This session will review the leading federal tax developments of May 2021. We will review the valuation issues in the Estate-of-Michael-Jackson decision by the Tax Court—an opinion of almost 300 pages. Perhaps even more interesting, we will look at a case where the Tax Court found that 11 corporations were the alter ego of an individual who had a passport from the Kingdom of Kerguelen—a series of desolate islands 3,000 miles off the tip of Africa. We will also review a Chief Counsel Advice dealing with basis adjustments when a partnership audit leads to liability paid by the partnership rather than the “reviewed year” partners.
 
Learning Objectives:

• List the latest regulations, rulings, and pronouncements from the IRS


• Identify and summarize the most recent decisions out of the Tax Court and federal district courts around the country