Partners Tom Linguanti and Michael Kummer and associate Drew Cummings wrote an article for the March-April 2024 edition of the International Tax Journal discussing the Internal Revenue Service’s nonbinding Generic Legal Advice Memorandum (GLAM) on Code Sec. 482 and so-called implicit parental support.
The article examines the GLAM and provides the authors’ views on potential areas to which taxpayers should pay particular attention.