Tax Court Allows Multimillion Multiyear Arabian Horse Losses
If you told that story to some CPAs who had been in the business a long time, you would get two different reactions. One would be a kind of “There but for the grace of God, go I” and another would be “Well that would never happen with a transaction that my firm was involved with. We have procedures and policies to avoid that type of thing”. The latter group is divided into two classes – people who are deluding themselves and liars. The humility of the “grace of God” crowd actually makes it less likely that they’ll screw up that way because they will have a couple of paranoid partners who worry about stuff like that happening.
At any rate, the Metzes “reliance on professional” defense did not work, since they should have noticed that a gain of $2 million or so had slipped through the cracks and they were hit with the accuracy penalty. Have to wonder whether that will end up coming out of somebody’s malpractice coverage
Appomattox Gearing Up For Surrender
150 years ago yesterday, the prospects of the Army of Northern Virginia got even dimmer. Its second to last battle was fought in the evening as cavalry under the...
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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.