International Flight Attendant Does Not Score As Well As Sergio Garcia In Tax Court
The term “foreign country” when used in a geographical sense includes any territory under the sovereignty of a government other than that of the United States. It includes the territorial waters of the foreign country (determined in accordance with the laws of the United States), the air space over the foreign country, and the seabed and subsoil of those submarine areas which are adjacent to the territorial waters of the foreign country and over which the foreign country has exclusive rights, in accordance with international law, with respect to the exploration and exploitation of natural resources.
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.
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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.