Camps
This U.S. industry comprises establishments primarily engaged in operating overnight recreational camps, such as children's camps, family vacation camps, hunting and fishing camps, and outdoor adventure retreats that offer trail riding, white-water rafting, hiking, and similar activities. These establishments provide accommodation facilities, such as cabins and fixed campsites, and other amenities, such as food services, recreational facilities and equipment, and organized recreational activities.
Tax Court Adopts Substantial Discount for Embedded Capital Gains But Declines Per se Rule
Tax Court adopts the taxpayer’s dollar-for-dollar discount for embedded capital gains tax liability based on 2nd Circuit precedent and its own present-value analysis but specifically declines to adopt the per se rule of the 5th and 11th Circuits.
Estate of Jensen v. Commissioner
Tax Court adopts the taxpayer’s dollar-for-dollar discount for embedded capital gains tax liability based on 2nd Circuit precedent and its own present-value analysis, but specifically declines to adopt the per se rule of the 5th and 11th Circuits.