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Only Modest Valuation Discounts Allowed On Estate Artwork

Only Modest Valuation Discounts Allowed On Estate Artwork

Artwork can be really valuable.  For example the FBI and the Isabella Stewart Gardner Museum are offering a $5,000,000 reward for anybody who can help them find the paintings stolen from the museum 23 years ago.  The 13 artworks are worth on the order of half a...
Wyoming Beats The On-line Companies On Room Tax

Wyoming Beats The On-line Companies On Room Tax

When you hear about people like golfer Phil Mickelson moving from high tax states like California, the most likely destinations are Texas and Florida.  You don’t hear Wyoming mentioned very often.  Back in the pre-internet days of yore, we used to write to every...
Written Business Plan Is Crucial In Horse Tax Court Case

Written Business Plan Is Crucial In Horse Tax Court Case

Horse breeding is a favorite target of the IRS, when it comes to the hobby loss rules. Nonetheless, breeders will often beat the IRS in Tax Court.  Reading a recent decision I got the sense that William Dodds, a tax accountant, came so close that he could almost taste...
No Fans Of Sister Wives At The IRS ?

No Fans Of Sister Wives At The IRS ?

Thanks in part to “reality” TV, the practice of polygamy may be starting on the path to being normalized. Polygamy still has a way to go based on a recent IRS ruling (PLR 201310047).  The ruling denied exempt status under 501(d) to an unnamed organization....