David E Kahen

August 15, 2013 | New York Law Journal

In their Taxation column, Elliot Pisem and David E. Kahen, members of Roberts & Holland, write that a recent holding raises the stakes as to what may be lost by a bank if it issues a Form 1099-C with respect to a debt that has not otherwise become unenforceable, and makes it more difficult for the creditor to decide that it wishes to avoid any risk of penalties and will therefore issue Form 1099-C at the earliest possible time.

By Elliot Pisem and David E. Kahen

12 minute read

February 16, 2012 | New York Law Journal

In their Taxation column, Elliot Pisem and David E. Kahen, members of Roberts & Holland LLP, review a recent case involving whether a taxpayer's actions in establishing and funding a trust were sufficient to constitute a "transfer" of money or other property to provide for the satisfaction of an asserted liability, in this case, interest expense owed with respect to a federal income tax deficiency.

By Elliot Pisem and David E. Kahen

12 minute read

October 17, 2013 | New York Law Journal

In their Taxation column, Elliot Pisem and David E. Kahen, members of Roberts & Holland, write about a recent Sixth Circuit affirmance of a Tax Court decision that held that amounts borrowed by an S corporation that were attributable to a bank loan made to another corporation under common control could not be taken into account by the S corporation shareholder in determining his basis for these purposes, even though book entries had been made and loan documents executed, after the funds were advanced, to categorize the loans as having been made from the affiliated corporation to the common shareholder and by that shareholder to the corporation incurring the losses.

By By Elliot Pisem and David E. Kahen

13 minute read

April 19, 2012 | New York Law Journal

In their Taxation column, Elliot Pisem and David E. Kahen, members of Roberts & Holland, write that the interplay between the Internal Revenue Code and the "Bankruptcy Code" was recently addressed by the U.S. Bankruptcy Court for the District of Delaware in a case involving special tax rules applicable to "S corporations" and "qualified subchapter S subsidiaries."

By Elliot Pisem and David E. Kahen

14 minute read

August 19, 2010 | New York Law Journal

In their Taxation column, Elliot Pisem and David E. Kahen of Roberts & Holland, analyze a recent ruling in which the Tax Court declined to follow the Fifth and Eleventh circuits' approach to built-in gain, reducing the value of the stock on a dollar-for-dollar basis to the full extent of the tax that would be imposed if the assets were sold at the time of valuation, but came close to the same result in upholding the discount for built-in gain sought by the petitioner.

By Elliot Pisem and David E. Kahen

11 minute read

April 19, 2007 | New York Law Journal

Elliot Pisem and David E. Kahen, members of Roberts & Holland, write that the IRS issued earlier this month a notice of proposed rule making to change the treatment of advances and repayments of open account indebtedness owed by an S corporation to a shareholder, rules which will impose additional record keeping burdens.

By Elliot Pisem and David E. Kahen

9 minute read

June 16, 2011 | New York Law Journal

In their Taxation column, Elliot Pisem and David E. Kahen, members of Roberts & Holland, analyze a recent tax Court decision on IRAs where the transaction in question appeared to enable the owners to add to the value of their Roth IRAs on the basis of what were in substance non-arm's length transactions and in a manner in excess of what the statutory limitations on Roth IRA contributions would otherwise permit.

By Elliot Pisem and David E. Kahen

11 minute read

April 21, 2005 | New York Law Journal

Elliot Pisem and David E. Kahen, members of Roberts & Holland, write that certain liquidations, corporate formation transactions and reorganizations are ordinarily nontaxable, in the sense that neither gain nor loss is recognized by a party disposing of stock or assets in such a transaction. The IRS has recently proposed regulations that address the consequences of a transfer of assets that, after taking into account obligations assumed or taken subject to, lack net value.

By Elliot Pisem and David E. Kahen

11 minute read

February 19, 2009 | New York Law Journal

Elliot Pisem and David E. Kahen, members of Roberts & Holland, write that one question that arises from time to time is whether a purchaser or seller of a business is bound for tax purposes by any contractual allocation of consideration, or whether a party may take a different tax return position that, if respected, would provide that party with a better tax result. A recent ruling in the First Circuit, they say, throws light on this issue.

By Elliot Pisem and David E. Kahen

9 minute read

April 17, 2008 | New York Law Journal

David E. Kahen and Elliot Pisem, membersof Roberts & Holland, write that a recent appellate ruling underscores the need for U.S. advisors to a foreign corporation engaged or deemed engaged in a U.S. trade or business, even a corporation that regularly incurs losses and appears to have no U.S. tax liability, to be alert to the requirement that the corporation timely file U.S. returns, at least in part so as to preserve deductions that may otherwise be lost.

By David E. Kahen and Elliot Pisem

13 minute read