F. Lee Bailey Two Million Dollar Tax Lien But Still A Mensch
I’m 61 years old and hold CPA licenses from both Florida and Massachusetts, the same states that licensed Mr. Bailey. If I were ever to lose those two cherished credentials, I could not imagine going to Maine and taking the CPA exam in order to reboot my career. That’s why I really admire Mr. Bailey’s character. Maybe spending time in Maine, he has absorbed some of the Joshua Chamberlain spirit.
IRS To Collect Estate Tax From Beneficiary After More Than A Decade
If an estate is going to be taxable, it might not be such a bad thing to have all the assets concentrated, get the taxes and other debts and expenses paid and distribute the balance. Although it is not what is happening in this case, in principle, someone who receives property outside of probate might be tagged with a surprise estate tax assessment long after their windfall.
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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.