Following up on my prior posts:
- IRS Seeks to Treat Nursing Home Entrance Fees as Taxable Pre-Paid Rent, Not Tax-Free Interest-Free Loans (June 4, 2010)
- Tax Court Petition in Nursing Home Entrance Fee Case (June 4, 2010)
Amy S. Elliott, IRS Backs Down in Standoff on Retirement Community Fee Taxation, 2010 TNT 129-1 (July 7, 2010):
After issuing a nearly $129 million notice of deficiency to the owner of several continuing care retirement communities, the IRS has admitted that it was wrong to increase the company's taxable income by the refundable portion of entrance fees paid by residents.
All Tax Analysts content is available through the LexisNexis® services.
