Can Horse Owners Win In Tax Court By Partnering With Trainers?
Central to our conclusion is Mr. Knight’s involvement, not only as the trainer, but also as the coowner of petitioners’ horses. In a very real sense, he and petitioners embarked on a joint venture to own, train, race, and sell thoroughbred horses. The evidence clearly established that Mr. Knight embarked on this venture with the intent to make a profit. We conclude that petitioners’ motivation was the same as his.
Should President Obama Offer Amnesty For Legal Residents Behind On Taxes?
Given the number of delinquent accounts out there you would think I would know a few people who have them. Well I don’t, but there is this friend of a friend of mine who knew somebody I could speak to. You know how it goes. I asked this fellow or gal, whom I will call Tracy, whether a program like this might be meaningful. Tracy had a large outstanding balance that he or she never paid. There has been no word from the IRS for some time, but it hasn’t been ten years. Tracy, as usual, has no money now, but is certain that if an offer came in for a sum certain payable in three months arrangements might be made.
It seems like it might be a good deal all the way around. One more citizen out of the shadows, a bird in the hand for the government and IRS resources freed up to fight identity theft or enforce Obamacare – whatever – as long as its not harassing the Tea Party. That is counterproductive.
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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.