C"CJaJh6C"h CJaJh CJaJhh 5CJaJh h CJaJhY/h 5CJaJhdA\5CJaJh 5CJaJhY/hdA\5CJaJh6C"5CJaJhY/5CJaJh}l5CJaJ'L}~GHq7QR\p^pgd}l & Fgd[,.^gd}l^gd}l & Fgd[,.^gd6C" ^ gd6C"gd6C" & Fgd[,.p^pgd  & Fgd[,.abkqxyz{67@AR[\rx !QR뺲wooh1pCJaJh1ph1pCJaJh}lCJaJh}lh}l5CJaJh}l5CJaJh}lh}lCJaJhdA\CJaJh Q7CJaJhCJaJhCJaJhICJaJh#CJaJh6C"5CJaJh CJaJh6C"CJaJh6C"h6C"6CJaJ(Rn468:^ & Fgd[,.8^8gd6C"8^8gdKY & Fgd[,.p^pgd}l & Fgd[,.p^pgd1p ^`gd}l ^ gd}l & Fgd[,.46:<RT\^`bPZ@Ļ{oc[[SKCKSCh/~CJaJhLUHCJaJh-CJaJh1CJaJh-h16CJaJhBhB>*CJaJhBhV>*CJaJhBh,CJaJhBCJaJhBhB5CJaJhB5CJaJhBhV5CJaJh}l5CJaJh6C">*CJaJhKY>*CJaJh}lCJaJh}lh}l5CJaJh}lh}lCJaJh}lh1pCJaJ^`nb^` 01Ip^pgd0 & Fgd0 & Fgd0gd0^gdq$] & Fgd[,.gd0V^gd, & Fgd[,.^gdB & Fgd[,.8^8gdB@Pp <>H `b\^` (+./0ļĴĬ՞vmaXaMh0h0VCJaJhq$]5CJaJh8hq$]5CJaJh05CJaJh,5CJaJhq$]CJaJhq$]h= 5>*CJaJh6C"5CJaJh6C"h6C"5>*CJaJhfnCJaJhXCJaJhBCJaJhMCJaJhM6CJaJh,h,CJaJh1CJaJh@QCJaJh/~CJaJh-CJaJ01:@BGHITJX`jt7}of[Shy=CJaJhy=hy=CJaJhy=5CJaJh6C"hq$]5>*CJaJhq$]5CJaJhB5CJaJhq$]hq$]5>*CJaJh /h0CJaJh /h05CJaJh Ah05CJaJh 5Rh05CJaJhj)ph05CJaJhj)ph0CJaJhH@h05CJaJh05CJaJh0CJaJIJu8pq^ & Fgd[,. & Fgd[,.gdq$]gd0 & Fgd0 ^ gd0 & Fgd0 & Fgd0ABstEFPQgd / ^`gd /p^pgd / & Fgd[,.^gd0V^gdHf^gdy= & Fgd[,.^gdy=@ABORprstDEFOPQ`wwncwh,h,CJaJh,5CJaJh,CJaJhy=h /CJaJh /h /CJaJhy=hHfCJaJhHfhy=CJaJh8hq$]5CJaJhq$]5CJaJhzCJaJh /hy=CJaJh /CJaJh0VCJaJhy=CJaJhy=hy=CJaJh /5CJaJ$Qxrtij.p^pgd0V & Fgd[,.^gd0V & Fgd[,.^gdy= & Fgd[,. & Fgd[,. ^`gd /(0@R^`prtj./=FHOPWZ[йШМБ|s|k_V_hSrc5CJaJh8h5CJaJhCJaJhB5CJaJhBh5CJaJh}l5CJaJhq$]hq$]CJaJh,-.hq$]6CJaJh0VCJaJh0V5CJaJh0Vh0VCJaJh8hq$]5CJaJhq$]CJaJhq$]hq$]5CJaJhq$]5CJaJhy=CJaJhy=h,CJaJ./\]~[\8^8gd7 8h^8`hgdy8^8gd"Z  & Fgd[,. & Fgd[,.^gdGr^gd, & Fgd[,.^gd1p & Fgd[,.^gdq$][\]}~2;Z[Ž~sg^SKCKCh"Z CJaJh7CJaJh"Z h"Z CJaJh"Z 5CJaJh"Z h"Z 5CJaJhyhyCJaJhy5CJaJhn&5CJaJhfYh}f5CJaJhU 5CJaJh,-.CJaJhCJaJheCJaJhGrCJaJhGr5CJaJh,CJaJh,h,CJaJh,5CJaJh1ph1pCJaJh,hBCJaJ[\d  S\] !