Tax Refund Claim On Pump And Dump Loss Evokes Memory Of The Tech Bubble
The Adkins were victims of a “pump and dump” operation. “Pump and dump” involves buying up a relatively low-value stock, convincing other people that the stock has great prospects, causing the price to be bid up and then dumping the stock near the peak. You have to give “pump and dump” people a little credit in that there is a real company there. It also makes them harder to catch compared to a Ponzi scheme, because the fraudsters are not necessarily directly transacting with the victim and there is an actual thing being purchased. “Pump and dump”, in my mind at least, is just one step beyond many legal business practices – like most of the time share industry – don’t get me started.
IRS Penalizes Plan Of Minister To Donate House To Ministry While Continuing To Live There
Setting up a church and then donating your house to the church while continuing to live there, presumably with all the expenses run through the church and the benefit of living there being excluded under Code Section 107(1) strikes me as a brilliant scheme . You could also throw in a property tax exemption depending on what state you are in and how hungry the local assessors are. I really would have liked to see how the plan would have flown, but the Tax Court never had to get to its merits, because of poor execution. What a shame. Execution isn’t everything, but it’s a lot.
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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.