A Tisket A Tasket – Your Hedge Fund’s in a Basket
AM 2010-005 This was originally published on PAOO on November 18th, 2010. So today we get to introduce a new acronym. What is an "AM" you ask. Well it is Legal Advice...
The Powder To Blow It Away
Mr. Rolf arranged for an appraisal of his property. The appraiser did a valuation of the property with and without the structure that after standing nearly century went out in a blaze of glory to the edification of the Chenequa Volunteer Fire Department. The appraiser determined that the value of Mr. Rolf’s property had declined from $655,000 to $579,000. Accordingly, he claimed a charitable contribution of $76,000.
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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.