IRS Leans On LA Tax Assessors For Land Building Allocation
The practical problem that practitioners face when doing returns for people who own a couple of rental properties is that it is difficult to justify spending anything on an appraisal for rental properties in the sub million dollar category. Moving $100,000 from land to residential real estate will give you a bit over $3,600 in additional depreciation, which might save you a thousand bucks, unless, as often happens, your losses are suspended by the passive activity loss rules. Somebody selling cost segregation studies will make a presentation showing the future value of deprecation deductions, but it can be an uphill battle with skinflint real estate operators.
Mississippi Taxing – Nuclear Power And Accusations Of Racism
Claiborne County has significance in the history of the civil rights movement. In 1966, African American citizens of Port Gibson, the county seat, started a boycott of white merchants which was suspended after the City hired its first black police officer. Police shooting in the wake of the Martin Luther King assassination rebooted the boycott with leadership from the NAACP and Charles Evers, brother of Medgar Evers, who had been murdered in 1963. NAACP liability for collateral violence associated with the boycott ended up at the United States Supreme Court, which overturned a Mississippi judgment of $1.2 million against NAACP in 1982.
And property taxes were a big part of the racial struggle in Claiborne County. Evan Doss Jr. became the first black county tax assessor in 1972.
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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.