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Stunning Tax Court Victory Against IRS In Horse Case

Stunning Tax Court Victory Against IRS In Horse Case

Earlier this month I had the pleasure of meeting Mr. Taishoff.  I spent the day in Manhattan and managed to arrange a lunch with him at a little French place where I had Le Burger.  I managed to grab the check and Mr. Taishoff nodded approvingly as I wrote his name on the back of the credit card receipt before starting the long walk to the statue of George M. Cohan who did not have to concern himself with such things.

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Citigroup Ready For Sharp Earnings Hit If Tax Cuts And Jobs Bill Passes

So Citigroup is ready, but it is not clear that anybody else is.  If President Trump does get a bill to sign with the big corporate rate cut and the deemed repatriation, analysts in the future will have to put an asterisk next to 2017 earnings when they are looking at trends.  It will be interesting to see how shocked everybody is when the earnings reports come in.

I expected that the tax cut would have a favorable impact on Apple’s earnings to the tune of over nine billion dollars, but I was only thinking about its deferred tax liability.  Apple has $232 billion in untaxed foreign earnings and will get hit with some percentage of that from the deemed repatriation, if the bill passes.  Why did I look at Apple?  Well its ticker AAPL is first in the alphabet.  I will leave it to my readers to work their way through the rest of the S&P.

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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.