Are CVS Stores Actually Good 1031 Targets ?
The Indiana Board noted that this difference was consistent with CVS’s claim that it used sale-leaseback transactions to sell more than just the ownership rights in its properties; rather, it used those types of transactions as a means to generate additional business capital from investors.
Blame It On the Lawyers – Creating Basis Out Of Thin Air Not The Taxpayer's Fault
There is no statute of limitations if the returns are fraudulent. That is what the IRS was arguing about the BASR partnerships. It gets a little sticky though. The Court did not have any problem agreeing that the professionals involved in the scheme were as Holden Caulfield would say “phony bastards”. The actual partners, though, were just plain folks, they were relying on the professionals to do the right thing.
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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.