Most Recent Posts
Zaxby’s Founder Wins Substantial IRS Refund In Conservation Easement Case
The market for undeveloped land is imperfect, but the people engaged with it are not a bunch of idiots. So if you buy multiple parcels of land you will not be able to buy them at an average value substantially below fair market value.
Trump Challenger Sentenced To 188 Months In Prison On Tax Charges
On October 30, 2024 Judge Means sentenced Castro to 188 months in prison followed by one year of supervised release. A condition of the supervised release is the payment of restitution in the amount of $277,243.
Harness the Power of Your Tax Refund: A Savvy Spender’s Guide
Using your tax refund to pay down or eliminate high-interest debts, such as credit card balances, payday loans, or personal loans, is a financially astute decision.
Charitable Easement Deduction $16,745,000 Claimed $93,690 Allowed
A claimed charitable easement deduction that is almost 179 times the amount allowed by the Tax Court probably makes you think that we are talking about a syndicated...
No Tax On Tips – Now Social Security – What Is Next?
This is very similar to the “no tax on tips”. They are both proposals that purports to be directed toward a disadvantaged class, but will really only help the more advantaged members of the class like the servers in high-end steak house or in the case of senior citizens people like me or even more the older CPAs who are determined to die with their boots on.
No Tax On Tips – Be Careful What You Wish For
I frequently do an “Other Coverage” section on my posts, but I wouldn’t know where to start on this topic. I will note though that I have not found another article where somebody ran numbers on the effect of the various legislative proposals. Reilly’s Sixth Law of Tax Planning – Don’t Do The Math In Your Head.
IRS Conservation Easement Settlement Offer – Sweet Deal ?
Under the deal you are allowed your out of pocket meaning that the disallowance is $300,000. And that is taxed at 21% making the deficiency $63,000 for a total tab of $66,000 including the 5% penalty, Of course there will be interest on top of that. Nonetheless if back when you did the deal you made a wise investment with your $58,4000 in savings over and above the investment, you will actually have come out ahead for having invested in a really ridiculous deal.
Tax Court Rules On $187 Million In Charitable Deductions From $9.5 Million Purchase
It is rather intriguing that in the most recent batch of Tax Court decisions the notion that easement valuation is fundamentally different does not even come up as something that might be considered.
Jury Will Decide Merit Of $43 Million Tax Refund Claim By Zaxby’s Cofounder
All Townley has to do is to get it to the jury (which the judge seems to be allowing) and the jury will also have some tendency to help the hometown boy. Notwithstanding there, the mega dollars involved may put some of the good old boys on the jury off.
Tax Court Allows Only 2.5% Of Claimed Easement Charitable Deduction
Significantly, none of petitioner’s experts who testified at trial opined as to the fair market value of the unencumbered easement property. Rather, they determined the net present value of the subsurface aggregate and ignored the regulatory definition of fair market value. The regulations require us to determine fair market value on the basis of the price that a willing buyer and a willing seller would agree to