9albion
4albion
Margaret Fuller5 360x1000
Storyparadox1
14albion
1falsewitness
199
10abion
Anthony McCann1 360x1000
Mark V Holmes 360x1000
Brendan Beehan 360x1000
1transcendentalist
Learned Hand 360x1000
Thomas Piketty1 360x1000
2theleastofus
1theleasofus
Margaret Fuller1 360x1000
3defense
2paradise
2gucci
5albion
Margaret Fuller3 360x1000
8albion'
1trap
Maria Popova 360x1000
Thomas Piketty3 360x1000
3confidencegames
Maurice B Foley 360x1000
1gucci
Thomas Piketty2 360x1000
Gilgamesh 360x1000
Tad Friend 360x1000
storyparadox3
Adam Gopnik 360x1000
Spottswood William Robinson 360x1000
1lauber
storyparadox2
499
2falsewitness
299
13albion
1lookingforthegoodwar
Susie King Taylor 360x1000
11632
12albion
2transadentilist
2jesusandjohnwayne
2albion
1paradide
Ruth Bader Ginsburg 360x1000
Margaret Fuller 360x1000
Edmund Burke 360x1000
lifeinmiddlemarch2
4confidencegames
Margaret Fuller2 360x1000
Susie King Taylor2 360x1000
6confidencegames
5confidencegames
3albion
Office of Chief Counsel 360x1000
Margaret Fuller4 360x1000
2confidencegames
AlexRosenberg
Richard Posner 360x1000
1madoff
399
1confidencegames
2lookingforthegoodwar
6albion
lifeinmiddlemarch1
7albion
George M Cohan and Lerarned Hand 360x1000
Mary Ann Evans 360x1000
Margaret Fuller 2 360x1000
11albion
1jesusandjohnwayne
James Gould Cozzens 360x1000
LillianFaderman
Lafayette and Jefferson 360x1000
7confidencegames
1empireofpain
2defense
Stormy Daniels 360x1000
1defense
3theleastofus
2trap
2lafayette
1albion
George F Wil...360x1000
3paradise
Anthony McCann2 360x1000
Betty Friedan 360x1000
1lafayette
Samuel Johnson 360x1000
New York Toys With Out Of State Partner

New York Toys With Out Of State Partner

If a 754 election had been in effect, there would have been a lower flow-through of gain from the partnership and a modest or no gain or loss on liquidation.  The lack of the inside-basis might have minimal effect on federal tax due, since the capital loss on liquidation of the partnership would offset the flow-through gain.  There likely would have been no state income tax effect either, if Mr. Olsheim had lived in New York.  The capital loss would be included in the computation of his New York state income tax.

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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.