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Taxlink by Andy Biebl
Andy Biebl DTN Tax Columnist
Fri Oct 19, 2012 12:51 PM CDT

When an IRS examiner looks at a rent or salary payment made to a third party, there's generally no question about the reasonableness of the amount. After all, unrelated parties have adversarial financial interests and the presumption is that the labels and amounts are proper. But if that transaction involves a father-son lease or a family compensation arrangement, watch the IRS focus change! To protect from this increased scrutiny, it's important to have documentation in the form of written leases, written employment agreements, and the like. Without that paperwork, you face the risk of the IRS attempting to recharacterize the ...

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