Billy Sol Estes – Better To Owe It To You Than Cheat You Out Of It
If I sell you the Brooklyn Bridge that creates immediate income. If I can convince you to loan me money using my interest in the Brooklyn Bridge as security and the transaction is recognized as a loan, that is not immediate income. Someday, I may have to pay the piper if I finally stiff you, but there are ways around discharge of indebtedness income, like bankruptcy, for example. That is why it is better to owe it to you, than cheat you out of it.
Have Some Sympathy For IRS Cincinnati Gang That Couldn’t Sort Straight
It’s not my job to run the train, the whistle I can’t blow.
It’s not for me to say how far the train’s allowed to go.
I’m not allowed to blow off steam, nor even clang the bell.
But let the damn thing jump the tracks….and see who catches he
Follow Me
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.