Use Of Condo By Son Blows 1031 Exchange For State Tax Purposes
Something that the lovers of federalism who are gutting the IRS enforcement capacity might want to consider is the effect that it will have on states, which will be more inclined to initiate audits of issues that might have been handled federally. I’ve been noticing more of those cases. From an administrative viewpoint life would be easier, even for taxpayers, if there was only one agency that could make a determination about what your federal adjusted gross income is.
New Jersey Domestic Partners Lose Estate Benefit By Not Registering
It is quite plain that the Legislature authorized limited circumstances – emergency medical situations – in which a couple may be treated like domestic partners, even though they have not executed and filed an Affidavit of Domestic Partnership. The facts of this case do not fall within the exception to the Affidavit requirement. This commonsense provision represents a rational legislative response to challenges a couple may face when confronted with a medical emergency. No similar exigencies are present when a couple neglects to make sufficient estate planning decisions over a period of years during which they might otherwise have obtained a registered domestic partnership.
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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.