The Tax Adviser—the magazine of planning, trends, and techniques—reports and explains federal tax issues to tax practitioners.

For the most part, the CEOs of large multinational corporations (MNCs) do not need to know much about tax issues. CEOs are already busy, charged with developing a vision and strategy for growth, ...

The basic rule for when a partner recognizes gain as a result of a distribution is found in Sec. 731(a)(1), which applies to both current distributions (from current income and activities) and ...

The COVID-19 pandemic ushered in erratic price behavior for commercial real estate, with many markets quickly reaching new highs and others experiencing declines. The Federal Reserve’s Commercial Real ...

Whether a revenue-generating activity constitutes a trade or business is usually straightforward — until it isn’t. The most common confusion on this issue occurs around hobbies that generate revenue ...

Lottery fever remains at a high level lately, thanks in part to jackpots that sometimes exceed $1 billion, including the $1.334 billion Mega Millions winning ticket sold in July to individuals in ...

A mismatch in determining whether a transfer is complete under the income tax regime on the one hand and the transfer tax regime on the other creates what could be considered an estate planning ...

The legislation known as the Tax Cuts and Jobs Act (TCJA), P.L. 115-97, eliminated the general deduction of business entertainment expenses under Sec. 274(a). The TCJA mostly left intact, however, the ...

As cryptoassets, such as bitcoin, have gained status as virtual assets, commentators have suggested that they serve as the new virtual gold. 1 Both gold and cryptoassets share many characteristics, ...

During the normal course of business, a taxpayer may find itself the recipient or payer of a settlement or judgment as a result of litigation or arbitration. The federal tax implications of a ...

Sec. 1202 of the Internal Revenue Code provides a tremendous tax saving opportunity on the sale of C corporation stock for noncorporate taxpayers. Subject to an overall limitation, Sec. 1202 allows ...

The IRS may apply the step-transaction doctrine, a rule of substance over form, in a variety of taxpayer circumstances to deny tax benefits derived from a series of transactions that should more ...