New York AG Report – Lots Of Lies – Not A Lot Of Federal Tax Avoidance
The “before” value creates most of the controversy. There is a mini-industry of syndicated conservation easements that is based on fantasy valuations. I have written a lot about the issue. When you overstate the “before” value of a property, you can end up understating your tax liability by inflating your charitable deductions. That is the income tax issue in the complaint.
Tax Court Upholds $70,000 In Frivolous Return Penalties
Judge Lauber closes with a warning to Mr. Clarkson that reminds me of a story I heard many times from those older than me. The story was that if they were spanked at school, they would keep quiet about it, because if their parents heard about it, they would be spanked again
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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.