Only Modest Valuation Discounts Allowed On Estate Artwork
The Court hypothesized that hypothetical buyers might have considered that the Elkins would get sick of the amount of schlepping that was involved in the co-tenancy arrangement and that the Elkins would be motivated to buy them out and could afford to do so. With that theory, the Tax Court allowed a 10% discount.
Wyoming Beats The On-line Companies On Room Tax
The decision is pretty lengthy. It is a good read, if you are interested in keeping score on this issue. The decision notes how the on-line companies have fared against Birmingham and Bowling Green and numerous other places large and small. Apparently there is not a broad overreaching federal principle at stake here or at least none that the companies have been able to make stick.
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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.