Retailer Can Only Deduct Perks When Redeemed
Accordingly, whether a customer paid something for the purchase of gas or nothing, petitioner’s obligation to redeem fuelperks! was subject to a condition precedent that could be satisfied only after the close of petitioner’s tax year. We find that petitioner’s liability for outstanding fuelperks! became fixed upon their redemption, not when the customer earned the fuelperks! as petitioner contends. We thus hold that the claimed deductions for the outstanding fuelperks liabilities do not satisfy section 461(h)(4) and section 1.461-1(a)(2), Income Tax Regs.
Kent Hovind’s Battle With The IRS In Retrospect
In my post yesterday, I noted that Kent Hovind, Doctor Dino, is facing a new criminal charge related to filing a motion in defiance of an injunction. I have been following this story for some time and thought that this might be a good point to do a round-up of the coverage I have provided so far. You may note a little bit of repetition as in most of the posts I try to give a brief discussion of the possibly oxymoronic concept of “creation science”. Maybe you can decide whether my understanding has been, if you will excuse the expression, evolving.
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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.