Who’s Afraid of the APA?: The Application Of Administrative Law To Tax Regulations

By David Shakow The Supreme Court’s decision in Mayo Foundation for Medical Education and Research v. United States means that tax practitioners must be more sensitive to administrative law and judicial deference to administrative rules.  This includes gaining some familiarity with the Administrative Procedure Act (APA) and the major cases that deal with judicial deference … Continue reading Who’s Afraid of the APA?: The Application Of Administrative Law To Tax Regulations

When Is Debt No Longer Debt? Treasury Proposes To Ease Debt-Modification Regulations

By Jonathan Prokup Times are tough, and many troubled companies are facing the need to modify debts that were issued when times were better (and the companies were financially much stronger).  For companies that wish to modify their debts, and for investors that hold those debts, federal tax law imposes an unfortunate limitation.  An outstanding … Continue reading When Is Debt No Longer Debt? Treasury Proposes To Ease Debt-Modification Regulations

A Four-Letter Word Causes The IRS Trouble

By Buck Buchanan Last summer, the Ninth Circuit Court of Appeals handed the IRS a defeat that the IRS did not take lightly.  The Ninth Circuit ruled that an overstated basis, no matter how large, is simply not omitted income.  See Bakersfield Energy Partners, LP v. Commissioner , 568 F.3d 767 (2009).  The key to … Continue reading A Four-Letter Word Causes The IRS Trouble