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Where Tax Shelters Go When They Die

Where Tax Shelters Go When They Die

Originally published on Forbes.com Aug 22nd, 2014 The fallout from sketchy tax shelters can stretch over a very long time.  Michael and Ruth McElroy were in Tax Court  recently trying to make that stretching work in their favor.  They did not get a break.  Not only...
Tax Court Omits Key Sentence In Ruling Against Taxpayer

Tax Court Omits Key Sentence In Ruling Against Taxpayer

Originally published on Forbes.com Aug 21st, 2014 The way the Tax Court judge put it, Scott Williams was an aviation buff with a business unrelated to aviation. The IRS objected to Mr. Williams integrating his aviation activity into his business Worldwide Phone Pops...
The OID Fraud And Criminal Gullibility

The OID Fraud And Criminal Gullibility

Originally published on Forbes.com Aug 18th, 2014 April J. Rampton was sentenced to 21 months in federal prison for filing false claims for income tax refunds.  She tried appealing her conviction to the Tenth Circuit, but that did not go well.  Her defense was based...
IRS Stampedes A Cattle Shelter

IRS Stampedes A Cattle Shelter

Originally published on Forbes.com. Aug 15th, 2014 The recent Tax Court decision in the case of Raymond and Sherry Gardner evokes nostalgia for the heyday of tax shelters.  Cattle leasing was one of the classic go-to industries for tax sheltering. Joe...