In a decision dated January 18, 2022, the Arkansas Office of Hearings and Appeals (OHA) held that a married couple remained domiciled in and residents of Arkansas for individual income tax purposes for the 2013 through 2018 tax years, rejecting the couple’s assertion that they had abandoned their Arkansas domicile by relocating to another state.
Individual
Saving “At Risk” Losses – New Jersey Superior Court Holds Individual Allowed to Carry Forward Losses From Partnership
By Ted Friedman & Chelsea Marmor on
Posted in In the News, Income Tax
The New Jersey Superior Court reversed the New Jersey Tax Court and held that an individual taxpayer was permitted to carry forward losses from a partnership incurred in 2009 to reduce the individual’s distributive share of the partnership’s income in 2010. The Court explained that, pursuant to IRC § 465, a partner in a partnership…