Rapper Tyga Buried Under $8 Million In Tax Debt Keeps Going Deeper
For this type of taxpayer the correct tax is more or less of just academic interest. It is in the nature of a sticker price or tuition at a well endowed university. The idea is that what the IRS will get is what the taxpayer can afford, their reasonable collection potential (RCP).
Timeshare Tax Shenanigans End With Large Penalties
This ruling is of more interest in how it makes us reflect on the time share industry and also tax shenanigans particularly those involving gifts of property of dubious value.
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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.