=UVļxoog\hyh c[CJaJhn&CJaJh c[5CJaJh c[6CJaJh c[h c[CJaJhy5CJaJhyhyCJaJh c[CJaJhyCJaJh.hy6CJaJh7CJaJh>9h>9CJaJh>95CJaJh$Dh"Z 5CJaJhjeh"Z 5CJaJh"Z CJaJh>9CJaJ S]!VWabgdn&^gdn&^gdy & Fgd[,.8^8gd7^gd c[ & Fgd[,. & Fgd[,. & Fgd[,.VWaGW`abuv pqrsӟܔsh`Whc_S5CJaJh"Z CJaJhyhyCJaJhyhy5CJaJhy6CJaJhbQhy6CJaJhbQhyCJaJhy5CJaJhkhn&6CJaJh"hn&6CJaJhn&CJaJhn&hn&CJaJhn&5CJaJhyCJaJhCJaJh5CJaJh7hyCJaJbv *QqrIJS^gd$ & Fgd[,.p^pgd:^gd:^gdje & Fgd[,.8^8gd"Z  & Fgd[,. & Fgd[,. & Fgd[,. @HIJRƻƯΛΓxlxaXxxlXlxlXh{f5CJaJh:h:CJaJh./h{f5CJaJh{fCJaJh$CJaJh c[h c[CJaJh c[CJaJh:5CJaJh c[h"Z CJaJh7hc_S5CJaJhc_Sh"Z CJaJhc_SCJaJh:CJaJhhc_SCJaJhc_S5CJaJhjehjeCJaJhc_ShCJaJShijk+X  gdc_S 8h^8`hgdgd$gdc_S & Fgd[,.^gdc_S & Fgd[,. & Fgd[,.hi}Siynf[SJh5CJaJhCJaJh:h c[CJaJh c[CJaJh c[h c[CJaJh$h$5CJaJh$5CJaJh$CJaJh$hc_SCJaJh7hc_SCJaJh75CJaJh7h75CJaJh7CJaJhc_Shc_SCJaJhyCJaJhc_SCJaJh{fCJaJh{f5CJaJh{fh{fCJaJ   Q\]^û}ulauVu}K@h7h7CJaJhc_SheCJaJheheCJaJhshsCJaJhs5CJaJhsCJaJheCJaJh:h:5CJaJh:h:CJaJh:CJaJhehc_SCJaJh{fhc_S5CJaJhc_SCJaJhc_Sh7CJaJh7hc_SCJaJhc_S5CJaJhhc_SCJaJhCJaJhhCJaJ  ]^!Fp^pgdu)^gd7^gde & Fgd[,. & Fgd[,.gds^gd:^gd: & Fgd[,.^gd7 & Fgd[,. !4FN67@A  !,-.:;Vb}thje5CJaJh7hu)CJaJhu)5CJaJhu)h0$5CJaJhu)CJaJh0$h0$CJaJh0$CJaJh0$6CJaJh0$h7CJaJhu)hu)CJaJh7h7CJaJh7hc_SCJaJh75CJaJh0$5CJaJ-FQ7A -.;b  & Fgd[,.gd7 & Fgd[,. & Fgd[,.p^pgdu) & Fgd[,. & Fgd[,.bk (v 'D·~vnvcX~vnvhjehjeCJaJhc_Shu)CJaJhCJaJhu)CJaJhu)h7CJaJhje5CJaJhu)5CJaJhjeCJaJh7h7CJaJh75CJaJhu)hu)CJaJh0$h0$CJaJh0$h0$6CJaJh0$6CJaJh7h0$6CJaJh0$CJaJh0$5CJaJ"(E12G@ ^@ gd & Fgd[,. ^ gdu) & Fgd[,. ^ gdje012DFGoHIlm𭤛sj^jSjSh$h$CJaJh$h$5CJaJh$5CJaJhs|@hs|@5CJaJhs|@5CJaJhs|@CJaJhhCJaJh5CJaJh>95CJaJhCJaJhjeh7CJaJh75CJaJhje5CJaJhjehjeCJaJhu)hu)CJaJhu)CJaJhjeCJaJhCJaJ9nom09} Zp^pgd$ & Fgd[,. & Fgd[,. & Fgd[,. & Fgd[,.@ ^@ gds|@ & Fgd[,. p^p`gd  h^ `hgd ^ gd/089 YZ[(Ƚ𲩠xmeZNehQ_lh#Ma6CJaJh#Mah#MaCJaJh#MaCJaJhshsCJaJhs5CJaJhsh:CJaJh:5CJaJh:hc_SCJaJhc_S5CJaJhje5CJaJhjeh$CJaJh"mh"mCJaJh"mCJaJh$h$5CJaJh$5CJaJh$h$CJaJh$CJaJhICJaJZ)/(.jrKp^pgd#Ma & Fgd[,. & Fgd[,. & Fgd[,.^gd#Ma & Fgd[,. & Fgd[,. & Fgd[,.()./(-.jqKRSTjT[\}⿶꿮⣚uhMwhsCJaJhs5CJaJhMw5CJaJhMwCJaJhMw6CJaJhMwhMwCJaJhYLCJaJh#Ma6CJaJh#Mah#MaCJaJh=h#Ma6CJaJh*h#Ma6CJaJh#MaCJaJh#Ma5CJaJh#Mah#Ma6CJaJ,KST\"#MNstgds@ ^@ gdMw^gdMw & Fgd[,.gd#Ma & Fgd[,.p^pgdMw & Fgd[,. & Fgd[,.!"