Page 53 - TaxAdviser_2022

TAX CLINIC
Practical advice on current issues.
Editor:
Greg A. Fairbanks, J.D., LL.M.
Contributors are members of or
associated with Grant Thornton LLP.
For additional information about
these items, contact Mr. Fairbanks
at 202-521-1503 or
greg.fairbanks@us.gt.com.
6 February 2022
In This Department
CORPORATIONS & INTEREST INCOME &
SHAREHOLDERS EXPENSE
Shareholder’s forgiveness of Opportunities for taxpayers with
insolvent corporation’s debt; p. 7. residential rental properties and
residential living facilities; p. 22.
CREDITS AGAINST TAX
Research credit refund claims: PARTNERS &
New documentation requirements; PARTNERSHIPS
p. 9. Reporting aspects of Sec. 743(b)
adjustments; p. 24.
The research credit: Using
statistical sampling; p. 11. S CORPORATIONS
S corporation shareholder
FOREIGN INCOME & recomputation of basis; p. 27.
TAXPAYERS
Tax credit did not independently STATE & LOCAL TAXES
arise under treaties; p. 15. Recent developments involving
limitations to state NOL usage;
GAINS & LOSSES p. 29.
IRS rules on cancellation of debt of
a disregarded entity; p. 16. TAX ACCOUNTING
Revenue recognition: Time to
Letter ruling provides clarity on implement the final regulations;
Sec. 1202 definition of brokerage p. 31
services; p. 19.
Recent IRS guidance on
cryptoassets; p. 20.
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