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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...
For Property Tax Exemption Culture Not As Good As Charity

For Property Tax Exemption Culture Not As Good As Charity

  Originally published on Forbes.com Aug 14th, 2014 It can be a bit challenging to obtain recognition as a tax-exempt organization by the IRS.  Last month’s decision in the Oregon Tax Court in the case of Newspace Center for Photography shows that gaining...
Alimony Deduction Requires Good Substantiation

Alimony Deduction Requires Good Substantiation

Originally published on Forbes.com Aug 13th, 2014 Until recently, I had a hard time understanding why there are so many alimony tax cases.  I mean, after all, it is wash, right? One party has a deduction against AGI.  He or she, probably still usually he, puts the...
Connecticut Limits $60 Million NOL Carryback

Connecticut Limits $60 Million NOL Carryback

Originally published on Forbes.com Aug 12th, 2014 2008 seems to have been a tough year for private equity investor, Stephen Adams and his wife Denise.  According to a decision on the Connecticut Superior Court, their 2008 federal individual income tax return showed a...