#LMEXYZ[ WXx9:;ѽѱ쥝ٱٝ~u~ٝjٱhMwhYLCJaJhq5CJaJhqCJaJhYLhYLCJaJhMwhYL5CJaJhYLCJaJhYLhYL5CJaJhMwhMw5CJaJhs5CJaJh c[hsCJaJhsCJaJhMwCJaJhMwhMwCJaJhMw5CJaJhshMwCJaJ(Y[ &HX:;p^pgd}z & Fgd[,.gdMw ^ gdYL & Fgd[,.p^pgdMw & Fgd[,.345]^rstƽ럔Ɵ댁ynchIh:CJaJhIhCJaJhICJaJh"mhqCJaJhqCJaJh}zh:CJaJh}zh}zCJaJhYLCJaJh:h:CJaJh:5CJaJh:CJaJhMw5CJaJhMwCJaJhMwh}z5CJaJh}zCJaJh}zh}z5CJaJ$45]^st+,u^gd}zp^pgd}zgd}z^gdYL & Fgd[,. & Fgd[,.gd}z ^ gd}z & Fgd[,.^gdMw & Fgd[,.+,`dfgtv9:;PQRյzrg[grPHh:CJaJh}zh"mCJaJheh"m6CJaJheh"mCJaJh"mCJaJh"m5CJaJh"mh"mCJaJh"mhCJaJhCJaJh5CJaJhh:CJaJh}zh:5CJaJh}zh}z5CJaJh>9CJaJh}zh:CJaJh}zCJaJhIh:CJaJhIh:6CJaJu:;Q:;EFijmnbd h^`hgd>9^gd}z^gd>9 & Fgd[,.gd}z & Fgd[,.^gd"m & 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Commissioner (TC 1963) Facts: TP assumed targets severance pay obligations to workforce in event of plant-closedown. But obligation would only trigger if TP failed to give adequate notice of closedown. TP also took out insurance on liability. Holding: Liability not part of TP basis b/c too contingent (can deduct later if actually becomes fixed liability) Secondary Financing  ;<\]0ļͼuuuui]UhH<#CJaJh,hH<#5CJaJhH<#h,5CJaJh,h,5CJaJh,h %5CJaJh,CJaJh3 5CJaJhH<#5CJaJhXE5CJaJh3 h3 5CJaJh3 CJaJh %6CJaJh %CJaJh %h %CJaJh %h %5CJaJh %5CJaJh %h3 CJaJs12VW`hj+,tu ^ gdXEgdH<# ^ gdH<# & Fgd[,.@ ^@ gdH<# & Fgd[,.01UVWfj+,Astu >\]fgᰧwnfhUCJaJhU6CJaJh6CJaJh?CJaJhh5CJaJhCJaJhhCJaJhi5CJaJh5CJaJhXEhXE5CJaJhXE5CJaJhH<#hH<#CJaJhH<#CJaJh,5CJaJhH<#5CJaJhH<#hH<#5CJaJ&]XYk)K & Fgd[,.8^8gd3 ^gdi^gd & Fgd[,.^gd & Fgd[,.^gdi & Fgd[,.2XY_`kq()JKNR|pdXhu-hu-5CJaJhu-hP95CJaJhh?5CJaJhh?CJaJhqbh?6CJaJh?CJaJh5CJaJh3 5CJaJhihi5CJaJhe`CJaJhe`6CJaJhi6CJaJhi5CJaJhh5CJaJhUCJaJhCJaJhCJaJ"ghirs{wx|÷}q}o}gq^R^gqh Uh U6CJaJh U6CJaJh UCJaJUh Uh U5CJaJh U5CJaJhTCJaJh?h'CJaJh$h)uCJaJh$h%_kCJaJh$CJaJh$hQ6CJaJhu-CJaJhu-hu-CJaJhu-5CJaJh$h$CJaJhu-hu-5CJaJh$5CJaJ hisx^gdi^gd U8^8gd U & Fgd[,.^gdu- & Fgd[,.^gd$ & Fgd[,.Basis Main Rule: Secondary financing does not increase TPs basis in property unless financing used to improve property See Woodsam Associates (2d. 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