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	<title>Arizona Society of CPAs Blog</title>
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		<title>Arizona Society of CPAs Blog</title>
		<link>http://ascpa.wordpress.com</link>
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		<item>
		<title>Court Reluctantly Agrees to Rule on Question Parties Asked, Finding Employee Had to Include Forgiven Interest in Income</title>
		<link>http://ascpa.wordpress.com/2012/01/26/court-reluctantly-agrees-to-rule-on-question-parties-asked-finding-employee-had-to-include-forgiven-interest-in-income/</link>
		<comments>http://ascpa.wordpress.com/2012/01/26/court-reluctantly-agrees-to-rule-on-question-parties-asked-finding-employee-had-to-include-forgiven-interest-in-income/#comments</comments>
		<pubDate>Fri, 27 Jan 2012 01:27:57 +0000</pubDate>
		<dc:creator>Ed Zollars, CPA</dc:creator>
				<category><![CDATA[Tax]]></category>
		<category><![CDATA[Cancellation of debt]]></category>
		<category><![CDATA[claim of right]]></category>

		<guid isPermaLink="false">http://ascpa.wordpress.com/?p=2459</guid>
		<description><![CDATA[The Tax Court gave us a decision in the case of Brooks v. Commissioner, TC Memo 2012-25, though the Court clearly believes it was asked the wrong question by the parties.  The question the Court answered involved whether a taxpayer who had principal and interest forgiven on a loan by his employer could, under the facts [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=ascpa.wordpress.com&amp;blog=2221528&amp;post=2459&amp;subd=ascpa&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://ascpa.wordpress.com/2012/01/26/court-reluctantly-agrees-to-rule-on-question-parties-asked-finding-employee-had-to-include-forgiven-interest-in-income/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
	
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			<media:title type="html">Ed Zollars, CPA</media:title>
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		<item>
		<title>How much Taxpayer information is currently being exchanged by US?</title>
		<link>http://ascpa.wordpress.com/2012/01/26/how-much-taxpayer-information-is-currently-being-exchanged-by-us/</link>
		<comments>http://ascpa.wordpress.com/2012/01/26/how-much-taxpayer-information-is-currently-being-exchanged-by-us/#comments</comments>
		<pubDate>Thu, 26 Jan 2012 16:56:36 +0000</pubDate>
		<dc:creator>cpaglobaltax</dc:creator>
				<category><![CDATA[General]]></category>
		<category><![CDATA[Tax]]></category>
		<category><![CDATA[Uncategorized]]></category>
		<category><![CDATA[FATCA]]></category>
		<category><![CDATA[Foreign financial assets]]></category>
		<category><![CDATA[information exchange]]></category>
		<category><![CDATA[international tax]]></category>
		<category><![CDATA[IRS]]></category>
		<category><![CDATA[OECD]]></category>
		<category><![CDATA[offshore voluntary disclosure]]></category>

		<guid isPermaLink="false">http://ascpa.wordpress.com/?p=2453</guid>
		<description><![CDATA[PALO ALTO—U.S. participation in exchange of information agreements does not mean that the Internal Revenue Service automatically releases taxpayer information to any nation that requests it, Douglas O&#8217;Donnell, IRS assistant deputy commissioner (International), said on Jan. 20. “Every country that&#8217;s on the receiving end of a specific request is paying very close attention to the [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=ascpa.wordpress.com&amp;blog=2221528&amp;post=2453&amp;subd=ascpa&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://ascpa.wordpress.com/2012/01/26/how-much-taxpayer-information-is-currently-being-exchanged-by-us/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
	
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			<media:title type="html">cpaglobaltax</media:title>
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		<item>
		<title>Tax Court Decides Heavy Duty Tractor Trailer Not a Vehicle Designed for Off-Highway Transportation, Denies Refund of Diesel Fuel Tax</title>
		<link>http://ascpa.wordpress.com/2012/01/26/tax-court-decides-heavy-duty-tractor-trailer-not-a-vehicle-designed-for-off-highway-transportation-denies-refund-of-diesel-fuel-tax/</link>
		<comments>http://ascpa.wordpress.com/2012/01/26/tax-court-decides-heavy-duty-tractor-trailer-not-a-vehicle-designed-for-off-highway-transportation-denies-refund-of-diesel-fuel-tax/#comments</comments>
		<pubDate>Thu, 26 Jan 2012 13:45:00 +0000</pubDate>
		<dc:creator>Ed Zollars, CPA</dc:creator>
				<category><![CDATA[Tax]]></category>
		<category><![CDATA[fuel tax]]></category>
		<category><![CDATA[off-highway vehicle]]></category>

		<guid isPermaLink="false">http://ascpa.wordpress.com/?p=2451</guid>
		<description><![CDATA[Definitions are the underpinnings of the tax law, and the Tax Court had an opportunity to thrash out a definition under two slightly different versions of the Internal Revenue Code in the case of Myles Lorentz, Inc. v. Commissioner, 138 TC No. 3.  In this case the issue involved what was meant when the Code [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=ascpa.wordpress.com&amp;blog=2221528&amp;post=2451&amp;subd=ascpa&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://ascpa.wordpress.com/2012/01/26/tax-court-decides-heavy-duty-tractor-trailer-not-a-vehicle-designed-for-off-highway-transportation-denies-refund-of-diesel-fuel-tax/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
	
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			<media:title type="html">Ed Zollars, CPA</media:title>
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	</item>
		<item>
		<title>Final Regulations Issued on §104(a)(2) Damages for Physical Injuries or Sickness Income Exclusion</title>
		<link>http://ascpa.wordpress.com/2012/01/20/final-regulations-issued-on-%c2%a7104a2-damages-for-physical-injuries-or-sickness-income-exclusion/</link>
		<comments>http://ascpa.wordpress.com/2012/01/20/final-regulations-issued-on-%c2%a7104a2-damages-for-physical-injuries-or-sickness-income-exclusion/#comments</comments>
		<pubDate>Fri, 20 Jan 2012 21:57:15 +0000</pubDate>
		<dc:creator>Ed Zollars, CPA</dc:creator>
				<category><![CDATA[Tax]]></category>
		<category><![CDATA[damages]]></category>

		<guid isPermaLink="false">http://ascpa.wordpress.com/?p=2449</guid>
		<description><![CDATA[The IRS in Treasury Decision 9573 issued in final form revisions to Reg. §1.104-1(c) regarding the exclusion under IRC §104(a)(2) from income of amounts received as damages on account of personal physical injury or physical sickness. The revisions remove the requirement previously found in the regulations that the damages must arise from “prosecution of a [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=ascpa.wordpress.com&amp;blog=2221528&amp;post=2449&amp;subd=ascpa&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://ascpa.wordpress.com/2012/01/20/final-regulations-issued-on-%c2%a7104a2-damages-for-physical-injuries-or-sickness-income-exclusion/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
	
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			<media:title type="html">Ed Zollars, CPA</media:title>
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		<item>
		<title>Partial Release of Power of Appointment Allows Use of Minimum Distributions to Extend Payout from Qualified Plan and for Rollover to Inherited IRA</title>
		<link>http://ascpa.wordpress.com/2012/01/20/partial-release-of-power-of-appointment-allows-use-of-minimum-distributions-to-extend-payout-from-qualified-plan-and-for-rollover-to-inherited-ira/</link>
		<comments>http://ascpa.wordpress.com/2012/01/20/partial-release-of-power-of-appointment-allows-use-of-minimum-distributions-to-extend-payout-from-qualified-plan-and-for-rollover-to-inherited-ira/#comments</comments>
		<pubDate>Fri, 20 Jan 2012 21:11:37 +0000</pubDate>
		<dc:creator>Ed Zollars, CPA</dc:creator>
				<category><![CDATA[Tax]]></category>
		<category><![CDATA[estate planning]]></category>
		<category><![CDATA[IRA]]></category>
		<category><![CDATA[trusts]]></category>

		<guid isPermaLink="false">http://ascpa.wordpress.com/?p=2445</guid>
		<description><![CDATA[A ruling with request to a set of trusts that were the beneficiary of a qualified retirement plan provides a good starting point for a review of some of the key rules involving the use of trusts as vehicles to receive retirement fund distributions as beneficiaries upon the death of the covered employee.  In PLR [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=ascpa.wordpress.com&amp;blog=2221528&amp;post=2445&amp;subd=ascpa&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://ascpa.wordpress.com/2012/01/20/partial-release-of-power-of-appointment-allows-use-of-minimum-distributions-to-extend-payout-from-qualified-plan-and-for-rollover-to-inherited-ira/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
	
