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Most Recent Posts

Taxes Ogres And Onions In Gramercy Herald Square Transfer Tax Case

The issue in the present case does not involve an understanding of the physical or social sciences, obscure regulatory practices, complex markets or industries, expert analysis of voluminous factual data, or subtle policy determinations outside the competence of ordinary persons. Indeed, the issues are so purely legal in nature that the parties stipulated the facts and submitted the case without a hearing. The Division’s interpretation herein is inconsistent with the plain language of the statute, regulations, and its own publication and as such is not entitled to deference.

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Kermit Washington Story Has Lessons For Donors Founders And Boards

Kermit Washington Story Has Lessons For Donors Founders And Boards

According to the indictment, Kermit Washington was indicating to potential donors that his organization had no administrative costs at all. In reality, that would be an indication of a charity with inadequate controls.  The zeal to maximize the percentage of donations that go to the mission is laudable, but you do need a greater or lesser degree of management.  Regardless, the 2012 Form 990-EZ for the 6th Man Foundation shows about $90,000 in contributions of which nearly $65,000 went to clinic supplies.  The balance went to overhead type expenses like rent and telephone.  No salaries.  So Mr. Washington  may have been engageing in what Donald Trump calls “truthful hyperbole”.  On the other hand, it may well be that any additional money he raised to the extent it was actually deposited in 6th Man would mean more clinic supplies.

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NJ Domestic Partners Denied Estate Break Of Married Couples

NJ Domestic Partners Denied Estate Break Of Married Couples

For whatever reason Jiwungkul and Connolly did not rush to get in line when same-sex marriage was legalized in New Jersey.  They did, however, decide to take the plunge.  Same-sex marriage became available in New Jersey effective October 21, 2013.  The couple completed an application for a marriage license on May 27, 2014 with a June 8, 2014 marriage date.  Less than a week before the intended wedding day Mr. Connolly unexpectedly died.

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Snow Day Extends Tax Court Filing Deadline

Snow Day Extends Tax Court Filing Deadline

There was also an argument that the 30 day time period was not “jurisdictional”.  If the time limit is not jurisdictional, then the Tax Court could have applied “equitable tolling”, which in a common sense sort of way would say “Yeah.  It says 30 days, but if you miss it because of an alien invasion or something like that, we can cut you a break”. If the time limit is jurisdictional though they don’t even get to look at it.

So the answer was that the 30 days was not really up until you get to a day when the Court was open for business.

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IRS Chief Counsel Denies Basis Mitigation From Estate Tax Increase

IRS Chief Counsel Denies Basis Mitigation From Estate Tax Increase

In order for the mitigation provisions to apply, the first requirement is that there be a determination, as defined by IRC section 1313(a). The decision of the Tax Court in the estate tax (Form 706) case is what the estate is relying on as the determination. While this may appear to meet the definition of section 1313(a)(1), it is our position that it does not.

Because the value of the asset was determined through settlement negotiations that did not result in agreement on the merits, but instead resulted in a general agreement on the appropriateness of settlement in order to resolve the case, the mitigation provisions do not apply and the refund claim should be denied as untimely.

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Wrong Attachment Kills Tax Court Jurisdiction

Wrong Attachment Kills Tax Court Jurisdiction

In order to determine whether Mr. Frausto maintains the capacity to represent the corporation under Rule 60(c), we must first apply the proper State law. The record, however, does not show in which State, if any, the corporation was organized. In fact, Mr. Frausto chose not to attend the hearing where he could have provided the relevant information. Thus, in the absence of any evidence to support our jurisdiction over the corporation, we hold that Mr. Frausto does not have the capacity under Rule 60(c) to litigate in this Court on behalf of the corporation.

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Airplane Tax Deductions Do Not Fly For Urologist

Airplane Tax Deductions Do Not Fly For Urologist

There was an attempt to compare Dr. Steinberger’s situation to that of Peter Morton, co-founder of Hard Rock Cafe, who was allowed to treat his jet owning S corporation as part of a unified business.  I covered the Court of Claims decision on that shortly before moving over to forbes.com. The Court’s response to the comparison must have stung a little seeming to imply that Dr. Steinberger was just not as cool as Peter Morton.

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