Tax News

CCH (cch.taxgroup.com) reports:

The California Franchise Tax Board (FT has released a draft of a publication that addresses the tax issues faced and adjustments that will be required by registered domestic partners (RDPs) who file California personal income tax returns. Beginning with the 2007 tax returns filed in 2008, registered domestic partners will be required to file their tax return using a married/RDP filling jointly or married/RDP filing separately filing status.
The publication provides general information concerning registered domestic partnerships and the application of community property laws. Specific issues concerning the filing status adjustments that are required for RDPs that claim specified deductions and exclusions are also addressed. Examples of these adjustments include, but are not limited to, capital losses, transactions between RDPs, sale of a residence, investment interest, and expense depreciation property limits.
The FTB is seeking comments concerning this draft publication. Persons who have comments or suggestions concerning additional topics that should be addressed should submit the comments to RDP@ftb.ca.gov. A copy of the draft publication is available on the FTB's Web site (http://www.ftb.ca.gov/forms/drafts/07_drafts/07_737draft.pdf).
Alternatively, subscribers to CCH Tax Research NetWork can view the publication by using the link below.

CCH (cch.taxgroup.com) reports:

Married taxpayers were not entitled to have their Collection Due Process (CDP) appeal heard under the Code Sec. 7463(f)(2) small case procedures because their unpaid tax on the date of the determination notice exceeded $50,000. Although the couple disputed less than $50,000, the amount of the unpaid tax on the date of the determination notice, rather than the amount in dispute, governed their eligibility for small case designation.
M.P. Leahy, 129 TC No. 8, Dec. 57,105
Other References:
Code Sec. 6330
CCH Reference - 2007FED ¶38,184.60
Code Sec. 7463
CCH Reference - 2007FED ¶42,119.16
Tax Research Consultant
CCH Reference - TRC LITIG: 7,002
 

CCH (cch.taxgroup.com) reports:

All Forms 1098-C, Contributions of Motor Vehicles, Boats, and Airplanes, and Forms 1096, Annual Summary and Transmittal of U.S. Information Returns, filed after December 31, 2007, must be sent to the Internal Revenue Service Center, Kansas City, Mo. 64999. All donee organizations that receive a donation of a qualified vehicle with an estimated value of $500 or more, are required to file a Form 1098-C along with a Form 1096. Notice 2006-1, I.R.B. 2006-4, 347, instructing taxpayers to send the forms to Ogden, Utah, is modified.
Notice 2007-70, 2007FED ¶46,634
Other References:
Code Sec. 170
CCH Reference - 2007FED ¶11,660.515
CCH Reference - 2007FED ¶11,660.517
Code Sec. 6720
CCH Reference - 2007FED ¶40,209.10
Tax Research Consultant
CCH Reference - TRC INDIV: 51,456.25
 

Tax Analysts report: