Moneygram Loses Big In Tax Court And Nobody Seems To Care
Moneygram ended up with a loss of over half a billions dollars. Even though C corporations don’t get a favorable rate on capital gains, they are still limited in their ability to take capital losses, much as individuals are. Whether Moneygram’s loss was capital or ordinary depended on whether or not it is bank. Moneygram, of course argued that it was a bank and the IRS argued that it was not. It turns out that it is not a bank, because —- Well, because the Tax Court says it is not, but of course there are reasons.
Latest Hovindication Developments
I have been following the tax controversy surrounding Kent Hovind a/k/a Doctor Dino for over two years. As he nears the end of a long sentence on a variety of tax...
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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.