Actuary In Tax Court Beats Northwestern And IRS On Accuracy Of 1099-R
Contrary to respondent’s position, petitioner raised a reasonable dispute regarding the accuracy of the Form 1099-R. Although petitioner points to relatively minor discrepancies in NML’s records, we agree with petitioner that the discrepancies are of such a nature that their cumulative effect, compounded over the extended terms of the policies in question, would likely be significant and could very well alter the dates that the insurance policies lapsed.
We're With The Band – Kind Of
think trying to get a current deduction for backing their daughter’s music management career was probably a bridge too far. I would have gone for a more conservative approach that would have likely stood up and assured an ultimate ordinary deduction. Have the band, itself, organize as an LLC with Sara as one of the managing members. Give the Schlieverts a preferred interest with losses allocated based on positive capital accounts. There would be no Section 183 issue then. The passive activity rules would defer any deductions, but that is a lot better than having them entirely blown away.
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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.