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.
As chair of the firm’s tax practice group, David helps businesses and individuals with a broad range of tax planning and controversy matters, estate planning, business transactions, and valuations. A CPA with a Master of Laws in Taxation from Georgetown University Law Center, he is accredited in estate planning by the National Association of Estate Planners and Councils and in business valuation by both the American Institute of Certified Public Accountants and the National Association of Certified Valuators and Analysts. With over 35 years of experience, David brings a high level of expertise, sound judgment, and personal attention to help solve his clients’ tax, estate, and business matters.