Most Recent Posts
LLC Lease Structure Costs Idaho Charity Property Tax Exemption
Putting on my federal tax hat, which is pretty much my favorite, I would think that was no problem. A single member LLC, unless it elects otherwise, is a disregarded entity. That means that you can freely take things out of it and put things into it without recognizing gain or loss and, for federal income tax purposes, transactions between you and your single member LLC have as much tax significance as transactions between me and my shadow. So the fact that the Youth Ranch was leasing from the LLC for the greater of $25,000 per month or its mortgage payments would be a transaction that could be washed right out of any federal tax significance.
Then they applied for a property tax exemption on the building, which apparently was solely dedicated to charitable use. Oops.
Court Rules Oklahoma ObamaCare Not OK
The IRS ruled that for purposes of the credit it did not matter whether the exchange was run by a state or HHS. The language in the statute, however, reads that the credit applies when someone is “enrolled … through an exchange established by the State”. Following that logic taxpayers in states with HHS exchanges do not qualify for the credit and hence there is no employer mandate.
New York Springs Sales Tax Trap On Passive LLC Members
If the only thing you have to consider is federal income tax, entity choice can still be a fairly complicated matter. This case shows that there are other issues that can sneak up on you that have noting to do with federal income tax. Robert Redford was in the news not long ago about a New York state income tax issue, that probably turned on someone not being aware of how having an S corporation in the chain of ownership affected allocations. Something tells me that when the decision was made to organize Ask 244 as an LLC rather than an S corporation, nobody was thinking about personal liability of members for sales tax.
James Traficant Jr. And The Taxpayer’s Burden
Mr. Traficant’s place in tax history is fairly solid, as the Sixth Circuit decision has been cited dozens of time since it was issued. Most recent was the case of Pitcher v Waldman in which Traficant was cited for the principle that fraud can be inferred from circumstantial evidence. I was surprised that I missed Pitcher v Waldman when it came out in early April since it concerned the ugly breakup of a CPA firm. I was thinking I need to do a late post on it, but it turns out that Joe Kristan covered it quite well.
Nevada High Court OKs Tax That Hits Strip Clubs, Exempts NASCAR And Boxing
The other argument is that because of the various exceptions such as boxing and NASCAR there is a discrimination between adult-oriented entertainment and family-oriented entertainment. It’s worth noting that there is something a little off about a culture that thinks it is OK for children to see people beating up on one another and crashing cars but not, post infancy anyway, female breasts. Nonetheless, maybe the clubs have something of an argument there, since “It is what it is”.
In analyzing the claim, the Court notes that the clubs are not starting off from real solid ground.
Scholarships Do Not Make Beauty Pageant A Charity
Originally published on Forbes.com Sept 26th, 2014 I may have missed the Miss American Pageant on September 14th. I also may have missed John Oliver's subsequent Last...
Physicians Case Against ObamaCare Knocked Out On Standing
The doctors argued that there was a violation of separation of powers, although the Court thought it might have been more Article II and the Tenth Amendment. No matter. The district court dismissed the case for lack of standing. The doctors were not arguing about their own taxes.
For Joint Filing Status You Have To File
Mr. Salzer, whom the Tax Court characterizes as a substantial wage earner, did not file a return in 2010, because he disagreed with government policies. I have to have some admiration, perhaps grudging, for that, since that type of thing is what got Henry David Thoreau the night in jail that resulted in his writing about civil disobedience.
CEO At Climate March Calls For Carbon Tax
The tax would be applied at the point of extraction or as the fuel is shipped into the country. It could be applied either to reduce other taxes or create a per capita rebate to help people to deal with the added cost of, well, just about everything. Probably the item that has the most emotional impact on a lot of us is the effect on the price of gassing up the car. According to Geoff a carbon tax that would provide a $1,600 per capita rebate would add twenty cents to a gallon of gas. OK. Here’s the deal. I don’t have the capacity to really check that out, so I’m not going to attempt it.
I do, however, think that even if, maybe especially if, you have strong free market views, the principle is sound. The free market does not work well when there are externalities – costs imposed on people who are not part of the deal. A carbon tax would force the externalities to be internalized and reflected in the price of goods and services based on the carbon effect of the various transactions as they percolate through the economy. If you believe that the burning of fossil fuels is doing bad things to the climate, the carbon tax is probably the best free market solution.
Live From Climate March Opening
So here I am live blogging form somewhere in Lenape territory, although most of you would think of it as the southern part of Central Park. I'm here for the People's...