The Beast I Found In The Park
There are things that annoy me a lot. People mixing up principal and principle or e.g. and i.e. American flags touching the ground or continued being flown after they...
Rubber Hitting The Road On New Partnership Audit Regime
The Games People Will Pay
Most of the reasons I can think of for not electing out of CPAR involve shenanigans that are even worse than the one I imagine that I and my imaginary friend James would play on the Millenials. Assume you don’t elect out and do some really aggressive stuff in 2018. Keep the partnership alive, barely, but by the time it gets around to the adjustment year, the only partners are a couple of moribund C corporations.
Remember Reilly’s Third Law of Tax Planning – Any clever idea that pops into your head probably has (or will have) a corresponding rule that will make it not work. So maybe shenanigans like that will be foiled. I hope so.
Follow Me
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.