Personal Goodwill Avoids Corporate Tax Exposure
The impending suspension would cause customers to reevaluate whether to trust Bross Trucking and continue to do business with it. Indeed, Mr. Bross expressed his concern to his attorney that Bross Trucking might not be able to perform necessary functions as a result of the suspension. Mr. Bross’s solution was to find or create another business to take over the trucking needs for the Bross family businesses. This is the antithesis of goodwill: Bross Trucking could not expect continued patronage because its customers did not trust it and did not want to continue doing business with it.
Will National Grid Try Dumping Its Electrons Into Boston Harbor?
I have been reading about all this off-shore money and the proposals to squelch the way companies have been managing their tax liabilities, but a case like this makes me think that a lot of those arrangements might fall apart if the IRS had more resources to chase them. There is a brain drain from the IRS to the Big Four. Something tells me that if we were serious about the deficit the Government would reverse that brain drain and hire some of the best and the brightest from public accounting and industry tax departments. They would know where the bodies are likely buried.
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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.