IRS Act Means Changes for Family Owned Businesses

Brody, Lawrence
October 1998
Journal of Financial Planning;Oct98, Vol. 11 Issue 5, p42
Academic Journal
States that the United States Internal Revenue Service (IRS) Restructuring and Reform Act of 1998 has replaced Section 2033A of the Internal Revenue Code regarding family owned business exclusion, with Section 2057, the family owned business deduction provision. In-depth look at Section 2033A of the Code and its exclusions; Detailed information on Section 2057; Differences between the two provisions; Clarification of the Act.


Related Articles

  • Family Limited Partnerships: Are They Still Alive and Kicking? Pratt, David; Kiziah, Trent S.; Pokorny, John F. // Florida Bar Journal;Jan2007, Vol. 81 Issue 1, p28 

    The article discusses the cases of "Estate of Disbrow v. Commissioner," and "Estate of Rosen," affecting Section 2036 of the U.S. Internal Revenue Code. These cases illustrate how to properly structure and operate FLPs. The results of a questionnaire on FLPs which was used relative to a Florida...

  • Tax Court memorandum holds parents made gift to sons in a non-arm's-length merger of two family-run companies.  // Trusts & Estates;Jan2015 Tax Year in Review, pT5 

    The article focuses on the U.S. Tax Court case Cavallaro v. Comm’r, which dealt with the tax treatment of gifts in non-arms-length transactions between family-run companies. Topics include the merger of family-run businesses, the disproportionate allocation of business funds, and notices...

  • IRS Issues Guidance on Private-Activity Volume Cap. Ferris, Craig T. // Bond Buyer;6/27/2003, Vol. 344 Issue 31666, p4 

    The U.S. Internal Revenue Service (IRS) issued three regulations on June 26, 2003 that provide guidance on procedures governing allocation of the private-activity bond volume cap, assignment of the ceiling to other authorities, and correction of errors in filing forms to carry forward unused...

  • The New 403(b): Plan Design in Light of New Regulations Post-1/1/09. Friedman, Aaron // Public Employee Quarterly;Mar2010, p1 

    The article reports on the significant revisions made by the U.S. Internal Revenue Service on its 403 (b) regulations, which would be more like to that of 401 (k) plans.

  • Washington Hot Links. Boyd, Harlan // National Public Accountant;Oct99, Vol. 44 Issue 8, p6 

    Focuses on the IRS Reform and Restructuring Act (RRA) of 1998. Hearings conducted by the United States (US) House of Representatives regarding the oversight function of the US Internal Revenue Service (IRS); Testimony made by IRS Commissioner Charles O. Rossotti on RRA; How RRA has contributed...

  • Keep Quiet, Unless... Kahan, Stuart // Practical Accountant;Dec2000, Vol. 33 Issue 12, p64 

    Focuses on ex parte rules issued by the Internal Revenue Service to protect the independence of the appeals organization in the United States. Highlights of the proposed procedure; Definition of taxpayer participation; Details on prohibitions of ex parte communications between Appeals and IRS...

  • House Ways and Means Committee Testimony: Interest and Penalty Provisions of the Internal...  // Tax Executive;Nov/Dec99, Vol. 51 Issue 6, p504 

    Focuses on the interest and penalty provisions of the United States Internal Revenue Code. Elimination of the interest-rate differential; Rate of interest; Abatement of interest; Dispute reserve account; Penalty in lieu of interest.

  • Proposed Section 121 Regulations: Modifications Imperative to Achieve Intended Relief. Shankaran, Girish // International Tax Journal;Spring2003, Vol. 28 Issue 2, p78 

    Discusses the proposed amendments to the regulations under Section 121 of the Internal Revenue Code regarding the exclusion of gain from the sale of a principal residence. Need to clarify the tax provisions; Restoration of the fairness of the former tax provisions; Inadequacies of the regulations.

  • Corporate Reorganizations. Kelloway, Lisa // Corporate Business Taxation Monthly;Mar2000, Vol. 1 Issue 6, p35 

    Discusses rulings released by the U.S. Internal Revenue Service (IRS) at the end of 1999. Ruling regarding partnership's disposition of shares of a corporate partner; Position of IRS on certain loss generating transactions; Notice that modifies the effective date of a proposed regulation...


Read the Article


Sorry, but this item is not currently available from your library.

Try another library?
Sign out of this library

Other Topics