Most Recent Posts
IRS Plays Sore Winner In House Burning Charity Case
What the IRS seems to be saying in the AOD is that the Patels were just lucky that the law was uncertain. They were taking a very large deduction that, on its face, had a bit of the “too good to be true” about it. The law was uncertain, but they didn’t prove that they did the research to determine that it was uncertain. The moral of the story seems to be that if you are taking a position that seems like it might be sketchy, you should do the research or have somebody do it for you and document it. Nothing new there really.
Why Phil Mickelson’s Remark Was Really Dumb
The state of residence of someone who works all over the world and is able to own several residences is far from a straightforward question. It turns on a concept called domicile, which can border border on the mystical.
Why Phil Mickelson’s Remark Was Really Dumb
If you have very high income and leave a very high tax state, you can almost count on the taxing authorities challenging you on domicile, because once you have established domicile you are stuck with it until you establish a new domicile. To make up a fairly silly example, if Phil moved his family into a luxurious RV that followed the tour, California would have a very good case for holding onto him. That’s why he needs to buy the place at Lake Nona.
Tax Planning – Repairman Jack Style
She shook her head. “How can that be? You’ve got to have a social security number. You’ve got to have a bank account, a credit card, a driver license. You can’t function without them.”
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.