LLC Member Not Presumed to be Passive
This was originally published on PAOO on August 30th, 2010. In Action On Decision 2010-002 the IRS acquiesced in a Court of Claims decision (Thompson v. US 104...
Sorry We’re The Tax Court Not Divorce Court
The moral of the story is that taxpayers and advisers need to look at joint returns, not as a simple exercise of what produces the lowest total tax, but also consider the implications of joint and several liability. There is some relief available, but it is by no means assured.
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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.