You And Your Shadow Do Not A Partnership Make
The key to Son-of-Boss was a paired currency option. When you contribute the paired option to the partnership you don’t treat your obligation to perform on one side as a liability, but you claim corresponding basis on the other side anyway. Essentially you have an unbalance entry, which is why normal accountants have such a hard time understanding the deals. Anyway without a partnership, you can’t even pretend that the whole things work.
I don’t think it is news that you can’t create a partnership with yourself and a disregarded entity, but it is a point that bears repeating. You can see it happening in the family limited partnership space. I haven’t thought through whether that would be fatal to discounts, but the notion makes me very uncomfortable
Has Kent Hovind Broken Any Laws?
This post is mainly about four letters. Here is a link to them. The first letter is one that was sent to three different tax professionals by Kent Hovind and 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.