Father Kent Hovind SJ Not So Much
Kent Hovind developments keep verging on Forbes worthy, but have not quite gotten there. For those new to this blog, Kent Hovind is an Independent Baptist minister...
Foreclosure Cash For Keys Not Taxable As Service Income
One tax preparation point is worth mentioning here. I would have done the computations much as the CPA did and I would have also reported the $7,500 as income and then backed it out, which might have avoided a document mismatch. Frankly, I’m not sure that would have worked. And it is possible that that is what the Bobo’s CPA did and it got picked up anyway, but given the low stakes and the weakness of the IRS position, this really feels like everything was on autopilot from the point at which Greentree decided they needed to issue a separate 1099 for the “cash for keys”.
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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.