News - John R. Dundon II, Enrolled Agent
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Generally if payments are in exchange for partnership property, the amount received in excess of the partner’s outside basis in his/her partnership interest is taxed as capital gain. However if the payments represent a distributive share of partnership income or are deemed to be guaranteed payments, the payments are taxed as ordinary income. According to...

I have a new case involving donated rental real estate and in preparation for appeal I stumbled across the US Tax Court case of Theodore R. Rolfs, et ux. v. Commissioner 135 TC No. 24 in which the taxpayer donated a lake house with conditions to...

This is a review of of tax court case John T. Bayse v. Commissioner TC Summary Opinion 2010-118.  The bottom line is that if you are injured on the job be sure to think carefully about whether you wish to be relieved via worker's compensation which...

Many medical costs are deductible including the cost of treatment to alleviate conditions or diseases and the cost of prescriptions and certain diagnostic services. Additional deductible medical expenses include: Capital expenses for special equipment installed in, or improvements made to, a home that provides a medical benefit;...

Okay I'm taking another case to IRS appeals regarding the home office deduction.  In preparation I reviewed IRS Publication 587: Business Use of Your Home and I pulled some relevant quotes. "You can have more than one business location, including your home, for a single trade...

I've been getting quite a few calls lately from taxpayers that have received 'settlement' money and are confused over the prospective tax ramifications of receiving such money.   The Internal Revenue Service recognizes that receiving a settlement award (amount) from a personal injury suit may...

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