Facts
and Figures
Timely points of
particular interest
Solar Energy Credits—Under the new economic stimulus law, you may qualify
for an enhanced energy credit of 30% (up from 10%) for installing a solar
electric system in 2009. However, the IRS says in an information letter that
a homeowner cannot base the credit on the full cost if the utility company
provides a discount. For example, if you buy a $30,000 system and receive a
$14,000 subsidy, the credit is limited to $4,800 (30% of discounted cost of
$16,000).
Age Discrimination Claims—An employer may be liable for damages if it
discriminates against an employee because of his or her age. But the U.S.
Supreme Court has tightened the standards for plaintiffs. In a controversial
new case, the court said that an employee needed to prove that age was the
primary factor—and not just one of several factors—resulting in a demotion.
Note: The case was decided by a narrow 5-4 margin.
Divide and Conquer—In a new case, a couple purchased a huge tract of land in
Texas where they planned to build their dream home. But they later decided
they didn’t need the entire property. So they carved it up and sold the lots
sporadically over time, mainly to friends and family members. Because
advertising was minimal, the Tax Court determined the couple wasn’t actively
trying to sell the lots to customers. Thus, gains from the sales qualified
for tax-favored capital-gain treatment. This case was covered in our Fall
issue of Real Estate Focus--read
more.
Wherewithal
is provided by Somerset for our clients and other interested persons
upon request. Since technical information is presented in generalized
fashion, no final conclusion on these topics should be made without
further review. For additional information on the issues, please
contact
a member of the firm. Somerset provides total financial solutions,
including accounting, assurance, information solutions, litigation &
valuation, tax, wealth management and management consulting services to
entrepreneurs and their businesses. This document is not intended or
written to be used, and cannot be used, for the purpose of avoiding tax
penalties that may be imposed on the taxpayer.
Somerset CPAs,
P.C.
3925 River Crossing Parkway, Third Floor
Indianapolis, Indiana 46240
317.472.2200 • 800.469.7206 • FAX 317.208.1200
www.somersetcpas.com
info@somersetcpas.com
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