The Tax Court held that a couple could not deduct losses from their Amway distributorship in excess of the income they derived from that business. Because the couple did not have a business plan, a budget, nor did they change their operations after consistently generating losses, the court determined that they […]
The IRS ruled privately that because a decedent had designated his estate as his IRA’s beneficiary at the time of his death, the IRA had no “designated beneficiary” for purposes of Code Sec. 401(a)(9) and the assets had to be paid out over the applicable distribution period in Reg. Sec. 1.401(a)(9)-5. […]
