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Tax Law for the Closely Held Business

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Conformity, the Lockdown, and New York’s Audit of Like-Kind Exchanges

By Farrell Fritz P.C. on June 8, 2020
Posted in State Tax Issues

Conforming

About sixty years ago, New York revised its personal income tax law to achieve close conformity with the Federal system of income taxation. The stated purpose for the revision was to simplify tax return preparation, improve compliance and enforcement, and aid in the interpretation of tax law provisions.[i] In furtherance of this policy…

One Corporation, One Property, Two Shareholders – Can They Be Separated? Without Tax?

By Farrell Fritz P.C. on March 9, 2020
Posted in Federal

A Basic Principle

Do you remember the scene from “History of the World Part I” when Mel Brooks, in the role of Moses, calls out “Hear me, oh hear me! All pay heed! The Lord, the Lord Jehovah has given unto you these fifteen [he drops one of the three tablets cradled in his arms…

It’s Not an LLC, It’s Not an LP, But Is it a Partnership?

By Farrell Fritz P.C. on July 23, 2018
Posted in Federal Tax Issues

One of the thorniest tasks to confront a tax adviser may be having to determine whether the business or investment relationship between two taxpayers constitutes a partnership for tax purposes.

Where the persons involved have formed a limited liability company or a limited partnership under state law, they have formed a tax law partnership[i]…

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