Q: My wife and I are getting divorced. I own mutual fund shares worth about $150,000, which are all in a taxable brokerage account in my name. If I transfer some of the shares to her as part of the divorce, do I have to pay tax on the gain over basis? A.R., Monsey, N.Y.
Q: I was interested in your special report on business education. (7/11/05 issue) Both of my kids work for me as employees and also attend college. I found a course on family business dynamics at a different college that I’d like my kids to take. If I pay for the course, can I deduct the cost? A.C.
Q: I have a carried-over capital loss of $6,500 from last year. Can I use this loss to offset some of my income from a required IRA distribution? S.B., Toms River, N.J.
By disclaiming an inherited IRA, you can pass the account along to someone else, free of gift tax.
If you shut down a business, you can’t just lock the doors and turn out the lights. You must provide employees with W-2s by the due date of your final Form 941.
New legislation proposed by Sen. Connie Mack (R-Fla.) would allow children of any age to own a Roth IRA.
Despite the recent talk in Congress about alternative minimum tax (AMT) reform (see page 3), the "stealth tax" is still expected to hit millions of unsuspecting taxpayers this year … maybe even you.
All work and no play can make Jack (or Jill) a disgruntled employee or client. So, you may decide to treat some of your top customers or valued employees to an outing as the summer draws to a close. By knowing the tax-law rules for entertainment costs, you can double your pleasure with top-dollar write-offs.
A business that operates heavy-duty vehicles must pay a heavy tax when it hits the road: the heavy-duty vehicle use tax (also called the federal "highway use" tax).
If you operate a manufacturing company and need to clean up land contaminated with hazardous waste, how do you treat the cleanup costs for tax purposes? The IRS clarified that issue in a new ruling last month. (IRS Revenue Ruling 2005-42)