Quadratic Equations And Tax Benefits David Rockefeller In Tax History
I often remark that you learn all the math you need to do tax work by the fourth grade. Here was a possible exception. Tax preparers with New York clients would have to dust off their high school math. I actually had a client who got hit with the New York minimum tax, so this was not just a Rockefeller level problem. (David Rockefeller had federal AGI of $7.7 million in 1976. In 1976, if I had eight dollars in my wallet, I thought I was ready for anything.
Math challenged tax preparers were spared relearning the quadratic formula by the Commission’s ruling that noted there was no authority in the statute for using New York AGI rather than federal AGI in computing the preference and no “tax benefit” rule. Another illustration of Reilly’s First Law of Tax Planning – “It is what it is. Deal with it.”
Blog Cited In Appellate Brief In Form 1099 Case
Forbes magazine also published an article about the District Court Opinion, noting with some concern that it made the decision about whether or not to issue a 1099 much more complicated. Peter J. Reilly, Pulling IRS Into Your Business Dispute Might Not Be Such a Good Idea, Forbes (July 25, 2014)
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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.