IRS Versus Dubious Conservation Easements In 2022 – Mixed Results
The massive appropriations bill that just passed the Senate and House includes a long sought amendment to suppress syndicated deals. It will cap deductions at 250% of partners basis when there is less than a three year hold. This of course does not eliminate all abusive transactions just some of the more outrageous one.
EO Tax Journal Editor Proposes Elimination Of All Charitable Deductions
Much of giving by the wealthy redounds to their benefit. One, their benefit is compounded if they give appreciated property such as stock. Two, their benefit is further compounded if they give property that requires an appraisal, since appraisals are notoriously high. I’m not saying the wealthy should not give, but why should they be subsidized by the tax code, especially when most others are not?
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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.