Oakbrook Land Holdings A Major 2020 Tax Court Decision
The conservation deed was problematic for two reasons. It took the value of any subsequent improvements off the top of any extinguishment proceeds and it gave the donee the fixed amount determined at the time of donation.
IRS At Supreme Court Over Captive Insurance
“Turn their risks into wealth” ?? If the wheels that spin straw into gold are not working, you have to do the best you can.
I spoke with a tax executive for a major life insurance company. Promoters had been trying to get the company’s sales force to recommend captive insurance deals. When he examined them he concluded that there was not actually much in the way of insurance going on. It looked more like alchemy.
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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.