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11 Prac. Tax Law. [i] (1996-1997)

handle is hein.ali/practax0011 and id is 1 raw text is: THEPRACT ICAL TAX LAWYER FALL 1996 VOLUME 11/NUMBER 1 Published by The American Law Institute-American Bar Association Committee on Continuing Professional Education with the cooperation of The Section of Taxation, American Bar Association CONTENTS Advising Clients on the New Tax Legislation Robert E. Ward and Richard S. Chisholm ................. 5 Most of the changes Congress made to the Internal Revenue Code will benefit clients, especially small businesses. But there are some dangers to watch out for as well. What You Should Know About the Taxpayer Bill of Rights 2 Theodore M. David ................. 25 Congress has once again ridden to the rescue of beleaguered taxpayers. But some of the relief granted is intricate, and requires you to be familiar with all the provisions of this new statute. An After-Tax Asset Chart Sharon Stern Gerstman .............. 37 Though courts rarely consider the after tax value of property in divorce settlements, coun- sel should! Avoiding Malpractice Traps in Tax Correspondence and Filings Francine J. Lipman and James E. Williamson ................ 41 The risk of untimely filing of tax returns and court papers rests in the taxpayer's lap. The risk of malpractice rests in yours. Here are some precautions to avoid both risks. Reporting Canceled Debt Under the New Treasury Regulations Alicia Locheed ..................... 49 When a lender cancels a debt, there still may be some paperwork to clear up-for the IRS. Hoover Helps Small Business Owners Double Up on Estate Tax Savings Peter J. Melcher and Lucy M . Arend ..................... 53 The Tenth Circuit, in the Hoover case, says that in some circumstances estates can take both a special use value reduction and a minority interest discount against the estate's value. But the Tax Court thinks otherwise. Taxing Decisions ..................... 4 ALI-ABA and ABA Section of Taxation CLE Calendars ..................... 52 Programs, Publications, and Playbacks ...................... 52

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