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Sumner Redstone Liable For Tax On Long Ago Gift

by admin | Dec 12, 2015 | Tax

Originally published on Forbes.com. So the Tax Court has dropped the other shoe in its consideration of the Redstone family’s gifts. Although they let him off on any penalties, the Court sustained a gift tax assessment of $737,625 against Sumner Redstone. Mr....

Photographer Inspired By Ansel Adams Does Not Fare Well Against IRS In Tax Court

by admin | Dec 11, 2015 | Tax

Originally published on Forbes.com. The Tax Court’s decision in the case of Victor and Daniela Kantchev did not really break any new ground in the hobby loss analysis of his photography business. If anything the Court took some ground that taxpayers had won...

National Organization For Marriage Denied Attorney Fees In IRS Lawsuit

by admin | Dec 9, 2015 | Tax

Originally published on Forbes.com. It looks like the National Organization for Marriage has come to the end of the line in its hope for a big payday from the IRS for the unauthorized disclosure of the Schedule B (donor list) attached to its 2008 Form 990. Form...

State Wants Its Share Of The Sharing Economy

by admin | Dec 7, 2015 | Tax

Originally published on Forbes.com. Elderly as I am, I try not to be too put off by new things, but this “sharing economy” has not captured my imagination. The most well-known players seem to be Uber and Airbnb. Uber kind of lets anybody be a taxi driver...

Starting A Charity To Boost Your Product Sales Frowned On By IRS

by admin | Dec 6, 2015 | Tax

I had one of my “Bah Humbug!” moments yesterday. At the cash register at Barnes & Noble in the Blackstone Mall in Millbury, the clerk asked me if I wanted to add to my already enormous tab by buying a book for a foster child. The appeal is...

What Is With This Chan Zuckerberg LLC Thing? Tax Geeks Speak

by admin | Dec 4, 2015 | Tax

Originally published on Forbes.com. Chan Zuckerberg Initiative LLC is now probably the most famous LLC ever. In case you have been hiding out for the last couple of days, I should tell you that CZI LLC is the vehicle that Mark Zuckerberg and Dr. Priscilla Chan will be...