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Capital Gains & Losses

Aircraft used for business and personal use is single property for like-kind qualification purposes

Aircraft used for business and personal use is single property for like-kind qualification purposes

Chief Counsel Advice 201605017 In Chief Counsel Advice involving an exchange of two aircrafts intended to qualify under Code Sec. 1031, one of which was used by an individual for personal purposes as well as for productive use in a trade or business or investment, IRS determined that the aircraft was a single property, the […]

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Shareholder-employee’s payment in merger included both ordinary income and capital gains

Shareholder-employee’s payment in merger included both ordinary income and capital gains

Brinkley v. Comm., (CA 5 12/16/2015) 116 AFTR 2d ¶ 2015-5520 The Court of Appeals for the Fifth Circuit, affirming the Tax Court, has concluded that payments received by a shareholder-employee and founder of the company in a merger with Google, although nominally for the exchange of his stock, was partly compensation for services rendered. […]

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Tax Strategies for a Booming Market – Equity Prices Are Up, but So Are Taxes on Your Gains

Tax Strategies for a Booming Market – Equity Prices Are Up, but So Are Taxes on Your Gains

Tax Strategies for a Booming Market – Equity Prices Are Up, but So Are Taxes on Your Gains, as reported in the WS Journal. Good news: Stocks are way up this year. Bad news: Tax rates are up, too, and not just for the super-rich. Here’s how to keep more of what you reap. Retirement […]

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Corporate capital gains and losses: an overview

Corporate capital gains and losses: an overview

This article deals with a person whose C corporation (but not an S corporation) is expected to have capital gains or losses. It is designed to alert the client to the difference in treatment of these items for corporations as opposed to individuals.  There is some repeating of the concepts. Background.  The tax treatment of […]

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There’s No Dollar Limit on Capital-Loss Carry-Overs

There’s No Dollar Limit on Capital-Loss Carry-Overs

As reported in the news in the WS Journal, “There’s No Dollar Limit on Capital-Loss Carry-Overs,” unused losses can help soak up gains in future years.  The real question is whether or not the amount will be increased over $3,000, where it has been stuck for years. Q:Is there any chance that the capital-loss carry-over […]

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Ten Facts about Capital Gains and Losses

Ten Facts about Capital Gains and Losses

The term “capital asset” for tax purposes applies to almost everything you own and use for personal or investment purposes. A capital gain or loss occurs when you sell a capital asset. Here are 10 facts from the IRS on capital gains and losses: 1. Almost everything you own and use for personal purposes, pleasure […]

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The Tax Benefits of Stock Losers

The Tax Benefits of Stock Losers

As reported in the news of the WS Journal, there are some tax benefits when you lose money on stocks. Q:Some of my stocks are worth far less than what I paid for them. I feel like I have not lost any money unless I were to sell them. Or are there any tax reasons […]

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Be Ready for Higher Capital-Gains Tax Rates

Be Ready for Higher Capital-Gains Tax Rates

A very timely and newsworthy article appeared in the WS Journal, entitled “Be Ready for Higher Capital-Gains Tax Rates.”  After you read the article, ask yourself if you’ll ready once Congress makes a decision.  Here’s the article. When it comes to incurring taxes on your investments, it often pays to procrastinate.  But with long-term capital-gains […]

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Rules on Home Sales Stay for Now

Rules on Home Sales Stay for Now

As reported in the news of the WSJ, and looking into the crystal ball, Linda Goold, tax counsel at the National Association of Realtors predicts there will not be a change to the $250,000 and $500,000 exclusion limits on the sale of a home.  Ms. Goold says the NAR strongly opposes any changes that would […]

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Tax Tips: Ten Things to Know About Capital Gains and Losses

Tax Tips: Ten Things to Know About Capital Gains and Losses

Ten Things to Know About Capital Gains and Losses Did you know that almost everything you own and use for personal or investment purposes is a capital asset?  Capital assets include a home, household furnishings and stocks and bonds held in a personal account. When you sell a capital asset, the difference between the amount […]

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Meet Paul Raymond

Meet Paul Raymond

Mr. Raymond is a sought after speaker in tax controversy law by many attorney, accountant, and business groups and at the request of the Internal Revenue Service, has presented programs at the IRS Nationwide Tax Forum, attended by tax professionals throughout the United States.

Additionally, he continues to be an active member in the Section of Taxation, American Bar Association, where he was the Past Chair of the Employment Taxes Committee.

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Member CA Bar Member Orange County Bar US Tax Court Attorney