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Debit by the Window – Credit out the Window

Debit by the Window – Credit out the Window

Mr. Krause was a tax attorney and CPA who built his own Son of BOSS shelter.  I have to wonder if he has two sides to his personality. Right now the CPA side is yelling “Language of 752, language of 752 – I knew it couldn’t work.  The entry didn’t balance.  You can’t get all that basis without crediting something.”  The tax attorney side has answers. I can show you an example of a CPA making beautifully balanced entries that make no impression on judges, who are lawyers.

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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.