Limitations on the Rehabilitation Credit
The Tax Cuts and Jobs Act has eliminated and changed the rehabilitation credit. Prior Law Through December 31, 2017 A 20% credit is allowed for qualified rehabilitation expenditures to a certified historic structure (i.e., any structure that is listed in the National...
Recharacterization of IRA Contributions Has Been Repealed
The Tax Cuts and Jobs Act has repealed the rule allowing recharacterization of IRA contributions. Prior Law Through December 31, 2017 Both regular contributions and conversion contributions to a Roth IRA can be recharacterized as having been made to a traditional IRA....
Student Loan Discharge on Death or Disability
Prior Law Through December 31, 2017 Gross income generally includes the discharge of indebtedness of the taxpayer. Under an exception to this general rule, gross income does not include any amount from the forgiveness (in whole or in part) of certain student loans, if...
Repeal of Partnership Technical Terminations
The Tax Cuts and Jobs Act has eliminated certain aspects of when partnership terminations occur. Prior Law Through December 31, 2017 Under “technical termination” rules, a partnership is considered terminated if, within any 12-month period, there is a sale or exchange...