Central Intelligence, July 2021

Our quarterly Central Intelligence covers: 

• President Biden releases his budget for fiscal year 2022, including Green Book proposals
• Tax Court denies distribution treatment of economic benefits received by S corporation owner as compensation
• District Court upholds IRS finding that benefit plan is a listed transaction requiring Notice of Participation
• Tax Court upholds reduction in value of charitable tax deduction based on discounts for lack of control/marketability
• Bankruptcy Court finds inherited 401k not included in bankruptcy estate despite being inherited before bankruptcy filing