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			<media:title type="html">Ed Zollars, CPA</media:title>
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	</item>
		<item>
		<title>Allocation of Consideration in Purchase of Business Assets Precludes Later Attempt to Reallocate Portion Assigned to Building With Cost Segregation Study</title>
		<link>http://ascpa.wordpress.com/2012/01/17/allocation-of-consideration-in-purchase-of-business-assets-precludes-later-attempt-to-reallocate-portion-assigned-to-building-with-cost-segregation-study/</link>
		<comments>http://ascpa.wordpress.com/2012/01/17/allocation-of-consideration-in-purchase-of-business-assets-precludes-later-attempt-to-reallocate-portion-assigned-to-building-with-cost-segregation-study/#comments</comments>
		<pubDate>Tue, 17 Jan 2012 23:20:10 +0000</pubDate>
		<dc:creator>Ed Zollars, CPA</dc:creator>
				<category><![CDATA[Tax]]></category>

		<guid isPermaLink="false">http://ascpa.wordpress.com/?p=2437</guid>
		<description><![CDATA[Can a taxpayer use a cost segregation study to reallocate a portion of an asset purchase subject to IRC §1060 allocations that were allocated to a building between §§1250 and 1245 components after the fact?  The Tax Court dealt with this issue in the case of Peco Foods, Inc. v. Commissioner, TC Memo 2012-18. In [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=ascpa.wordpress.com&amp;blog=2221528&amp;post=2437&amp;subd=ascpa&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://ascpa.wordpress.com/2012/01/17/allocation-of-consideration-in-purchase-of-business-assets-precludes-later-attempt-to-reallocate-portion-assigned-to-building-with-cost-segregation-study/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
	
		<media:content url="http://0.gravatar.com/avatar/20e8706f2a4607ac893bb1a907342a60?s=96&#38;d=identicon&#38;r=G" medium="image">
			<media:title type="html">Ed Zollars, CPA</media:title>
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	</item>
		<item>
		<title>Economic Performance Did Not Take Place in Oil Drilling Contract</title>
		<link>http://ascpa.wordpress.com/2012/01/15/economic-performance-did-not-take-place-in-oil-drilling-contract/</link>
		<comments>http://ascpa.wordpress.com/2012/01/15/economic-performance-did-not-take-place-in-oil-drilling-contract/#comments</comments>
		<pubDate>Sun, 15 Jan 2012 21:00:03 +0000</pubDate>
		<dc:creator>Ed Zollars, CPA</dc:creator>
				<category><![CDATA[Tax]]></category>
		<category><![CDATA[economic performance]]></category>

		<guid isPermaLink="false">http://ascpa.wordpress.com/?p=2434</guid>
		<description><![CDATA[The issue of the interaction of the economic performance provisions of IRC §461(h) to a turnkey contract for drilling a well were the issues to be decided in the case of Caltex Oil Venture, et al v. Commissioner, 138 TC No. 2. In this case the taxpayer had entered into a “turnkey” contract for the [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=ascpa.wordpress.com&amp;blog=2221528&amp;post=2434&amp;subd=ascpa&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://ascpa.wordpress.com/2012/01/15/economic-performance-did-not-take-place-in-oil-drilling-contract/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
	
		<media:content url="http://0.gravatar.com/avatar/20e8706f2a4607ac893bb1a907342a60?s=96&#38;d=identicon&#38;r=G" medium="image">
			<media:title type="html">Ed Zollars, CPA</media:title>
		</media:content>
	</item>
		<item>
		<title>Taxpayer Was Not Real Estate Professional, However Property Sold Generated Passive Gain Even Though Never Rented</title>
		<link>http://ascpa.wordpress.com/2012/01/15/taxpayer-was-not-real-estate-professional-however-property-sold-generated-passive-gain-even-though-never-rented/</link>
		<comments>http://ascpa.wordpress.com/2012/01/15/taxpayer-was-not-real-estate-professional-however-property-sold-generated-passive-gain-even-though-never-rented/#comments</comments>
		<pubDate>Sun, 15 Jan 2012 20:57:33 +0000</pubDate>
		<dc:creator>Ed Zollars, CPA</dc:creator>
				<category><![CDATA[Tax]]></category>
		<category><![CDATA[d]]></category>
		<category><![CDATA[passive]]></category>
		<category><![CDATA[Real Estate Professional]]></category>

