Most Recent Posts
The PLoS One Hand Of The Creator Debacle – Or Sometimes Things Are Found In Translation
Whenever I start warming up to Kent Hovind, he'll do something to aggravate me. In Scientists' "Human Hand Designed by Creator" Causes Uproar in Evolutionism Community...
Reenactor Argues That Confederate Battle Flag Was Always A Symbol Of Hate
I met Michael Schaffner (center in picture above) at the absolutely final Civil War Sesquicentennial event - The Grand Review in Harrisburg in November. Black troops...
Why I Like Kent Hovind
I have been following the travails of Young Earth Creationists Kent Hovind since 2012. It was a legitmate tax story and I continue to follow it mainly because I find...
Chasm Of Class And Privilege – Clinton Tax Plan Hits Top 1% – Sanders Plan Hits Top 5%
In a previous post, I noted that Bernie is probably harder on millionaires than billionaires at least while the billionaires are alive and I think the Tax Policy Center Analysis drives the point home. The top corporate rate remains untouched at 35%, so if the Sanders plan or something like it were to go into effect, we would see a renaissance of C corporations that went out of favor after the Tax Reform Act of 1986. C corporations will be the way to accumulate wealth, although it will be challenging to figure out how to spend it.
I doubt very much that there is any monied interest supporting Sanders, but if there were one, it would be the life insurance industry. His tax plan does not address the inside buildup of life insurance value or its income tax free payment at time of death and the level of estate tax he is proposing will create severe liquidity strains. And I said I wasn’t going to get into planning. Just can’t help myself.
How Much Personal Use Of Airplane Is Too Much For Tax Free Exchange?
In summary, there is no legal support for treating the relinquished aircraft as two properties for purposes of § 1031. In addition, the position that property either meets or fails to meet the “held for” requirement of § 1031(a)(1) and should not be treated as two properties is consistent with the safe harbor published in Rev. Proc. 2008-16. Consequently, the relinquished aircraft should be treated as one property that either meets “the held” for requirement of § 1031(a)(1) or fails to meet the requirement
Tax Losses From Genetically Engineered Deer Allowed
Deer farms and genetically engineering deer to have impressive racks turns out to be very controversial. I have to admit when I read “The Taxpayer has four small two and one-half acre pens on the property where he keeps the genetically engineered deer that have been bred”, I started thinking that this might be the setting for an F. Paul Wilson novel. You will see critics of the practice using the term “Frankendeer”to describe some of the outcomes of breeding programs. There is also a sense that fenced preserves are kind of unsporting and that the people taking the trophies are more shooters than hunters.
This piece quotes Brian Murphy of the Quality Deer Management Association – “Most hunters find great disdain in a known outcome. That is not hunting. There has to be a high degree of not being successful. The deer has to have a fair chance to escape.”
Ernie Land On Kent Hovind’s March Surprise
The tiny band of Hovindoligists is still in reaction to his mysterious announcement that a big push for Hovindication will be coming in the next three weeks. Kent made...
Kent Hovind’s January Surprise Deferred To March
Young Earth Creaionist Kent Hovind fought a long battle with the IRS that did not end well for him. He served a long sentence for structuring, failing to pay payroll...
Colorado Can Force Vendors To Rat Out Residents On Use Tax
So the deal now for Coloradans is that if the vendor they order from does not charge them sales tax, they will be reminded of their use tax obligation and, if they spend above the threshold, ratted out to the state tax authorities. I’m thinking that the rule might inspire some vendors to voluntarily collect sales tax (Some already do). Reilly’s Second Law of Tax Planning – Sometimes it is better to just pay the taxes. With the Tenth Circuit ruling, we might expect other states to enact similar statutes.
Sanders Tax Plan Harder On Millionaires Than Billionaires
So mere millionaires will find themselves facing a real dilemma. They can accumulate at a favorable rate, but someday they figure they will have to liquidate. You will find that a lot of people end up borrowing from their closely held corporations, which as long as low interest rates persist and the formalities are observed will work, kind of. And of course, you can have the C corporation buy a corporate retreat and a plane if you are really getting up there, but there are limits to that sort of stuff.