Scacpa's Weekly Federal Tax Update

Lynn Nichols Federal Tax Update Podcast Feb. 19, 2018, edition   Listen as Lynn Nichols provides commentary on 10 Items pertaining to current developments in U.S. tax law. This week’s topics include:   Partnership Audit Push-Out Election Comes With Strict Timeline Partnerships pushing out adjustments to partners under the new centralized partnership audit regime must do so within 45 days of receiving a final partnership adjustment, even if they are seeking judicial review. [Tax Notes 2/5/2018, Article by Matthew Madara]     IRS Releases Practice Unit on S Corp Debt Basis Adjustments The IRS released a practice unit on adjustments to an S corporation shareholder’s debt basis in various circumstances, explaining why shareholders must track stock basis and debt basis separately. [SCO/C/53_4_2_2-05 (2016)]     S Corp Shareholder Cannot Skip Bona Fide Indebtedness Test The Tax Court rejected an S corporation shareholder’s argument that the section 1366 back-to-back loan rules eliminated the requirement t