Meltzer, Lippe, Goldstein & Breitstone, LLP
Translate »
EnglishFrenchSpanishYiddish
EnglishFrenchSpanishYiddish
Articles : IRS Looks Closely at Tax Issues of Closely Held Businesses

IRS Looks Closely at Tax Issues of Closely Held Businesses

By: Jeffrey A. Galant

image_print

By Jeffrey A. Galant

The recent decisions in Menard, Inc. and Muskat drive home the importance of a proper record to support the desired tax results.  Involving settled law, each case was fact driven.  At issue in Menard was the deductibility for income tax purposes of compensation paid to a chief executive officers.  Muskat concerned the taxability of consideration received in connection with the sale of a business (i.e. whether such consideration is taxable as ordinary income or capital gain)…

View PDF Here: IRS Looks Closely at Tax Issues of Closely Held Businessess