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Forfeited Deposit Income Ordinary Not Capital Gain

Forfeited Deposit Income Ordinary Not Capital Gain

Originally published on Forbes.com. A company that got to keep a non-refundable deposit on the planned sale of a hotel had to recognize ordinary income rather than capital gain when the deal fell through.  That was the result in Eleventh Circuit decision in the case...
Lamar Smith Joins The Ranks Of Hovindologists

Lamar Smith Joins The Ranks Of Hovindologists

Things have been quiet here on Your Tax Matters Partner.  The raison d’etre of this blog is tax matters that I don’t find forbes worthy.  The recent tax bill has kept me pretty busy with forbes worthy developments.  Also I have slacked off on following...
Religious Liberty Suit Against Obamacare Will Move Forward

Religious Liberty Suit Against Obamacare Will Move Forward

The Third Circuit just gave new life to a sleeper challenge to the Obamacare shared responsibility payment.  Robert and Gladys Cash sued in the United States District Court For The Middle District of Pennsylvania to recover $575 that was offset from their 2014 income...
Cost Segregation Consultant Subjected To Severe IRS Penalties

Cost Segregation Consultant Subjected To Severe IRS Penalties

Originally published on Forbes.com. One of my running jokes is that the Internal Revenue Code is a white-collar jobs program for college graduates who are not quite smart enough to become engineers.  But what happens when engineers realize that some types of tax work...