I Really Missed President Obama At Gettysburg Address Sesquicentennial
Roughly a year later I have been republishing my forbes Sesquicentennial real time posts. This one went up at the end of October in anticipation of the Gettysburg...
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.
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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.