Former Tampa Bay Buccaneers Owner Scores Touchdown In Tax Court
The parcel had a history of zoning problems and conservation concerns. There is a bald eagle nest on the property and it is within a wildlife corridor. The IRS valued the property based on how it is currently zoned. The PRH appraisal was based on obtaining a higher density and allowing for multi-family housing. The IRS harped on the former zoning problems, environmental issues and likely neighborhood opposition to multi-family housing
Nonrecognition On Divorce Transfers Hurts Receiving Spouse
We understand petitioner to argue that she had reasonable cause for treating the Distribution as nontaxable income because she contends that she relied in good faith on the advice of her tax professional. Petitioner’s assertion is unsubstantiated. Petitioner did not demonstrate that a tax professional advised her to take the position that the Distribution was nontaxable income. Petitioner’s inclusion of an unauthenticated and unsigned document, purportedly created by her tax professional, does not substantiate her claim. Moreover, there is nothing in the record regarding whether the Distribution was nontaxable income. Additionally, there is nothing in the record demonstrating that petitioner provided the Form 1099-R to her tax professional.
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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.