Court Approves Tax Sale Of New Mexico Property For Less Than 1% Of Its Value
It almost looks like the Valenzuelas pulled a reverse snooze/lose on the Snyders. They told the judge that the property was worth more than 100 times what the Snyders paid for it and the Snyders didn’t object in the proper manner, so the Court gave the Valenzuelas summary judgment. But not so fast, says the appeal court.
Sawyer Taxi Heirs Midcoast Fortrend Deal – Could Have Been Worse
In the end, the Sawyer Trust is not responsible for the entire corporate tax that Fortrend dodged, but it does have to give back the premium it received over the net asset value of the companies it sold (Cash on hand less correct corporate tax). The IRS had wanted to get nearly $20 million in corporate tax from the Trust. The decision limits the recovery to $13.5 million, before interest and penalties. It is still quite painful when you consider that an S election in 1987 would have legitimately avoided the entire problem.
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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.