Gage – Cashier Check Timing Case

We have covered timing and delivery issues in several articles, such as the recent Demuth and Hoensheid cases.[1] Similarly, the recent Tax Court case of Gage v. Comm’r dealt with the taxpayers that believed they paid a $875,000 settlement to the Department of Housing and Urban Development (“HUD”) in December of 2012.[2] Unfortunately for the…
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Tax Effect of Protocol Updates to Blockchain-Based Cryptocurrency

A recent Chief Counsel Advice Memorandum (“CCA”) discusses certain tax consequences pertaining to a taxpayer owning cryptocurrency native to a blockchain that undergoes a protocol upgrade. CCA 202316008. In the hypothetical scenario discussed in the CCA, a hypothetical blockchain, very similar to Ethereum, underwent a change in the method in which it approved and processed…
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Hoensheid: Assignment of Income and Gift Substantiation

It is fairly common to make charitable gifts of property prior to a sale transaction. Often, those gifts are of real property or closely-held business interests. This is for good reason. Structured properly, not only do donors generally receive a charitable income tax deduction equal to the fair market value of the donated property, they…
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Crypto Update: NFTs in the Crosshairs as Collectibles

In a recent Notice issuance, the IRS and Treasury put taxpayers on notice that they intend to issue guidance related to the treatment of certain nonfungible tokens (“NFTs”) as collectibles under IRC § 408(m). Notice 2023-27 does not itself pass any regulations but instead puts taxpayers on notice for future guidance and that the IRS…
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A Qualified Appraisal for Crypto?

So, you mooned in the short term on a completely degenerate gamble and want to offset income with charitable giving. First off, good on you for wanting to do the right thing. Second, don’t mess up. It may seem really simple that if you send some cryptocurrency to a qualifying organization, you should be able…
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Can the IRS Levy on Trust Assets?

Most people believe that assets held in trust for their benefit, at least to the extent the trust assets were left in trust by a third party (such as, for example, a parent), to be exempt from the claims of their creditors. As a general rule, this belief is well founded. However, as for claims…
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Conservation Easements: The Importance of Proper Planning and Compliance

The United States Tax Court recently decided yet another case[1] involving conservation easements and the corresponding charitable contribution deduction. Such cases have been prevalent lately, although recent cases have dealt more with syndicated conservation easements and the IRS’s failure to follow certain procedural rules.[2] In the subject case of this article, however, the Court, for…
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Directions

[**Practice Alert: Corporate Transparency Act is Here: What You Need to Know**](https://esapllc.com/practice-alert-cta-mar-2024/)
[**Practice Alert: Corporate Transparency Act is Here: What You Need to Know**](https://esapllc.com/practice-alert-cta-mar-2024/)