Tax Court Judge Considers Passing On Deductions Unbusinesslike
And it was quite a yacht. The Triumphant Lady was purchased in 2001 for $4,950,000. In 2006 a refit was started which ended up costing $10,839,000 by the time it was finished in 2009. The Lady had a full-time crew under the command of Captain Bryan Pridgeon. It was used personally by the Steiners until 2009.
Warren’s 7% Solution: Privatization Of Corporate Tax Measurement
There is a very interesting proposal kind of buried in the Real Corporate Profits Tax. The notion is that at least with respect to RCPT, the definition of income would be significantly insulated from the political process. I did not see anything in the Warren material that indicated that it is FASB that should determine the measure of taxable income, but that is the effect.
I actually think that a case might be made for a system that worked like that. It could shrink the Internal Revenue Code substantially. It would preclude using the Tax Code as an instrument of social policy, which I think many of us think would be a good thing.
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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.