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What does UBTI stand for?
Unrelated Business Taxable Income
What was the amount of the buy out that Couturier accepted?
$26 million
What was the IRS’s estimated budget for fiscal year 2024?
$14 billion
What year were the deficiencies in the Nguyen case related to?
2017 and 2018
This woman said the IRS gave her tax money to her ex-husband by mistake.
Jennifer Zuch
How many exempt organizations filed a 2017 Form 990-T?
More than 80,000
True or False
Coututier won his case
False
What act added $80 billion to the IRS’s budget over the next decade?
Inflation Reduction Act
In IRS Appeals cases, this term refers to how much the taxpayer is reasonably able to pay.
Reasonable Collection Potential (RCP)
This type of land donation helps protect natural areas and can give a tax deduction
Conservation easement
True or False
Trade-offs exist between lower after-tax income versus assembling a widely diversified portfolio to higher investment risk
False
Trade-offs exist between striving for higher after-tax income versus assembling a widely diversified portfolio to lower investment risk.
When is it an appropriate time to assess the Tax season?
What was the estimated tax gap in 2021?
625 Billion
Who has the burden of proving the Tax Court has jurisdiction over their case?
The taxpayer
This circuit court also said the IRS rule was invalid, and the Tax Court agreed with them.
the Eleventh Circuit
The expiration of this cap could allow investors to deduct more state and local tax payments, encouraging out-of-state bond diversification.
the SALT cap
What kind of client tax returns might be included in expanded audits of high-wealth individuals?
Business, trust, gift, and estate tax returns
Which circuit court would hear appeals in the Nguyen case?
The tenth circuit
Jennifer got this kind of IRS hearing to argue about her tax bill
Collection Due Process (CDP) hearing
What 5 states tax both in-state and out-of-state municipal bond interest?
Illinois, Iowa, Oklahoma, Utah, and Wisconsin
How much was was taxed from Couturier's original amount?
$25,132,892
What may increase IRS visibility and adjustments for partnerships?
Better data analysis
What was the final holding of the court in Nguyen’s case?
The petition was untimely and the court lacked jurisdiction
This organization argued the IRS rule could unfairly benefit land trusts if donated land values increased after improvements.
New York Landmarks Conservancy (NYLC)