IRS Veteran Insists That IRS Is Missing Billions In Real Estate Gains
Working with a computer expert, Jerry designed an algorithm. The algorithm would look for partnerships with large deficit capital accounts. He was in the big time in Washington so it was a big cutoff. He put out $50 million as the threshold.
And then he traced them into the next year. What he found was that some of them disappeared. There was no final return recognizing gain to bring the deficit up to zero, which is what most practical accountants think is supposed to happen.
Non Sequitur Lawsuit Divides Hovindologists
Given how many Hovindologists are involved in this some of the Parallels with Hovind are interesting. Steve’s notion that taxable income can kind of be suspended is a little reminiscent of Kent’s non-statutory trusts. That one is pretty tenuous. More to the point is the way in which control over the channel compares to Theo’s stealing Kent’s URL and Kent’s fight with Eric over the Creation Science website. I think I recall Kent having trouble with another renegade webmaster earlier.
And then there is the matter of service, now the key legal issue in the McRae v Curtis suit. That is what also threatens to kill Hovind’s half-billion-dollar lawsuit. I noted in my first post on that that they might have a problem doing that properly and it seems that is playing out.
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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.