Most Recent Posts
Tax Denier Wins Damage Claim Against IRS Levy – Kind Of
There are a significant number of people out there who argue that most ordinary Americans are not subject to income tax. Although they always lose on those arguments, and Ms. Music is no exception, when there is actual litigation, this case is evidence that they may be swamping the system. Ms. Music went 15 years without filing. The strains on the IRS budget make it more likely that more of them will be able to slip through the cracks. The courts, quite rightly, will require the IRS to dot all its i’s and cross all its t’ s, as they are doing in this case. Nothing is requiring Congress to provide them with the resources to do that.
IRS Chief Counsel Checks 1986 Committee Reports To Give Break On Foreclosed Real Estate
A foreclosure on real property subject to recourse debt comprising the taxpayer’s entire interest in a passive (or former passive) activity is a fully taxable transaction for purposes of §§ 1001 and 469(g)(1)(A), regardless of whether any COD income from the cancellation of recourse debt is excluded under § 108(a)(1)(B). Thus, the losses from the activity are treated as not from a passive activity under §469(g)(1)(A). Additionally, these losses are not reduced by any excluded COD income under § 108(b)(2)(F).
Kicking The Jesuits Out Of California – Some Quirky Artwork Documenting California History
According to wikipedia By 1767, Jesuit missionaries on the peninsula of Baja California had established approximately 23 missions over a period of 72 years. Rumors were...
Alimony That Does Not Look Like Alimony
The lesson I would take away is that people who are expecting payments to not be taxable as alimony should probably insist on an explicit statement in the agreement to avoid being blindsided.
Graduation Contingency Kills Alimony Deduction
In this case, the divorce decree clearly states that the support payments will terminate upon the graduation of the youngest child. With this kind of contingency, the statute compels us to characterize the payments as child support. The fact that the divorce decree specifies that the payments are to be deducted by Mr. Johnson is not controlling
Tax Court Denies Amway Losses – Again
My first suggestion is that if you want to have a side business to make personal expenses deductible (which is something that you should not do at all, by the way), Amway is about the worst thing to pick. People with persistent Amway losses do not do well in Tax Court. The other is that if you expect that a side activity will ultimately be profitable, you might want to consider suspending the losses under Code Section 469. Although in principle, this does not immunize you from being attacked under Section 183, as a practical matter it does since you are not getting a current benefit. You will get the benefit when the activity becomes profitable or you abandon it.
Football Dad Beats IRS In Tax Court
Weakness in the dependency exemption system that the Form 8332 was supposed to solve. The system is based on the assumption that there will be a custodial parent designated, but that is not necessarily the case. I’ve seen in practice that it can be a rather murky question.
The American Lynching-Mob by Rev. Dean Richmond Babbitt, DD, LLD
The American Lynching-Mob is an unpublished typescript. It is nicely bound which I thought might have accounted for it being passed among collectors since 1906, but it...
Horse Breeder/Lawyer Wins In Tax Court. Was It Worth It?
Pretty much everything I know about the horse breeding business, I’ve learned from reading Tax Court decisions. The appeal of working with animals quite a bit bigger than I who appear to defecate quite a bit escapes me. Also, the stories in the Tax Court lead me to believe that the business consists of calamity following misfortune or as my blogging buddy, Robert Flach would put it, one GD thing after another.
Mr. Tolin’s focus in the years in question was on a stallion named Chosen Choice. Chosen Choice’s racing career had been cut short by injuries, but he had done well enough to have potential in the post-racing career of the successful stallion.
Court Approves Tax Sale Of New Mexico Property For Less Than 1% Of Its Value
It almost looks like the Valenzuelas pulled a reverse snooze/lose on the Snyders. They told the judge that the property was worth more than 100 times what the Snyders paid for it and the Snyders didn’t object in the proper manner, so the Court gave the Valenzuelas summary judgment. But not so fast, says the appeal court.