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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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