Most Recent Posts
White House Blows Smoke At Pot Petitions
Maybe malls will provide free rent to pot shops and charge a premium to the nearby tenants selling munchies. We can count on capitalism to find a way.
Are Tax Protesters Actually Winning ?
Now, it would seem that if some group or other – the Rothschilds for example – could control both the executive and the judiciary, it would not be that hard to take over Congress and make the actual law exactly what it needed to be. Nobody has ever explained that to me. I keep hoping.
Avoiding Excess Credit Card Interest Should Not Be A Taxable Event
This is one of the reasons, I am not a Tax Court judge. In my mind, if there is a credit card company involved, there should be a presumption that financing arrangements are being misrepresented.
Your Money Or Your Life – Which Can You Deduct ?
The case concerns the 2007 tax year. Apparently the Mills got away with over $2,000,000 in deductions for the first six years the scheme was in effect. The tax accounting issues raised by this are giving me a little bit of a headache. The $2,000,000 in allowed deductions reduced their basis in their LLC interests. Whether that will ever cost them anything depends on what else was inside the LLCs and how long they keep them running. How to sort that out would be a good question to ask on a partnership taxation exam.
Would Be Developer Tripped Up By Interest Tracing Rules
The Tax Court indicated that the renovations would be considered to be funded by the mortgage rather than being funded by the proceeds of the sale of the other property. If someone had been paying attention to the tracing regulations, that problem might have been overcome, but that is easier said than done.
It is troubling that there was no attempt to apply the Cohan rule to allow some of the interest as investment interest.
War Tax Resisters – Don’t Call Them Frivolous
The policy of the IRS set forth on its website is to declare that such a practice is “frivolous.” We contend that Elizabeth’s practice is protected by the Free Exercise of Religion Clause of the First Amendment. We contend that the IRS is required by the Religious Freedom Restoration Act of 1993 to respect and accommodate the practice.
Will Liberal Ministers Challenge Their Own Tax Loophole ?
UU ministers qualify for tax free housing allowances even though, theologically speaking, they might not, strictly speaking, be thought to be “ministers of the gospel”. “Minsters of the gospels, etc” might fit a little better.
Form 8332 – Don’t Let The Kids Live In Another Home Without One ?
There were four cases like that in December and an interesting variation on the same theme. It always comes down to the same thing. Form 8332. If you don’t attach a Form 8332 signed by the custodial parent to the non-custodial return, that parent’s chance of winning vary from extremely slim to none. Here are the highlights:
Some Tax Developments Unrelated To The Fiscal Cliff Drama
I found this paper titled, Important Developments in Federal Income Taxation, by Edward Morse on The Tax Prof Blog. It is not nearly as amusing as going through my posts, but I have to admit, it appears a bit more thorough.
Westboro Baptist Church – Piers Morgan – Death Star – High On “We The People” – Taxes Not So Much
You may find it at least entertaining to spend some time on We The People. Just up is a petition to award a Cold War Service Medal. Obviously somebody appreciates the way my big brother kept the Russians from putting missiles in Cuba, when he wasn’t busy recovering Mercury astronauts.