August 2026 Tax Developments – Part III – Some Partners Not So Limited
Malibu is something of a return to the good old days. It is not a syndicated financially engineered deal and the highest and best use is a subdivision which was the classic go-to for easements back in the day.
August 2026 Tax Developments – Part II – Fraud Theft Loss Mostly Allowed
The joke was that there were three ways to get out of a burned out tax shelter tax free. You could put it into a defective grantor trust and after crossover cure the defect. It was a great idea, but probably didn’t work. You could die, but that was a little extreme. The one that really worked was to give it to your spouse and get a divorce.
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Over and over again courts have said that there is nothing sinister in so arranging one’s affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced exactions, not voluntary contributions. To demand more in the name of morals is mere cant.