Bitcoins Not Tax Fairy Dust – Second Life Still A Tax Haven?
There are sixteen questions. Nine of the questions (Questions 3,8,9,10,11,12,13,14,15) are there to drive home the point that when you are paying or receiving virtual currency, you have the same obligations and tax consequences as if you would if you were paying or receiving dollars.
No Margin For Error When Using IRA Rollover As Bridge Loan
Although petitioners argue that their intent was to effect a rollover, it is well established that a taxpayer’s intention to take advantage of favorable tax laws does not determine the tax consequences of his or her transactions.
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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.