		<guid isPermaLink="false">http://ascpa.wordpress.com/?p=2432</guid>
		<description><![CDATA[Real estate activities were the issues before the court in the case of Vandegrift v. Commissioner, TC Memo 2012-14.  The real estate activities of Mr. Vandegrift posed two separate issues: Was he a real estate professional as defined in IRC §469(c)(7)(B)? Were the gains on the sale of two properties that were never rented are [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=ascpa.wordpress.com&amp;blog=2221528&amp;post=2432&amp;subd=ascpa&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://ascpa.wordpress.com/2012/01/15/taxpayer-was-not-real-estate-professional-however-property-sold-generated-passive-gain-even-though-never-rented/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
	
		<media:content url="http://0.gravatar.com/avatar/20e8706f2a4607ac893bb1a907342a60?s=96&#38;d=identicon&#38;r=G" medium="image">
			<media:title type="html">Ed Zollars, CPA</media:title>
		</media:content>
	</item>
		<item>
		<title>Taxpayer Allowed to Pursue Innocent Spouse Refund Claim After Levy Against Joint Account</title>
		<link>http://ascpa.wordpress.com/2012/01/12/taxpayer-allowed-to-pursue-innocent-spouse-refund-claim-after-levy-against-joint-account/</link>
		<comments>http://ascpa.wordpress.com/2012/01/12/taxpayer-allowed-to-pursue-innocent-spouse-refund-claim-after-levy-against-joint-account/#comments</comments>
		<pubDate>Thu, 12 Jan 2012 15:31:22 +0000</pubDate>
		<dc:creator>Ed Zollars, CPA</dc:creator>
				<category><![CDATA[Tax]]></category>
		<category><![CDATA[Innocent Spouse]]></category>

		<guid isPermaLink="false">http://ascpa.wordpress.com/?p=2430</guid>
		<description><![CDATA[In the case of Minihan v. Commissioner, 138 TC No. 1, a taxpayer who had filed an innocent spouse claim asserted that she should have a right to a refund of her portion of funds the IRS had seized from a joint account.  The IRS asserted that because the funds had been properly seized via [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=ascpa.wordpress.com&amp;blog=2221528&amp;post=2430&amp;subd=ascpa&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://ascpa.wordpress.com/2012/01/12/taxpayer-allowed-to-pursue-innocent-spouse-refund-claim-after-levy-against-joint-account/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
	
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			<media:title type="html">Ed Zollars, CPA</media:title>
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		<item>
		<title>Resolutions, Easy to Make, Difficult to Maintain</title>
		<link>http://ascpa.wordpress.com/2012/01/10/resolutions-easy-to-make-difficult-to-maintain/</link>
		<comments>http://ascpa.wordpress.com/2012/01/10/resolutions-easy-to-make-difficult-to-maintain/#comments</comments>
		<pubDate>Tue, 10 Jan 2012 22:10:22 +0000</pubDate>
		<dc:creator>Jose Herrera</dc:creator>
				<category><![CDATA[Uncategorized]]></category>

		<guid isPermaLink="false">http://ascpa.wordpress.com/2012/01/10/resolutions-easy-to-make-difficult-to-maintain/</guid>
		<description><![CDATA[Is it me or are more and more people ditching making New Year’s resolutions? It sure seems that way. I took an unofficial poll of friends and colleagues and only a few had made any. Most admitted to almost never sticking to them shortly after making them. Since I don’t have the willpower of Wayne [...]<img alt="" border="0" src="http://stats.wordpress.com/b.gif?host=ascpa.wordpress.com&amp;blog=2221528&amp;post=2429&amp;subd=ascpa&amp;ref=&amp;feed=1" width="1" height="1" />]]></description>
		<wfw:commentRss>http://ascpa.wordpress.com/2012/01/10/resolutions-easy-to-make-difficult-to-maintain/feed/</wfw:commentRss>
		<slash:comments>0</slash:comments>
	
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			<media:title type="html">Jose Herrera</media:title>
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