Most Recent Posts
Partnership Needs More Than One Partner
If the deal had otherwise worked it would have been really devastating to lose it on that basis, since an election by the disregarded entities to be treated as corporations would have saved it. Actually it was just another nail in the coffin, but one to watch out for in transactions of more substance.
Bill Romanowski's Tax Court Loss Not A Typical Horse Case
The bottom line is that both the Romanowski and Pederson are really bad tax shelter cases rather than horse breeding cases. It strikes me as odd that somebody who was going to promote a tax shelter would uses horses, since the business already has red flags associated with it. I keep a rough tally in my head of what activities are most likely to win hobby loss cases. Car racing and Amway do not do well at all. Horse breeders, on the other hand, frequently win, although the IRS keeps going after them. Whatever anybody else thinks, I’m not going to count these cases against actual horse breeders.
Married Same Sex Couples – Windsor Decision Requires Action This Tax Season
The calculator does not address situations like that. The calculator does not even address the possiblity that Robin has capital losses and Terry has capital gains. If your affairs are at all beyond plain vanilla, you will need to set up both returns in full in order to make a sound judgment.
Fertility Treatment – Is IRS Heteronormative Or Just Muddled ?
.the IRS and the Tax Court are operating with a heteronormative, marriage-centric understanding of natural or normal reproduction, what qualifies medical and who makes an appropriate parent. This set of norms drove the IRS and the Tax Court to conclude in Magdalin that a deduction was not permissible—not because of any command in the doctrine, but rather because the taxpayer in that case did not fit the IRS’s and the Tax Court’s understanding of who a proper parent is
Even Real Estate Salesman Has Trouble With Passive Loss Exception
Even accepting that he spent 520 hours working on his own properties, he still lost. Two of the properties were short-term vacation rentals and one was being readied for sale. The time spent on those properties could not be grouped with the time spent on properties dedicated to long term rentals.
Co-op Owner Wins Casualty Loss Appeal
I was wondering a little about the case going this far given the relatively small deficiency involved. According to this story this was being used as a test case for 200 other Castle View owners. Eric Levine, the attorney handling the case indicated that it may have broad implications in the wake of Hurricane Sandy:
Is IRS Persecuting Kent Hovind For Creationism ?
Bottom line, it seems rather unlikely that when federal agents went into Kent Hovind’s Dinosaur Adventure Land, it had anything to do with what was being taught there.
Maryland Exempts Residence For Mormon Temple Workers As "Convent"
The ordinance workers qualify as a “community of people who live together.” Although the workers inhabit separate units within the apartment complex, they live together at one location, socialize, and worship together as a group every Sunday. In addition, the ordinance workers “follow strict religious vows” and are removed from their positions working in the Temple if they forsake them.
Is Art Advisory Panel Giving Taxpayers A Fair Shake ?
On the surface, it strikes me that the panel might be doing OK, but, of course I’m probably as cynical as the average revenue agent – and know as much about art. That’s why I ask Matt about things like this.
Future Baseball Commissioner Tackles Tax Laws As Complex As Infield Fly Rule
As previously discussed, subchapter K’s provisions are largely technical, involving specialized language, multi-factored tests, and computational analyses that challenge all but the most experienced partnership tax specialist.