The IRS wants to tax the Sonnabend estate on a Rauschenberg that can't legally be sold, on the grounds that law-abiding heirs can always sell on the black market. Huh? It appears that Sonnabend’s heirs sold off works by Jeff Koons, Roy Lichtenstein, Andy Warhol and Cy Twombly to pay estate taxes of $331 million to…
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Winter 2012 Statistics of Income Bulletin Now Available
WASHINGTON — The Internal Revenue Service today announced availability of thewinter 2012 issue of the Statistics of Income Bulletin, which features preliminary data for 143 million individual income tax returns filed for tax year 2010. The Statistics of Income (SOI) Division produces the SOI Bulletin on a quarterly basis. Articles included in the publication provide…
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IRS Working to Issue Final Rules on FATCA by End of Summer.
The government hopes to issue final regulations under the Foreign Account Tax Compliance Act by the end of the summer, Treasury Deputy Assistant Secretary for International Tax Affairs Manal Corwin said March 1. In addition, the government will be working to “operationalize” government-to-government information sharing agreements under FATCA, she said at the USA Branch of…
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Swiss banking secrecy laws have been further eased, with parliament passing a law on tax cooperation and backing – in principle – a special deal with the United States.
In a lengthy and at times passionate debate which included discussion of some two dozen proposed amendments, the House of Representatives voted 113 to 58 on Wednesday to pass the government’s proposed law on administrative assistance in taxation matters. The new law replaces a previous regulation for assistance on tax matters and is based on…
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