Susan Crile Paints A Picture Of Tax Court Victory For Artists
As I noted it is rare for Tax Court cases to get much attention outside of the tax world. There was one case where I expected that but was disappointed. It actually had two hobby loss components – airplane remanufacturing and yacht leasing – among a host of other issues. The taxpayer was none other than the great F. Lee Bailey, who had as his attorney, the great F. Lee Bailey. I bemoaned the lack of interest in a post titled F. Lee Bailey Tax Attorney – More Fun Than Anietra Hamper’s Underwear. Anietra Hamper was a TV anchorwoman who thought she should be able to deduct the clothing that she wore on air. She lost because her station’s Woman’s Wardrobe Guidelines indicated that women on the air were supposed to dress like, well CPAs, I suppose. Among the items of clothing that she deducted were some that are, you know, unmentionable. That one went viral, which shows that immature as tax bloggers can be, the mainstream media is even worse.
Will Romney 2016 Be Haunted By Unreleased Tax Returns?
I will probably not vote for Mitt Romney, but I think we could do a lot worse when it comes to who our next President is. After obsessing about the matter for almost a year, I decided that there could not be anything in his unreleased tax returns that disqualified him from being President or reflected poorly on his character. If I were in charge of the tax division of his campaign – and there will likely be one – I would do a data dump going back to at least 1990 the day after he announces. I would call the strategy “Let’s Throw PWC Under The Campaign Bus”, because anything sketchy in the returns would be blamed on the accountants. He could probably gather together a fairly large group of entrepreneurs of both parties who were convinced to participate in sketchy shelters by prominent firms.
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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.