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Most Recent Posts

Year 15 Low Income Housing Tax Credit Fight Turns Ugly For CohnReznick

Year 15 Low Income Housing Tax Credit Fight Turns Ugly For CohnReznick

The regulations under 704(b) have a concept called “minimum gain”.  Minimum gain places a limit on the amount of losses that can be allocated to a limited partner beyond their contribution, simplistically that is how far negative their capital account can go.  If you want to dig into the details and explanations of CohnReznick’s computations they are available here in exhibits in the Mass Superior Court litigation.  It is hard to see how liabilities could have been counted as going into minimum gain, but have them still hanging after disposition of the property.

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Plan On Having The Death Tax Live On

Firms like Withersworldwide devise plans, draft documents and see that the documents are properly executed and store them.  Then they will review and revise the plan based on changes in the laws or changes in the circumstances of the family they are planning.  The actual execution of the plan falls to trustees, family offices, the family members themselves and my people – accountants.

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Trump Indictment – 34 Counts Of Falsifying – What Is The Other Crime?

Here is the tax thing about legal expense. Is a legal expense deductible ? Well it depends. Until 2021 Trumps return was done by a firm called Mazars.  Mazars is rated number 30 in Accounting Today’s latest top 100.  I am going to go out on a limb and speculate that Trump was the most famous client of Mazars.  So the team doing the return is probably not a bunch of people who just fell off the turnip truck. If I was the TO CFO and I was looking to bury this expense so it would be deducted without question the last account I would have it be paid out of is Trump’s personal account.  That is the account which seems most likely to include nondeductible legal expenses.

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Third Circuit Upholds Tax Court In Large Dollar Horse Hobby Loss Opinion

Third Circuit Upholds Tax Court In Large Dollar Horse Hobby Loss Opinion

He mentioned the Dreicer decision which is actually a sort of hilarious story of a trustifarian touring the world in search of the perfect steak.  Dreicer lost in Tax Court and appealed to the DC Circuit (he was an expat).  The Tax Court judge had indicated that it was not reasonable to expect a profit from the activity.  The DC Circuit sent the case back to the Tax Court indicating that that was not the correct standards.  What you have to have is the objective of making a profit, not the expectation.  Back at the Tax Court again Dreicer still lost, but I give him credit for inspiring Reilly’s Eighteenth Law of Tax Planning – Honest objective trumps realistic expectation

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Kent Hovind’s Third Wife Sues Over Financial Commitments

Kent Hovind’s Third Wife Sues Over Financial Commitments

The new DAL is much more conventional in structure. The property is owned and operated by Creation Science Ministries Inc a 501(c)(3) organization that is recognized by the IRS as a church. A for profit S Corporation owned by Ernie Land, Kent’s consigliere of a sort, runs the store and pays Kent for the use of his intellectual property. Mary Tocco, Kent’s second wife, maintains that the new DAL in practice runs much as the old one did with no actual accountability on Kent’s part.

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Beyoncé’s Renaissance Tour And Millennial 401(k)s A Teachable Moment

It was just a joke between me and my friends that I decided to tweet about. I love Beyoncé, but I wouldn’t consider withdrawing from my retirement savings to see her. But if she wants to send me a ticket or two I certainly wouldn’t say no haha. I’m a recent college graduate, barista, and aspiring actor, so if I’m familiar with anything it’s having no expendable income

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Tax Defier Who Bragged About Spanking IRS Convicted On Ten Counts

Tax Defier Who Bragged About Spanking IRS Convicted On Ten Counts

Mr. Lavigne appears to subscribe to the concept that he has two aspects or identities, one which he labels as a “person” or “corporate entity,” and the other as his “flesh and blood’ form. One spells his name with upper case letters. The other adds spurious and meaningless punctuation to his name.

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