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In the case of Alexander v. Commissioner, TC Summary Opinion 2014-18, http://www.ustaxcourt.gov/InOpHistoric/alexandersummarydean.sum.WPD.pdf, the taxpayer found out that “borrowing” from his SEP-IRA is a risky proposition.

The taxpayer had a short term need for $36,000 and his investment adviser decided to advise him of a solution.  The taxpayer had a SEP-IRA with the financial institution, and the institution in question also made loans.  While the taxpayer was creditworthy, it would take 30-45 days to get the loan.

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In the case of Chow v. Commissioner, TC Memo 2014-49, http://www.ustaxcourt.gov/InOpHistoric/ChowMemo.Chiechi.TCM.WPD.pdf, a taxpayer found that merely having prevailed in a prior case does not necessarily mean the taxpayer will prevail in the future–even when the case involves exaclty the same issue and very similar facts.

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In the case of U.S. v. Robert Shriner, DC MD 03/12/2014, 113 AFTR 2d ¶ 2014-616, (http://scholar.google.com/scholar_case?q=robert+shriner&hl=en&as_sdt=4,146&as_ylo=2014&case=15399878182447291119&scilh=0) an executor of a decedent’s estate found himself inheriting the decedent’s tax liability.

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The IRS issued revisions to the regulations on restricted property (Reg. §1.83‑3(c), TD 9659, https://s3.amazonaws.com/public-inspection.federalregister.gov/2014-03988.pdf) that added language to, in the IRS’s view, clarify the application of the law.

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In the case of Shea Homes, Inc. v. Commissioner, 142 TC No.3, http://www.ustaxcourt.gov/InOpHistoric/SheaHomesDiv.Wherry.TC.WPD.pdf, the question of the scope of contracts of a homebuilder when making use of the completed contract method was the key issue.

The taxpayer developed large planned residential communities which had substantial common area developments and improvements required by the localities in which the developments were located.

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Special rules are provided in the preamble to the final regulations regarding the “large employer” shared responsibility payment found in TD 9655 [Explanation and Summary of Comments, Section XV.D.6.a] for tax year 2015.  The provision provides relief from applicability of the shared responsibility payment for certain “not quite large” large employers for 2015 only.

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In Revenue Procedure 2014-20 (http://www.irs.gov/pub/irs-drop/rp-14-20.pdf) a safe harbor is provided under which a debt secured by an interest in a single member LLC operating as a disregarded entity holding real estate will be treated as debt secured by real estate for purposes of the qualified real property indebtedness exclusion under IRC §108(c)(3)(A).

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