Retroactive Depreciation Changes Encourage Closing Deals Before Year End
Originally published on Forbes.com. The Tax Cuts and Jobs Act has radically changed the rules for bonus depreciation at least for a while. Instead of 50%, we will be...
Conference Agreement Splits The Difference Between House And Senate On Commercial Real Estate
I still think the bill is terrible – as a citizen that is. It saves me money and will make for lots of interesting working, but it violates a fundamental principle of income tax simplicity in that it creates a new type of income with a special feature. If we can’t figure out a way to make income not be recognized, we try to have it be capital gain. Failing that we will now struggle to make it qualified business income. It’s going to be fun. Reilly’s Third Law of Tax Practice – Any reasonably complex tax matter involving significant dollars, regardless of whatever else it might be, is a white-collar jobs program.
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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.