IRS position on LLC ownership is already problematic (x-post)

wabower

wabower

Touchdown! Greaser!
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according to a local CPA/tax attorney/aircraft owner. I sent him a copy of the article with a FYI, and he responded that his clients are already having big-time trouble with the IRS re. passive activity losses (PAL).

These are obviously entities that are seeking to deduct their airplane expenses against ordinary income, or the PAL issue would not be relelvant, but may be a harbinger of things to come re. the other issues mentioned in the article.
 
wabower said:
according to a local CPA/tax attorney/aircraft owner. I sent him a copy of the article with a FYI, and he responded that his clients are already having big-time trouble with the IRS re. passive activity losses (PAL).

These are obviously entities that are seeking to deduct their airplane expenses against ordinary income, or the PAL issue would not be relelvant, but may be a harbinger of things to come re. the other issues mentioned in the article.
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Ummm.... Maybe I'm missing something obvious, but what article? Could you provide a link?
 
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