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Sawyer Taxi Heirs Midcoast Fortrend Deal – Could Have Been Worse

by admin | Apr 21, 2014 | Tax

Originally published on Forbes.com April 21st, 2014 The tax travails of the Sawyer family may have finally come to an end with the recent decision of the Tax Court in the case of the Frank Sawyer Trust of May 1992. It’s one of those stories about how to make a...

IRS Chief Counsel Has To Decide If Nail Polish Is A Luxury

by admin | Apr 18, 2014 | Tax

Originally published on Forbes.com April 18th, 2014 The IRS Office of Chief Counsel probably has some of the smartest lawyers in the country working in it. Some of the odd provisions of the Tax Code have them answering questions that might be better handled by other...

Bill Cassidy Providing Emergency Assistance To Wealthy Televangelists

by admin | Apr 17, 2014 | Tax

Originally published on Forbes.com April 17th, 2014 Bill Cassidy, Republican Congressman from Baton Rouge, LA, and physician was in the news last week as he provided emergency treatment to a fellow passenger on a Southwest Airlines flight. He may well have gained one...

Kansas Hungry For $40 Million Tax Slice Of Pizza Hut Franchisee’s Profits

by admin | Apr 17, 2014 | Tax

Originally published on Forbes.com April 17th, 2014 When O. Gene Bicknell sold his interest in NPC International, Inc to Merrill Lynch Global Private Equity in 2006, the price was not disclosed. At that time NPC was the largest Pizza Hut franchisee with 790 stores...

Tax Court Views Ballpark Guesstimates As Fields Of Dreams

by admin | Apr 16, 2014 | Tax

Originally published on Forbes.com April 16th, 2014 Ballpark guesstimate” (BG) is a lovely term. It lets you know that although there is some affinity between the number thrown out and the “exact number”. Even if it turns out they are not in the...

Strong Language In Partnership Agreement Might Help With Expense Deductions

by admin | Apr 15, 2014 | Tax

Originally published on Forbes.com April 15th, 2014 Peter McLauchlan’s recent loss in the Fifth Circuit appealing a Tax Court decision has two important lessons. The first is a clause that should be in almost every professional partnership agreement. The second...