IRS Wins a Horse Case for a Change
One of the keys in winning a hobby loss case is that you show the Court that you were paying attention to your results and modifying based on experience to get more profitable, even if you are ultimately unsuccessful. The Bronson’s plan to buy their own place indicates that type of thinking. However, they took a long time to do it, which might be a sign of prudence, but during that time they continued to acquire more ponies. That seems to have been the Court’s greatest criticism of their profit motive.
Is There a Media Blackout of the Student Loan Crisis ?
Yet another: why on earth has the media completely failed to follow up on the fact that not only the big lenders and guarantors make money on defaults…even the federal government (Yes, the Department of Education), actually makes money on defaults, and makes more on defaults than on loans which remain in good stead? This has been the case for years, yet where is the media?
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Over and over again courts have said that there is nothing sinister in so arranging one’s affairs as to keep taxes as low as possible. Everybody does so, rich or poor; and all do right, for nobody owes any public duty to pay more than the law demands: taxes are enforced exactions, not voluntary contributions. To demand more in the name of morals is mere cant.