Economic Stabilization act full text (New version) Oct 4, 2008
(d) Constructive Receipt of Benefit- Paragraph (4) of section 132(f) is amended by inserting (other than a qualified bicycle commuting reimbursement) after qualified transportation fringe. (e) Effective Date- The amendments made by this section shall apply to taxable years beginning after December 31, 2008. (Gillette News-Record, WY)
Getting A Handle on 1031 Exchange Rules Jan 7, 2008
In the sale transaction (also called a "Forward Exchange") the accommodator takes control of the funds from the sale and then releases the funds to the next deal, so that George does not take constructive receipt of the funds. Specifically, in order to create an "arm's length" transaction, the agreement between the George and Accommodator allows George to deed the property he is selling property to the Accommodator who then conveys the property to the Buyer. (RealtyTimes)
IRS gripes won't stop award show swag Feb 11, 2007
"It's a win all around, Wood says. The stars get free stuff, the companies get free promotion and celebrity magazines get plenty of fodder to fill their pages.Well, maybe not everyone is winning -- the IRS might be missing out. Just how much is the agency losing in unreported swag tax?"There's no solid estimate on the potential tax liability associated with the emergence of gifting," Tucker says. Clearly, though, the figure's high, and getting higher.Companies aren't required to issue a 1099... (Florida Today)
Who said Hollywood swag was a thing of the past? Feb 10, 2007
Once they take "constructive receipt" of the gifts, they are responsible for any taxes owed, she says. Recipients can, however, escape taxation on gift certificates they never redeem, Tucker says. (Atlanta Journal-Constitution)
