Most Recent Posts
Zaxby’s Cofounder Sues US For $43 Million Over Conservation Tax Deductions Of $166 Million
Tony Townley is one of the cofounders of Zaxby's a chain of fast casual restaurants. There are more than 900 locations in 17 states. Goldman Sachs acquired a...
Tax Court Exposes Financial Engineering Of Conservation Easements
Judge David Gustafson injected a good dose of common sense into the ongoing struggle between the IRS and the syndicators of conservation easements. His opinion in Mill...
Are You Really Sure Your Electronic Form 1040 Was Filed?
Still if I were running a family office I would start pulling transcripts of each return and comparing them with what the accounting firm gave us with Form 8879. There must be people who do that, even though I was today years old when the idea occurred to me.
Who Is Stuck With Tax Tab For Bang Energy Monster Sale? Jack Owoc Or The Creditors
Seems like everything becomes a tax story eventually and so it goes with the colorful controversial Jack H Owoc and his Vital Pharmaceuticals best known for its Bang...
Financial Engineering – Syndicated Conservation Easements
This table comes from the Tax Court decision in Mill Road 36 Henry LLC. In each case promoters applied for conditional zoning approval to build an assisted living...
Wall Street Journal Supports Abusive Conservation Tax Shelters
The Editorial Board made a glaring misstatement of the law in its editorial A Case of Tax Fraud – at the IRS.
Juror In Criminal Tax Case Sympathizing With The Rich, White And Entitled
Juror 26 claimed that prior to deliberations she had heard comments that three Black jurors were going to find the defendants guilty because they were “rich. white, and entitled”.
Park Poet Meditates On The Cohan Rule
We met Peter Chinman @theparkpoet. He is originally from Boston and now lives in Brooklyn. He has a degree in Philosophy. Both his parents are lawyers and they are OK with the different drummer he is marching to. He told me that he actually makes a living. Anyway he charges $1.00 to $100.00 for a poem. I decided to go with $20. For inspiration I used the T-Shirt I was wearing.
Rapper Tyga Buried Under $8 Million In Tax Debt Keeps Going Deeper
For this type of taxpayer the correct tax is more or less of just academic interest. It is in the nature of a sticker price or tuition at a well endowed university. The idea is that what the IRS will get is what the taxpayer can afford, their reasonable collection potential (RCP).
Timeshare Tax Shenanigans End With Large Penalties
This ruling is of more interest in how it makes us reflect on the time share industry and also tax shenanigans particularly those involving gifts of property of dubious value.