CASTERFRAME PC (DO) (2024)

Petitioner, a CPA firm, requested a declaratory order to determine whether installment payments from sales that occurred prior to January 1, 2023 qualify for the capital gain deduction for sales of certain stock under Iowa Code section 422.7(42). The Director refused to issue a Declaratory Order because the issue presented is better suited for a rulemaking due to the broad applicability of the answer and is trying to establish the effect of prior conduct instead of planning future conduct. Additionally, the question presented would potentially determine the income tax liabilities of the clients of Petitioner and not Petitioner itself, making the clients necessary parties who have not consented in writing to the determination of the issue by a Declaratory Order.