SUMMARY: IRS issues new rates for computing special use value of farm property.

TOPIC: Valuation

SECTION: 2032A. Valuation of certain farm, etc., real property

CITATION: Rev. Rul. 2009-21, I.R.B. 2009-30, 162, July 27, 2009

DATE: 2009-07-26

DOC TYPE: Revenue Ruling

EXPLANATION:

SUMMARY: Bankruptcy court finds tax refund directly traceable to exempt funds is also exempt.

TOPIC: Bankruptcy

SECTION: 6402. Authority to make credits or refunds

CITATION: In re John W. Sparks, Betty L. Sparks, Debtors., 2009-2 U.S.T.C. `50,531, (Jul. 22, 2009)

DATE: 2009-07-21

DOC TYPE: Cases

EXPLANATION:

SUMMARY: Claims court finds LLC interest not equivalent to limited partnership for passive activity loss rules.

TOPIC: passive activity loss

SECTION: 469. Passive activity losses and credits limited

CITATION: Thompson v. United States, 2009-2 U.S.T.C. 50,501, (Ct.Cl. 2009)

DATE: 2009-07-19

DOC TYPE: Cases

EXPLANATION:

SUMMARY: IRS updates listing transactions of interest and listed transactions.

TOPIC: Listed Transactions

SECTION: 664. Charitable remainder trusts

CITATION: Notice 2009-55 and Notice 2009-59 (Jul. 16, 2009)

DATE: 2009-07-15

DOC TYPE: Notice

EXPLANATION:

SUMMARY: CFO`s knowledge of payroll tax noncompliance bars relief from personal liability.

TOPIC: Trust Fund Penalty

SECTION: 6672. Failure to collect and pay over tax, or attempt to evade or defeat tax

CITATION: Milchling v. United States, 2009-2 U.S.T.C. 50,499 (DC D.MD 2009)

DATE: 2009-07-06

DOC TYPE: Cases

EXPLANATION:

SUMMARY: IRS issues guidance for agency attorneys on handling of equitable innocent spouse relief cases.

TOPIC: Innocent Spouse

SECTION: 6015. Relief from joint and several liability on joint return

CITATION: Chief Counsel Notice CC-2009-021, 2009ARD 127-2 (June 30, 2009)

DATE: 2009-06-29

DOC TYPE: Chief Counsel (CC) Notices

EXPLANATION:

SUMMARY: IRS updates reliance criteria for private foundations and supporting organizations with donor advised funds.

TOPIC: Private Foundations

SECTION: 509. Private foundation defined

CITATION: Rev. Proc. 2009-32, I.R.B. 2009-28, June 30, 2009

DATE: 2009-06-29

DOC TYPE: Revenue Procedure

EXPLANATION:

SUMMARY: Tax court rules LLP and LLC interests not presumptively passive under passive activity loss rules.

TOPIC: passive activity loss

SECTION: 469. Passive activity losses and credits limited

CITATION: Garnett v. Commissioner., 132 T.C. No. 19, (Jun. 30, 2009)

DATE: 2009-06-29

DOC TYPE: Cases

EXPLANATION: