Divorce Taxation

This plain English manual walks you step-by-step through the most commonly arising trouble spots in property distribution, support, and more. It is intelligently organized and indexed, well supported with citations, and most important, loaded with practical advice.
Publisher: James Publishing

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2019 Edition
ISBN: 9781949517460
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Divorce Taxation, author Brian C. Vertz  explores the ongoing impact of the Tax Cuts & Jobs Act of 2017 (TCJA), as well as other  aspects of federal tax law that affect your family law practice. The highlights include new, updated and expanded coverage of a broad range of issues, not limited to:

  • Solutions to the tax treatment of interest, now that alimony is no longer a viable option in the wake of the 2017 TCJA tax reforms. [Chapter 2]
  • In cases in which taxable/deductible alimony is being paid: (1) the importance of synchronizing the annual tax returns of the former spouses in order to avoid any discrepancy, which could lead to a deficiency notice, examination or audit; and (2) practical tips on how to accomplish this. [Chapter 3]
  • Still unanswered questions about the repeal of the alimony tax deduction more than a year after the passage of the TCJA, including, e.g.: Does a spousal support or temporary alimony obligation that was created before December 31, 2018, retain its taxability/deductibility after the divorce and settlement are final? Given that no regulations have been issued (or are likely to be issued), what is the best course of action? [Chapter 4]
  • Why and how practitioners must be more cautious now, in the aftermath of the TCJA, when using a QDRO to enforce an alimony obligation. [Chapter 13]
  • Whether a divorce court may use a QDRO to enforce marital property obligations. [Chapter 13]
  • Military retired pay and the impact of Howell v. Howell, 581 U.S. __, 137 S.Ct. 1400 (2017). [Chapter 14]
  • Business valuation [Chapter 6], including:
  • The effect of the TCJA on the Income Approach and the Market Approach
  • The importance of data matching in the wake of TCJA
  • Why it is more important than ever to pay attention to the valuation date
  • The role investors’ expectations play in the art and science of business valuation
  • Additional TCJA modifications to valuation [all new in Chapter 6]:
  • Tax affecting C corporations
  • 199A pass-through income deduction for qualified business income
  • Scope of the allowable deduction for business meals and entertainment expenses under TCJA and the impact of IRS Notice 2018-76, which attempted to soften the blow and set parameters for deducting certain business meals
  • Depreciation

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Table of Contents

Chapter 1 Preliminary Issues

Chapter 2 Property Aspects: Distribution of Assets and Liabilities

Chapter 3 Alimony/Separate Maintenance Payments

Chapter 4 Interim Spousal Support Paid Under Pre-2019 Divorce Instrument

Chapter 5 Child-Related Exemptions, Credits and Deductions

Chapter 6 Tax Aspects of Valuation and Net Income

Chapter 7 Deductibility of Attorneys' Fees

Chapter 8 The Kiddie Tax

Chapter 9 Tax Filing Status - Joint, Married Filing Separately, Head of Household

Chapter 10 Assignment of Income Doctrine, Applicability in Divorce

Chapter 11 Relief from Joint and Several Liability (Innocent Spouse Relief)

Chapter 12 Unmarried Cohabitation

Chapter 13 Qualified Retirement Benefits

Chapter 14 Government, Military and Nonqualified Plans

Chapter 15 Individual Retirement Accounts, Tax Implications

Chapter 16 Suspended Passive Activity Losses

Chapter 17 Gift Splitting

Chapter 18 Prenuptial Agreements

Chapter 19 Tax Problems: Same-Sex Couples

Chapter 20 Foreclosure or Cancellation of Debt: Tax Liability

Chapter 21 Interest, Penalties, Tax Crimes & Offshore Accounts