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Sub S Election Made Before the Taxpayer Closed on the Purchase of the Company Rendered the Election Invalid Schaer v. C.I.R., United States Tax Court (March, 2012)

The Internal Revenue Service conceded a $638,798 tax deficiency it had assessed against a Tampa business executive Alfred Schaer. The tax deficiency arose from a dispute over the date Schaer completed the purchase of the stock of Tampa-based Computer Management Consultants, Inc. in March 2005. Taxpayer made an invalid S election and as a result did not owe additional taxes.

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