Aggressive Life Insurance Plan Fails – Or Maybe Not
Life insurance actually is a very tax-efficient vehicle. The build-up in value, if there is any, is tax-deferred, and proceeds paid by reason of death are free of income tax. The claim that it saves estate taxes is somewhat fallacious.
Does Tax Court Ruling on Gender Reassigment Go Far Enough ?
The taxpayer was mostly victorious being allowed deductions for hormone therapy, counseling, and reassignment surgery. No deduction was allowed for breast augmentation, the hormones having apparently done enough in that regard (at least in the mind of the Tax Court).
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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.