Under certain circumstances a taxpayer may find themselves in United States Tax Court or have the ability to petition the United States Tax Court regarding a tax matter with the Internal Revenue Service. The US Tax Court is a “travelling” court in the sense that it is not always in session in all of the […]
When property is gifted it is important to look at the facts and circumstances surrounding the gift, and analyze whether or not a gift has actually been made for estate tax purposes. If a donor maintains a certain amount of control over the property than a gift may not have been made for estate tax […]
How is the sale of a business taxed? How is the sale or transfer of my business (stock or partnership interest) taxed? How is the sale of a business asset or group of business assets taxed? These are common questions that a business owner or the holder of a business ownership interest such as stock […]
What is a specific bequest? This may be a common question that is asked of an estate planning attorney, and specific bequests are common and important when assisting individuals with their estate plan. A specific bequest is stated within a will and last testament and is when a testator or testatrix bequeaths a specific item […]
What is a carryover basis? When will you receive property subject to a carryover basis? The video below has been prepared to provide additional information related to carryover basis. You may ask, why do I care about taking property subject to a carryover basis as opposed to a step up in basis? The simple answer […]
What is a will and who are the parties involved. The video below has been prepared by an estate planning attorney at The McGuire Law Firm to discuss these issues. Although, many people understand, or have an idea as to what a will is, many people still have questions as to what a will can […]
The McGuire Law Firm provides a free consultation with a tax attorney so you can discuss your tax matters, facts and circumstances with an attorney. John McGuire, the founder of The McGuire Law Firm has always felt it necessary to provide a free consultation to clients to determine the client’s needs and issues, and determine […]
What are the basis rules regarding joint tenancies that are created by a gift? Under Internal Revenue Code Section 1015(a), generally, the basis of property received via a gift would be the basis of the donor, or the last preceding owner that did not acquire the property via a gift. When the basis in property […]
In previous articles liability relief from a partnership has been discussed. Generally, liability relief from a partnership is deemed a distribution to the partner who has been relieved of the liability. But, what happens when a partner is relieved of liability at the liquidation of the partnership? Can liability relief be deemed a liquidating distribution […]
Audits are performed by the Division of Unemployment Insurance within the Colorado Department of Labor and Employment as federally required. The requirement has been established in hopes of insuring compliance by employers as well as to provide guidance, information and help to employers. How are businesses audited by the Division of Unemployment Insurance in Colorado? […]