Two Cheers if You’re Against Tax Shelters

Two Cheers if You’re Against Tax Shelters
Since people are getting riled up at the tax planning methods of insidious corporations like Bain Capital and Gawker Media, I thought I’d soothe some frothing frustration with a new court case showing that not just anyone can weave a tax-free tapestry. Gerdau Macsteel, Inc., awesome name aside, planned two large sales back in the ...

IRS Adds Heartbreak to Heartlessness

IRS Adds Heartbreak to Heartlessness
How any woman could abandon her children? I don’t know. I’ll never understand that. But that’s exactly what the sister of Petitioner in TC Memo 2012-240 did. Packed her bags and headed to Jamaica. Her brother, fortunately, swung by her house and found her children sill there, all alone. The man, with his new ward, ...

C. Johnson’s Drag Race

C. Johnson’s Drag Race
Most things aren’t deductible, and I think that’s pretty well understood by 90% of Americans. As much as I’d like to reduce my taxable income by the video games I purchase, or the model railroads I create, or on my personal aerial drones, I can’t. Unless, of course, they’re for my business, then I can ...

Churches and Bankruptcy

Churches and Bankruptcy
Separation of Church and State is one of those sticky issues that has been lingering around since the day Adam first told his teenage children they had to obey because “he said so.” Take the recent ruling 2012-2 U.S.T.C. ¶50,487, a fun tax dispute showing we’ve yet to figure this whole thing out. Go Tell ...