Fairmark Tracker

Ongoing developments

Updated January 13, 2008

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Accounting for Active Traders

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This part of our website is devoted to tracking ongoing stories relevant to topics covered here. Where there is no active link we are planning to add tracker pages later as developments occur.

Proposed legislation

  • AMT Patch
    Legislation to prevent an increase in the number of people paying AMT for 2007 has been adopted, but the issue looms again for 2008.
  • Mortgage foreclosure tax relief
    Legislation to protect people from having to pay tax on debt forgiveness when they go through mortgage foreclosure on a principal residence was adopted late in 2007.
  • Extenders
    Legislation to extend certain expiring tax provisions will be considered in 2008.
  • Basis reporting by brokers
    Congress may require this beginning in a year or two
  • Tax strategy patents
    Legislation to prevent people from patenting tax strategies
  • Private debt collection
    Legislation to terminate the use by the IRS of private debt collectors did not pass in 2007.
  • Income tax exclusion for domestic partner benefits
    Legislation would provide tax parity for individuals who receive health benefits from their unmarried partner's employer
  • Refundable AMT credit
    A technical correction, and a push to make the provision far more generous
  • 401Kids
    Proposed tax-favored savings accounts for children

Court cases

  • Constitutionality of taxing award for damages
    The Court of Appeals has reversed its own decision in the Murphy case
  • State taxation of exempt bonds
    Supreme Court is considering whether states can allow an exemption for their own bonds without allowing an exemption for bonds issued by other states
  • Demutualization
    Case will determine whether taxpayers can claim basis that reduces gain from disposing of shares received when an insurance company changes from a mutual company to a stock company

A number of other tracking possibilities are lurking out there, including proposals for a major overhaul of the federal income tax. We'll provide details on developments when proposals appear to be gaining traction.

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