Elliot Pisem

June 20, 2013 | New York Law Journal

In their Taxation column, Elliot Pisem and David E. Kahen, members of Roberts & Holland, write that the Third Circuit recently sustained the right of the S corporation and its shareholder to revoke the parent entity's S election during bankruptcy, reversing a lower court's decision.

By Elliot Pisem and David E. Kahen

12 minute read

December 20, 2012 | New York Law Journal

In their Taxation column, David E. Kahen and Elliot Pisem, members of Roberts & Holland, analyze a case which involved a taxpayer's effort to shift an unrealized capital loss from the taxpayer to a corporation that had recognized a large capital gain, so that the loss could be used to offset the gain, an important and timely reminder of the continued vitality of the step transaction doctrine.

By David E. Kahen and Elliot Pisem

10 minute read

August 16, 2012 | New York Law Journal

In their Taxation column, David E. Kahen and Elliot Pisem, members of Roberts & Holland, analyze a recent Eighth Circuit decision that held that health insurance premiums paid by a corporation on behalf of its principal employee and sole shareholder, but not pursuant to an accident or health insurance plan of the employer, were not deductible by the corporation, but were includible in the employee's taxable income.

By David E. Kahen and Elliot Pisem

12 minute read

October 20, 2011 | New York Law Journal

In their Taxation column, Elliot Pisem and David E. Kahen, members of Roberts & Holland, write that a recent U.S. district court decision is a reminder that, notwithstanding exceptions and safe harbors, there remains a risk of reclassification of non-stock instruments with an equity flavor (such as warrants) as stock, with potentially disastrous consequences, including loss of S corporation qualification and imposition of a full federal income tax at the corporate level.

By Elliot Pisem and David E. Kahen

13 minute read

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