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Unpaid Credit Card Interest Creates Taxable Income

Unpaid Credit Card Interest Creates Taxable Income

Originally Published on forbes.com on July 9th, 2011 ______________________________________ I find taxing someone on the amount of the debts that are discharged from paying disturbing.  It always has struck me like kicking somebody when they are down. The straight...
Timber Case Shows Value of Family Limited Partnership

Timber Case Shows Value of Family Limited Partnership

Originally Published on forbes.com on July 7th, 2011 ______________________________________ Estate of Natale B. Giustina, et al. v. Commissioner, TC Memo 2011-141   There are many good business reasons to consider putting assets into a family limited partnership.  I...
No Time Limit on Excise Tax on Abusive Roth IRA

No Time Limit on Excise Tax on Abusive Roth IRA

Originally Published on forbes.com on July 6th, 2011 ______________________________________ I was never that excited about converting regular IRAs to Roth’s.  You paid a big bunch of money now, maybe spread over a couple of years, so you wouldn’t have to pay in the...
Tax Court Values Regional Media Empire

Tax Court Values Regional Media Empire

Originally Published on forbes.com on July 5th, 2011 ______________________________________ Estate of Louise P. Gallagher, et al. v. Commissioner, TC Memo 2011-148 When Louise Gallagher died in 2004, she was the largest owner of Paxton Media.  Based in Paducah,...
Suit Against Parsonage Exclusion Dropped

Suit Against Parsonage Exclusion Dropped

Originally Published on forbes.com on July 5th,2011 ______________________________________ Most of my posts are based on my own review of original source material, rather than what I read in other blogs.  Since I often spend some time on the developments before I...