Recent Developments in Federal Income Taxation: The Year 2015

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Martin J. McMahon, Jr.
Bruce A. McGovern

Abstract

This recent developments outline discusses, and provides context to understand the
significance of, the most important judicial decisions and administrative rulings and
regulations promulgated by the Internal Revenue Service and Treasury Department
during 2015—and sometimes a little farther back in time if we find the item
particularly humorous or outrageous. Most Treasury Regulations, however, are so
complex that they cannot be discussed in detail and, anyway, only a devout masochist
would read them all the way through; just the basic topic and fundamental principles
are highlighted—unless one of us decides to go nuts and spend several pages writing
one up. This is the reason that the outline is getting to be as long as it is. Amendments
to the Internal Revenue Code generally are not discussed except to the extent that (1)
they are of major significance, (2) they have led to administrative rulings and
regulations, (3) they have affected previously issued rulings and regulations otherwise
covered by the outline, or (4) they provide an opportunity to mock our elected
representatives; again, sometimes at least one of us goes nuts and writes up the most
trivial of legislative changes. The outline focuses primarily on topics of broad general
interest (to us, at least)—income tax accounting rules, determination of gross income,
allowable deductions, treatment of capital gains and losses, corporate and
partnership taxation, exempt organizations, and procedure and penalties. It deals
summarily with qualified pension and profit sharing plans, and generally does not
deal with international taxation or specialized industries, such as banking, insurance,
and financial services.

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